Amcham Annual Report 2010

Dear AmCham Member:

I am pleased to present you with a copy of AmCham Bulgaria Annual Report for 2010. The past year was an exceptional and exciting one for AmCham as we celebrated the 15th anniversary of the Chamber, and that was also a celebration of the accomplishments of our member companies during all these years of doing business in the country. This report focuses on the past year AmCham activities, high level policy-driven meetings with government officials, stimu- lating networking events, promotion and profiling opportunities for our members and partners. We have further developed our professional capacities and we believe we have become one of the important partners for the Bulgarian government and for the U.S. Embassy. The achievements of the Chamber above all find grounds in the strong relationship we have with you, our members, in your active involvement in our joint work, and in the dedication to the mission and values we all share. We thank you for that and we are looking forward to working together for many more successes in 2011.

Sincerely,

Valentin Georgiev Executive Director Contents

SOFIA, JANUARY, 2011 Table of Contents

Address by the AmCham President page 3

Report of the Board of Directors page 6

Organizational Structure – Board of Directors and AmCham Team page 9

Key Performance Indicators page 10

Membership 2010 page 12

AmCham 15th Anniversary page 18

AmCham Events 2010 page 22

AmCham Committees & Working Groups page 33

Our Speakers page 36

International Cooperation page 43

Financial Report 2010 page 44

AmCham Bulgaria Publications page 45

In the media in 2010 page 46 Audit Report 2009 page 49 MESSAGE OF THE AMCHAM PRESIDENT

Address by the AmCham President

Dear Member: It has been an honor and a privilege to have served as AmCham President for the past two years. As my term draws to a close, allow me to take the opportunity to reflect on both the past performance and the future outlook of our organization. I became involved with the local AmCham in Bulgaria shortly after my arrival in the country in the fall of 2004. My past work and history with AmChams in other countries where I worked before, motivated me and made me want to be involved in the local organization as well. It was a privilege for me to be elected on the Board. During my first term I served as a Treasurer, while in my second I was elected Vice- President. Whereas I was pleased to be able to serve from all these positions, what was important and rewarding for me, was the opportunity to meet and work with all of you. While we all recognize that we volunteer our time and effort in order to be elected and serve on the board of AmCham, nevertheless I and my fellow Board members understand and accept the responsibility, commitment and challenge that we assume in order to achieve the goals of this organization in Bulgaria and ultimately to serve you. Without a doubt, during all these years that I was fortunate to serve on the Board we had many accomplishments and successes. The Chamber ended 2010 with a membership of over 300 members strong. Throughout the year we organized numerous initiatives, meetings and events for our members. Although networking remains a very important part of what we do, we have also significantly expanded our activities in the last years to include various publications (our magazine currently boasts a history of more than 100 issues), committees, international conferences, lobbying and many more. MESSAGE OF THE AMCHAM PRESIDENT

It is a fact that we are now recognized as one of the leading business associations in the country and not only. AmCham Bulgaria has been repeatedly singled out as one of the best AmChams in Europe. We have also greatly supported and assisted in the expansion and growth of US and foreign businesses in Bulgaria, while in tandem with our strategic objectives the Chamber has also become an active and constructive partner to the Bulgarian Government in supporting various causes. These include US and foreign investments in Bulgaria, conducting advocacy for a more conducive business environment and enabling the imple- mentation of state-of-the-art business practices. Furthermore, the Chamber has been an active participant in consulting the Government on different pieces of legislation and strategic policy documents. We have had open discussions with the state administration and we are pleased to share a common view on the majority of issues and a mutual under- standing on how to address the critical challenges that the Bulgarian economy faces. Of course we would be remiss if we did not mention the help and facilitation the Chamber provided regarding the US- Bulgarian negotiations for the Treaty for Avoidance of Double Taxation between the two countries that entered into force in 2009. Finally, we should also note that we were able to buy and now own debt-free the AmCham offices at the Business Park, while we have provided and fostered a challenging, professional and friendly working environment for our staff, all of which we are very proud of. With regards to the future, also from a selfish point of view, I would like to see the Chamber remain at the top of the local business organizations that enjoy the respect and admira- tion of the business, administration and society in general. I would encourage the Chamber to take initiatives and engage in activities and forums that would establish it as the regional leader that it is. I would even encourage it to work closer with the AmCham EU in Brussels and through targeted activities to both help further the Bulgarian cause in Brussels but also help AmChams in Europe organization further its cause, to the extent that it is feasible and allowed.

