Davos Analysts: Family Businesses are the Global Cure for the COVID Crisis


‘Investments by family businesses in scientific discoveries to combat COVID-
19’ is the topic that the Bulgarian Family Business Association founded by the
entrepreneur, philanthropist, and honorary consul of Uzbekistan, Petar
Mandjoukov, will present within the framework of the 31 st FBN Global Summit
in Budapest in October. The esteemed founder and chairman of FBN Bulgaria
is making a large-scale investment in the unravelling of the COVID-19
genome, which ranks him among the top world business leaders directly
involved in the fight against the pandemic.

‘In order to set an example for an effective model of corporate social
responsibility, the Petar Mandjoukov Foundation that I represent has reached
out to Bulgarian scientists and donated a state-of-the-art molecular biology
laboratory to the most prestigious Bulgarian university ‘St. Kliment Ohridski’. I
am proud that thanks to the decision we made, today our country is on the
verge of a major scientific breakthrough. The goal of the scientists is to shed
light on the subtle mechanisms of contamination and treatment’, were the
optimistic words of the esteemed chairperson of the Family Business

The Bulgarian experience in this area is universally unique because it is a
working model of solidarity, foresight, and partnership between
entrepreneurship, academia, and medicine, reported analysts studying the
approaches employed by different countries in 2020.
‘This year’s edition of the World Economic Forum in Davos (25-29 January
2021) places family businesses among the key global solutions to overcoming
the consequences of the pandemic because of its long-term vision,
management, and strategy based on intransient moral values’, said the
founder of FBN Bulgaria. According to him, across the Balkans and in
particular in countries such as Bulgaria, Greece and Turkey, family
businesses are essential for the economy, and family values and traditions
outweigh global trends. It is not by accident that the Balkan region is given as
an example side by side the countries in the Far East.

Mandjoukov supports the opinion of the other participants in Davos who
believe that the pandemic will be the reason for humankind to reconsider the role of the global economic concerns and the absolute focus on profits and
consumerism, and try to redirect it toward a new, more efficient and ethical
model of capitalism. ‘Today’s world needs synergy between the market
economy and a socio-liberal model of distribution of public resources. I do not
subscribe to the so-called American model promoting consumerism and profit
as a core social value. The morals of family businesses raise questions about
the vicious cycle of producing more and more goods of poorer quality and
lifetime, which soon need to be replaced with new ones. There’s no end to
this, no balance. The ascending spiral resembles a snake biting its own tail.
The ‘advertising – production – consumption’ circle is disastrous for the
environment. And fatal for the human spirit’ said the entrepreneur.
In the height of the pandemic in 2020, Mandjoukov donated to the Bulgarian
Military Medical Academy high-tech ambulances, respirators, breathing
ventilators and air filtering systems. The overall price of the donated
equipment was approximately EUR 1 million, as reported by the Military
Medical Academy. The highly esteemed Bulgarian benefactor said he hoped
all wealthy people around the world would contribute to the global efforts and
that family businesses would indeed become the global cure for the COVID-19

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