“Bulgaria has the ability to surpass the progress made by other 
east-European nations.”

An Interview with Frank Popoff, Chairman of the Board of 
the Dow Chemical Company.

Frank Popoff, a Bulgarian-American, born in Sofia, is the Chairman f the Board of Dow 
Chemical Company in Midland, michigan.  He joined Dow in 1959, after receiving his 
MBA from Indiana University.  After serving a variety of sales, marketing and business 
management positions, in 1981 he became president of Dow Europe.

Q: The prosperity of a society depends on the success of its individual members.  Now, 
when the Bulgarans have the opportunity to rebuild democracy and market economy, 
which of their traditional qualitites do you believe they should emphasize and what else 
must they learn?

A:  I am often asked for my opinion on the future of Bulgaria.  My answer is that 
Bulgaria’s future is not preordained but is still to be determined.  Fortunately, the process 
of developing Bulgaria’s potential has started and a few facts should be kept in mind.

First, Bulgaria finally has its future in the hands of its people after many decades of 
suppression of its national interests.  In its newfound freedom, Bulgaria must balance 
economics, social, and political issues with its eye fixed on an agenda that serves it best for 
the long term.

Second, as it enters the free market environment, Bulagria and Bulgarians must keep in 
place the strenghts that have served them well in the past.  A strong work ethic, a well-
tarined and educated workforce, the ability to master and implement key technologies, an 
enviable gegraphic location, and amono-cultural population that should be able to puu 
together for common couase are a few examples of the resources that can be marshalled.

Finally, the lessons learned by other nations in their efforts to implement a democratic 
form of government, a free market economy and a progressive and energized society must 
be kept in mind.  There is no room for divisiveness and special interests.  There must be a 
sense of national purpose and a commitment to its implementation.

Q:  What conditions is Dow Chemical looking for in a youg ecnomy before investing 
there?

A:  Dow Chemical is no different from many other companies, anxious to participate in the 
opportunities borne of the former east Bloc entering the world economy.  We recognize 
that economic, political, and social risks seem to add up to a constant, and that wehen one 
goes up or down, the others adjust in the opposite direction.  Dow understands and 
welcmes economic risk, if political and social risks are undr control.  In this environemtn, 
investment is more manageable and the risk is consistent with what corporations routinely 
face.

Q:  The transisiotn from centralized economy to free market is difficult.  What do you 
believe to be the most effective steps to achieve this?

A:  Currently in Central and eastern Europe, economic success seesm to be the key to 
maintaining political and social stability and progress.  In the aftermath of a centrally-
palnned economy, the question is often raised - should restructuring precede privatization 
or vice-versa?  To my mind, a pragmatic view must be taken  and both should go on  
simultaneously, provided a clear understanding can be achieved as to what will be the end 
point of the two processes.

The potential reward for Bulgaria is enormous.  It has the ability to surpass the progress 
that;s been made by other nations which were avle to achieve a head start in their reform.  
But to turn that potential into relaity will rwquire plenty of hard work.  Fortunately, 
Bulgarians and hard work have never been strangers.

A sense of common purpose and priority must be defined, tested and put into force with 
uncommon dedication.  Common purpose has not always been a Bulgarian hallmark.  If 
the will and sacrifice to define a bright future for Bulgaria cane be marshalleed and strong 
leadreship applied, Bulgaria’s future will be secure - but there is no time to waste.