In short, I think the time has come to AmCham Bulgaria to exert its influence and establish its presence beyond the borders of Bulgaria for the benefit of attracting primarily US invest- MESSAGE OF THE AMCHAM PRESIDENT ments in Bulgaria and of course present this country as an attractive investment destination. In closing, I would like to thank you all for the support and dedication which you have demonstrated to AmCham in general and me personally. I would also especially like to thank the U.S. Embassy and the U.S. Commercial Service for their unwavering support and dedication to AmCham and to me personally. Although they never interfered with our affairs in any way, they were always ready to help us as and when help was requested. As management of AmCham I could not have asked for a more fair and proper stance. Last but not least, I would like to personally thank the Executive Director of AmCham and all the staff for their friendship and enthusiasm all these years. Although I have to step down both as President and Board member due to term limits, nevertheless, you know I will remain an active member of AmCham, ready and willing to help at all times. Thank you and I wish success to the new AmCham Board and all members in future!

Yours sincerely,

Anthony Hassiotis President

Report of the Board of Directors

Report of the Board of Directors FOR THE YEAR 2010

Dear AmCham Members: Looking back at 2010 we can observe another very successful year for AmCham Bulgaria. What is more, 2010 was an exciting and unique year for the Chamber as it marked its 15th year of operation. We were proud to celebrate this anniversary with events and activities befitting the occasion.

The favorable political and economic environment in 1994 gave courage to several enthusiasts to establish the American Chamber of Commerce in Bulgaria. Swiftly, the Chamber became one of the leading business organizations in the country, promoting Bulgaria as a good place to invest in. In the last 15 years we have grown in membership from a dozen founding members to more than 300. But as time passed and our membership grew, we became more confident in our ability to demonstrate the value of being a member of AmCham, I am proud to say that today AmCham is perceived as one of the strongest business associations in the country with high reputation and integrity.

All of you that participated in the 15th anniversary celebrations in May were able to experience again the power of AmCham and what makes our organization relevant and unique for our members and for the business, government and community leaders. During these celebrations we tried to place the emphasis on the future and what the country’s role should be in the bigger picture of the US-EU transatlantic relations. The special visit of the Deputy Assistant Secretary of Commerce, Juan Verde demonstrated the acknowledgement of the U.S. Government to the efforts of the Chamber and its membership to foster the US-Bulgarian economic relations and to contribute to the development of the US-EU economic partnership. We received warm recognition from AmCham EU and from other AmChams in the region. We are also proud to report that on the occasion of the 15th year anniversary we were acknowledged and praised for our work by the U.S. Vice President Joe Biden, the Bulgarian Prime Minister Boyko Borissov, the U.S. Secretary of Commerce Gary Lock, the U.S. Ambassador James Warlick, former U.S. ambassadors and other key political and commercial officers and personalities. Report of the Board of Directors

This international scope of the Chamber’s activities was further enhanced by the unique opportunity to host in early October the meeting of the AmCham members with a high ranking delegation of 12 U.S. commercial officers operating in Central and Eastern Europe led by Reginald Miller, Regional Director Central and Eastern Europe Russia in the U.S. Department of Commerce.

The Green Building Conference and the Outsourcing and Off Shoring Conference were other bright examples where the Chamber focused on sectors which can bring new technologies, create jobs and bring added value to Bulgaria.

Our advocacy and networking activities were once again a priority of the Chamber in 2010. The business forums on the investment cli- mate in Bulgaria, the commercial register, the electronic payments were of paramount importance for conveying the messages of the business community to the Government and for the need of urgent legislative measures in these fields. The Renewable Energy Working Group and the Outsourcing Task Force have become effective tools and forums of discussion for the members to shape the common opinion of the business community on relevant issues in the respective fields. However, we have also to acknowledge that much more needs to be done to encourage the dialogue between the business and Government. In these and other sectors, we will continue our policy work while trying to help our members gain access to key government decision makers. Hopefully, this will provide the opportunity to openly discuss the issues, concerns and recommendations they may have.

We organized and hosted many events to the benefit of our members. At business breakfasts and luncheons sponsored by our members, managers had the opportunity to learn about trends in international business or learn from the experience of their col- leagues of doing business in neighboring countries.

