Respect Consult made it to amend a bothersome regulation to investors
When back in 1995 Ferrerro decided to build a cherry processing factory in a strange village, they hardly knew their decision set the ball rolling to transform Plovdiv outskirts into an off-beat location on the industrial map of Europe. Nowadays, Trakia Industrial Zone (TEZ) which integrates six industrial zones in the outskirts of Plovdiv underpinned by Sienit Holding, 9 municipalities and the local businesses makes a success story of common reference.
‘We started back with consolidating land plots with the view to pool them into zones,’ called to mind the attorney-at-law Vahram Eramyan, a shareholder at Respect Consult. The law office provides services to Sienit Holding and some of the investors, and is quite busy in the establishment of the zones, subsequently, of TEZ.
The team with Respect Consult brings solution to some legislative issues posing a challenge to the business. A major investor ran into a nasty restriction ruling waste water. ‘We have never thought there could be a subordinate statutory act at play to prohibit the discharge of waste water into a dyke,’ pointed out atty Eramyan. As it turned out, there was a regulation at place which allowed for such canals to be used for the discharge of none but agricultural lands.
Thus, for four years on end, both investors and municipalities could opt for nothing better until the regulation got finally improved. Such amendment was initiated by Trakia Economic Zone team, now already having come true on the strength of the legal advisors of Respect Consult.
Find out more about the establishment and the development of TEZ and the way Respect Consult contributed to it all on the website dedicated to economic analyses and reviews here.