Guidelines for improving the business environment in support of sustainable regional development

Abstract

The article attempts to define the business environment, focusing on its regional specificity. A synthesized analysis of business environment studies has been carried out by international, European and national institutions including: World Bank, European Commission, Bulgarian Investment Agency, National Statistical Institute, Bulgarian Industrial Association, Bulgarian Chamber of Commerce and Industry, universities and others. For the assessment of the business environment in a particular region, components such as: functioning of the local economy, relations with local authorities and administration, local taxes and local regulatory environment, infrastructure provision, demographic potential, human resources quality, regional security, etc. Key elements of the regional business environment have been explored, which have an impact on the sustainable development of the regions, such as: efficient management of state and municipal property; investments in regional infrastructure; supporting the development of small and medium-sized enterprises; optimization of regulatory mechanisms and instruments; increasing the quality of human capital; facilitated access to finance for small start-ups; improving the administrative service of the business and the citizens; conducting effective regional marketing to attract foreign investment.