In cooperation with the U.S. Commercial Service, we organized a business mission to Skopie to explore the opportunities of doing business there. This was a very positive and encouraging experience. It confirmed to us that we must do many more similar activities and visits to the neighboring countries and to our respective counter- parts as we see great potential in cross country co-operation.

We are also very proud to report that our charity fundraising at the Independence Day Party, the Thanksgiving Dinner and the joint AmCham-Titan, first of its kind golf tournament, raised a record BGN 37 000 for charity purposes. This alongside with the other CSR activities and especially the traditional Volunteer Days demonstrated again the commitment of the membership to community work and to give to the society. Last but not least, we finished the year with a substantial surplus in our budget. This allowed us to pay off completely the mortgage Report of the Board of Directors

loan so that we can today own our offices. It furthermore dem- onstrates the sound financial management of AmCham while it confirms that going forward we are financially sound and strong to continue with our purpose for the benefit of the members.

In closing, I would like to solicit and kindly request the help and support of our members to allow us to successfully meet the new challenges we will face in 2011. AmCham will be only as good and successful as all of you are willing to make it.

On a special note we would like to extend our thanks to the U.S. Embassy and the U.S. Commercial Service, and in particular to Ambassador Warlick and to Scott Pozil for their friendship and support. Our thanks go also to the AmCham team and our Executive Director.

Having said all that it is also of paramount importance to acknowledge the fruitful partnership and working relationship we have with our members.

We would like to warmly thank you for being our members and for your unwavering commitment to our goals and values.

And we want to wish you all a continued success in 2011!

Yours sincerely,

Anthony Hassiotis, President

Organizational structure

American Chamber of Commerce in Bulgaria Board of Directors

President ...... Mr. Anthony Hassiotis Eurobank EFG Bulgaria

Vice President ...... Mr. Stefan Ivanov Citibank N.A. Sofia Branch Vice President ...... Ms. Tanya Kosseva-Boshova European Trade Center

Treasurer ...... Mr. George Gueorgiev Motorola Bulgaria

Members...... Mr. David Butts CMS Cameron McKenna Mr. Borislav Dimitrov Cisco Systems Bulgaria Mr. Atanas Garov Colliers International Bulgaria Mr. Zachary Hampson Grenville Bulgaria Mr. Thomas Higgins Balkan Accession Fund Mr. Peter Lithgow AES Corporation Mr. Alex Nestor Chelopech Mining Ms. Dana L. Niedzielska PPD Bulgaria

Ex-Officio Member...... Mr. Scott Pozil Senior Commercial Officer, U.S. Embassy

AmCham Team Executive Director...... Mr. Valentin Georgiev [email protected] Business Development & Event Manager...... Ms. Nadejda Vakareeva [email protected] PR and Publications Manager...... Ms. Irina Bacheva [email protected] Office Manager...... Ms. Milena Milenkova [email protected] Chief Accountant ...... Ms. Bilyana Petrova [email protected] Event and Committee Assistant...... Ms. Iva Zhivkova [email protected] Report of the Board of Directors

AmCham Key Performance Indicators 2010

KPI 2010 2011 Description Plan/Actual Plan MEMBERSHIP 308 / 306 306 Period 01-12/2010

EVENTS Conferences and 4 / 5 5 Roundtable “Bulgaria: Attractive Investment Destination” – Seminars 12.04.2010 15th Anniversary Conference “The U.S.-EU Transatlantic Partnership – Bulgaria’s Role”- 27.05.2010 Roundtable with the Parliament “Legislative Amendments for Improvement of the Commercial Register” – 08.06.2010 Conference “Green Building – A Sustainable Path to Energy Efficiency and Economic Growth” – 07.10.2010 Conference “Realizing the Potential – Bulgaria on the Outsourcing and Off-shoring Map” – 11.11.2010 Business 5 / 7 5 General Assembly – 09.02.2010 Luncheons Business Luncheon with the U.S. Ambassador – 25.02.2010 & General General Assembly – 23.06.2010 Assemblies Business Dinner – U.S. Economic and Commercial Officers – 06.10.2010 Business Breakfast with Forton and PwC – 29.10.2010 Business Breakfast with CMS Cameron McKenna – 17.11.2010 Business Luncheon with TMF – 26.11.2010 Social / Sports 7 / 8 8 Ski Tournament – 13.03.2010 Events AmCham-BCAF Volunteer Day – 15.05.2010 Tennis Tournament – 12-13.06.2010 Independence Day Celebration – 04.07.2010 AmCham-Titan Golf Tournament – 18.09.2010 AmCham-BCAF Volunteer Day – 23.10.2010 Thanksgiving Community Dinner – 23.11.2010 10 X-mas Party – 09.12.2010 Report of the Board of Directors

