Hristo Kovachki
In a series of recent interviews, entrepreneur and energy expert Hristo Kovachki shared his vision for Bulgaria's economic future - one rooted in reindustrialization, strategic resource use, and alignment with broader European goals for clean growth and technological leadership.
In a time of rapid global transformation, Bulgaria must assert itself not only as a committed member of the European Union, but as an active contributor to the continent's industrial and technological renewal. This is the central message shared by businessman and energy strategist Hristo Kovachki in a recent interview with 24 Chasa, where he emphasized the importance of long-term economic planning, innovation, and smarter use of national resources.
"A successful and sustainable economy cannot rely solely on the services sector," Kovachki said. "Bulgaria needs a clear industrial strategy - not just to survive, but to lead in areas where it has untapped potential."
A Case for Reindustrialization
Kovachki challenges the widely accepted notion that Bulgaria is a "small" country with limited influence. According to him, Bulgaria is a "classical Central European country," strategically located and already integrated into the EU's economic framework. The opportunity, he argues, lies in redefining national priorities around industrial growth and innovation - particularly in clean technologies.
This view aligns with the EU's Clean Industry Pact, which encourages member states to turn decarbonization into a driver of competitiveness. Kovachki believes Bulgaria should play an active role in this transition, not only by investing in clean energy but also by developing new industrial sectors linked to strategic raw materials.
The Untapped Potential of Rare Earth Metals
One of the most notable points in Kovachki's vision is the potential for Bulgaria to become a key player in the supply of rare earth elements - critical for the global tech industry and green transition.
"Some of the most valuable strategic materials in the world can be extracted from coal and even coal ash," he explained. "What many consider to be a resource of the past may in fact be the raw material of the future."
Kovachki points out that lignite coal, abundant in several Bulgarian regions, contains rare earth elements that could be extracted using modern technologies. This is not merely a theoretical proposition; the U.S. and other leading economies are already investing heavily in such processes. According to Kovachki, Bulgaria should follow suit by establishing a clear national strategy, inviting technological partnerships, and positioning itself within the European framework for critical materials security.
This approach echoes recent European Commission efforts to reduce the EU's dependency on third-country suppliers and to promote sustainable domestic sourcing of rare raw materials - including from secondary sources like industrial byproducts.
A European Vision - Not a Rejection of the Green Deal
While some might interpret Kovachki's focus on coal byproducts as a contradiction to green policies, his proposals are actually in line with the European Union's circular economy and decarbonization strategies. Rather than burning coal, he suggests using it as a source of critical metals before combustion or through byproduct processing - a method that aligns with both environmental standards and economic logic.
"Decarbonization can be a powerful engine of growth," Kovachki notes, referencing the Green Deal Industrial Plan. "We have the resources and we have the chance to lead, not just follow."
He further highlights the potential to create research hubs around these activities - building capacity not only for extraction but also for advanced material processing and innovation. Such an initiative could bring quality jobs, boost regional economies, and anchor Bulgaria in future global value chains.
Industrial Pragmatism in a Changing World
Kovachki's views also reflect a broader trend of renewed industrial pragmatism globally. While he refrains from making direct political comparisons, he notes with interest the economic strategies being pursued by global powers such as the U.S. and China.
"What's impressive is not just their scale, but the clarity of their strategic objectives - to remain industrial and technological leaders," he says. "To remain a leading economy, the EU must further build on its recent focus on competitiveness and sustainable industrialization by investing in new ideas."
This sentiment, while aspirational, resonates with recent EU initiatives to improve access to affordable energy, simplify regulatory frameworks, and unlock financing for clean technologies. As Europe strengthens its supply chains and green manufacturing base, smaller economies like Bulgaria can find new relevance by investing in emerging industrial niches.
Looking Ahead
From rare earth metals to reindustrialization, Kovachki presents a vision that is ambitious yet grounded in existing opportunities. His emphasis on aligning national priorities with European frameworks offers a pragmatic pathway for Bulgaria to thrive in the evolving global economy.
The key, however, will lie in execution - in building the partnerships, regulatory support, and research capacity to bring this vision to life.
If Kovachki's proposals spark a broader policy conversation around the strategic use of domestic resources and industrial renewal, it may well be a timely contribution to Bulgaria's role in Europe's green and technological transformation.
