Sisecam Refrains From Doubling Investment In Bulgaria

Turkish glass giant Sise ve Cam Fabrikalari (Sisecam) is freezing plans that it had to double its investments in Bulgaria, until problems in the country’s labour laws are solved.

This was said by Trakia Glass Bulgaria EAD (TGB) executive director and Sisecam Holding vice president Gulzem Azeri at a business meeting involving 30 representatives of eight international finance and bank institutions, which took place on May 9 at Lozenets Residence, Sofia.

The occasion for the meeting was the successful finalisation of the first Sisecam investment project – the Turgovishte glass complex, worth $220 million.

The main labour law problem is the contradiction between the two main labour laws – the Labour Code and Collective Labour Disputes Arrangement Act, which allows unions to organise unregulated strike actions, a Sisecam media statement said.

According to Sisecam, these regulations neglect the collective labour contract arrangement, which has been in effect since May 1 2006 and regulates relationships between the two parties in TGB.

Confederation of Employers and Industrialists in Bulgaria (CEIB) chairperson Ivo Prokopiev said that the CEIB supported Sisecam’s position. Prokopiev said that he would do everything possible to overcome the gaps in the legislation which “gives the unions the possibility to blackmail employers in Bulgaria,” the Sisecam media statement said.

Invest Bulgaria Agency is attempting to mediate, said Agency executive director Stoyan Stalev.

The entire story available on the source link below.

600450 Sisecam Refrains From Doubling Investment In Bulgaria
Date: 22 May 2007

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