KPI 2010 2011 Description Plan/Actual Plan EVENTS Networking 6 / 8 6 Meet the New Members Party-17.02.2010 Receptions IPR event with U.S. Embassy – 26.04.2010 Meet the New Members – April 29, 2010 AmCham 15th Anniversary – 26-27 May 2010 BAH – Bulgarian Vip Travel – 17 June 2010 2010 Fifa World Cup – 12 / 26 June 2010 AmCham/ U.S. Embassy BBQ – 17.09.2010 Meet the New Members – 03.11.2010 International 5 / 3 5 ECACC meetings – Brussels, Washington D.C. Cooperation Business Visit to Macedonia – 08-09 April 2010 Projects AmCham Trade Register Project 2010 with Bulgaria Fund AmCham-BCAF Volunteer Days PUBLICATIONS AmCham 10 issues, 32 pages Magazine Yearbook 2010 500 copies Annual Report 300 copies 2009 COMMITTEES 0 / 5 5 Outsoursing & Offshoring Working Group/part of Business Promotion Committee/ 4 / 2 4 Human Resources Committee 4 / 4 4 RES & Energy Efficiency Working Group 5 / 4 5 Corporate Social Responsibility Committee LOBBYING Attracting Foreign Investments, Competitiveness, Economic Stability Commercial Register; Food Vouchers, Renewable Energy Law Ministry of RDPW – Consultative Council;

Advocacy Whistle Blowing: Edenred, Checque Dejeneur, Sodexo Pass 11 Bulgaria, Alliance One Tobacco, British American Tobacco, Japan Tobacco International MEMBERSHIP 2010

AmCham Membership 2010

AmCham Membership Policy The Board of Directors of the Chamber proceeds to strengthen the AmCham membership policy stressing on the US/international origin or active engagement in business with the U.S.. The good corporate reputation and adherence to responsible business con- duct principles have remained one of the most important criteria for membership acceptance. All members should be committed to the aims and principles of the Chamber.

At the same time the financial crises lead to constrains in company budgets for marketing purposes which resulted to a row of members that did not prolong their membership in 2010.

Membership Development The AmCham Bulgaria membership reached 306 as of December 31, 2010. 28 new members joined the Chamber, but at the same time 30 companies left due to closing of offices and tightening of companies budgets and some were expelled due to unpaid membership fees.

12 MEMBERSHIP 2010

Membership Structure by Membership Type, as of December 31, 2010

Membership Structure by Field of Business, as of December 31, 2010

Agriculture 1,0% Automobile 2,0% Travel and Tourism 5,2% Construction and Real Estate Services 5,9% 9,8%

Pharmaceutical and Medical 5,6% Consumer Goods 3,9% Outsourcing, IT Services 0,7% Couriers 1,0% Non-profit 2,9% Defense 2,3% Movers 1,0%

Educational 2,9% Media & Entertainment 2,6%

Marketing and Advertising 2,3% Financial and Insurance 8,8%

Logistics and Transportation 2,6%

Food and Beverages 4,2% Law and Consultancy 11,8%

ICT and Office Equipment 9,8% Industrial Equipment and Energy 10,5% Human Resources 3,3% 13 Sectors like Real Estate, Pharma, Tourism, Consumer Goods & Services marked decrease in comparison to 2009, while Finance, ICT, Marketing and Energy increased their percentage. MEMBERSHIP 2010

New Members 28 new members joined the American Chamber of Commerce in Bulgaria in 2010.

Company Name Membertype Date of Industry Membership

January

EMC Corporation Bulgaria Multinational company 01/01/2010 Outsourcing, IT Services

Gasstroymontaj Jsc Local company 01/01/2010 Construction and Real Estate

Iris Trade Consult Ltd. Local company 01/01/2010 Construction and Real Estate

Wolf Theiss Multinational company 01/01/2010 Law and Consultancy

February

Empower United Foundation NGO 01/02/2010 Non-profit

Fama Consulting OOD Local company 01/02/2010 Law and Consultancy

Vitosha Auto Ltd. Multinational company 01/02/2010 Automobile

March

Amgen Bulgaria EOOD Multinational company 01/03/2010 Pharmaceutical and Medical

ITT Electronic Systems Multinational company 01/03/2010 Defense

VUZF University Higher School of Insurance and Finance NGO 01/03/2010 Educational

April

The Cedar Foundation NGO 01/04/2010 Non-profit

Titan Zlatna Panega Cement Multinational company 01/04/2010 Industrial Equipment and Energy

14 MEMBERSHIP 2010

May

Ballistic Cell Ltd. Local company 01/05/2010 ICT

Experian Bulgaria EAD Multinational company 01/05/2010 Financial and Insurance

Helector Bulgaria EOOD Multinational company 01/05/2010 Industrial Equipment and Energy

NEXTDOOR Ltd. Local company 01/05/2010 Law and Consultancy

Universal Music Bulgaria EOOD Multinational company 01/05/2010 Entertainment

Zlatina Ruseva-Savova, LL.M., MBA Individual 01/05/2010 Law and Consultancy

June

Eurohold Bulgaria Local company 16/06/2010 Financial and Insurance

July

Investor BG AD Local company 01/07/2010 Media

SECTRON Local company 01/07/2010 Services

August

Martinez-Echevarria / MEPF Law Offices Multinational company 01/08/2010 Law and Consultancy

October

Smarts Ltd. Local company 01/10/2010 Marketing and Advertising

Sogelife Bulgaria IJSC Multinational company 01/10/2010 Financial and Insurance

November

Bulwork Bulgaria Ltd. Local company 01/11/2010 Human Resources

Japan Tobacco International Bulgaria Multinational company 01/11/2010 Consumer Goods

December

GIFTA Local company 01/12/2010 Agriculture 15 Nemetschek Bulgaria Multinational company 01/12/2010 ICT MEMBERSHIP 2010

AmCham Member Companies as of January 20, 2011

3M (East) AG BCD Travel Bulgaria Deloitte Bulgaria EOOD AA KRES EOOD Berlitz Schools of Languages DENIMAR Ltd. Abbott Laboratories S.A. BG Radio Devin AD ACO Building Elements Ltd. BICA International DHL Express Bulgaria Ltd. ACSIOR Ltd. BMG Ltd. Diamed Ltd. Adecco Bulgaria ltd. BMW Vertiebs GmbH – Branch Bulgaria Dimitrov, Petrov & Co. Advance International Borislav Boyanov & Co. Djingov, Gouginski, Transport (Balkan) EAD Boyden Ltd. Kyutchukov, & Velichkov AECOM Bulgaria Branch Braykov’s Legal Office Dobrev, Kinkin & Lyutskanov Law Firm AES Corporation British American Tobacco Bulgaria Domaine Boyar International AD AFA OOD Brown Forman Beverages Dr. I.S. Greenberg Medical Center, AIMS Human Capital Worldwide Sofia Branch LLC Ellen Ruth Greenberg, Ph.D. AIMS International Bulgaria EOOD Bulgarian American Enterprise Fund DuPont Bulgaria EOOD Air France Trade Representative Bulgarian Charities Aid EcoPack Bulgaria AD Alexander Hughes Bulgaria Foundation (BCAF) Edenred Bulgaria ALEXANDROV GROUP CORPORATION Bulgarian Development Bank EKO Bulgaria Alfred C. Toepfer International Bulgarian Institute for Legal Initiatives Ekotoi – Service Ltd. Bulgaria EOOD Bulgarian Land Development EAD Electron Progress EAD ALICO Bulgaria Bulgarian Property Developments EOOD Eli Lilly and Company All Channels Communication Bulgarian VIP Travel Ltd. EMC Corporation Bulgaria Alliance One Tobacco Bulgaria Bulpros Consulting JSC Emerson Process Management AG Allied Pickfords Bulgaria Bulwork Bulgaria Ltd. Emmis International Alter Ego Company Business Park Sofia EOOD Empire Development Group AD America for Bulgaria Foundation CallPoint New Europe AD Emporiki Bank Bulgaria EAD American College of Sofia Carlsberg Bulgaria AD Empower United Foundation American English Academy Cefin Bulgaria EOOD (IVECO dealer) Enel Maritza East 3 AD American Research Center in Sofia Center for the Study of Democracy Enemona SA American University in Bulgaria (AUBG) Chartis Europe S.A. Bulgaria Branch EnergoService AD Amgen Bulgaria EOOD Chelopech Mining EAD Engineeringservice Sofia Ltd. Anglo-American School of Sofia Cheque Dejeuner Bulgaria Ltd. Entrea Capital Anton Preslavski, Emerson Network Power Cisco Systems Bulgaria ERATO HOLDING Plc AON Bulgaria Citibank N.A. – Sofia Branch Ernst & Young Bulgaria EOOD Apace Media Plc. City University of Seattle Etap Adress APOLO Ltd. Civitas Global, Eurobank EFG Bulgaria Arco Capital Management LLC An exlusive Ketchum Pleon Affiliate (under the brandname of Postbank) Ashtrom International Ltd. Cleves EOOD Eurohold Bulgaria Association Integra-BDS CMS Cameron McKenna EOOD EurOmax Resources Ltd. Astra Zeneca UK Ltd. Coca-Cola HBC Bulgaria AD European Bank for Reconstruction and Development (EBRD) AT Engineering 2000 Ltd. Coface Bulgaria Credit Management Services EOOD European Trade Center OOD Atlantic Club Bulgaria / NATO InfoCenter COLLIERS International Bulgaria Experian Bulgaria EAD Auditing Company Versi and Partners Ltd. Construction Management Group Fama Consulting OOD AVON Cosmetics Bulgaria ConsulTeam Recruitment Flying Cargo Bulgaria Ltd. – Axway Bulgaria EOOD and Selection Ltd. Licensee of FedEx BAE Systems International Ltd. Cook Communications Force Delta Ltd. Balkan Accession Fund Corstjens Worlwide Movers Group Fortel Engineering Ltd. Balkan News Corporation Plc. Curtis / Balkan Ltd. Forton International JSCo Balkan Star Automotive EOOD D&IC Foster Wheeler Energia Polska, 16 Ballistic Cell Ltd. (Dun and Bradstreet Representative) Branch Office Bulgaria Bayer Bulgaria EOOD Dalkia Bulgaria EAD G4S Security Services Bulgaria JSC BC Serdon Delchev & Partners Law Firm Gasstroymontaj Jsc MEMBERSHIP 2010

General Electric International Miltech Ltd. SIENIT Holding GIFTA Mobiltel EAD Sitel Bulgaria EOOD GlaxoSmithKline Monbat Plc. SKE Bulgaria EOOD Global Benefits Group Moody International Ltd. Smarts Ltd. GBGI CEE LLC Representrative Office Moten Sport Sodexo Pass Bulgaria EOOD Grand Hotel Sofia Moto-Pfohe Ltd. Sofstroy AD Grenville Bulgaria Motorola Bulgaria EAD Sogelife Bulgaria IJSC Helector Bulgaria EOOD Movex Relocations Sportfive GMBH Branch Bulgaria HelmsBriscoe Mr. Marin J. Dimitrov Stanton Chase International Bulgaria Hewlett-Packard Bulgaria Ltd. Ms. Nadezhda Stoyanova Steelcase International HILD Asset Bulgaria Jsc. National DISTRIBUTORS Stefan Dimitrov, Norman Realestate Co. Ltd. Hilton Sofia NATO Defense College Anciens’ Association Honeywell EOOD Nemetschek Bulgaria Stroy-Consult EOOD Hotel Yastrebets Wellness & SPA Neochimiki Bulgaria S.A. Sunfoods Bulgaria Ltd. – Development Licensee of McDonald’s in Bulgaria IBM Bulgaria Neterra Communications Sutherland Global Services Bulgaria EOOD IBS Bulgaria Ltd. New Europe Corporate Advisory Ideal Standard Bulgaria NEXTDOOR Ltd. TechnoLogica EOOD Industrial Holding Bulgaria N-Vision Energy EOOD TeleLink EAD ING Bank N.V. Sofia Branch On Bulgaria Ltd. The Cedar Foundation Interdean Oracle East Central Europe Limited – The Coca-Cola Company Bulgaria International University College Branch Bulgaria Tishman Management Company EOOD Investbank Plc. Orbit Ltd. Tissue Bank Osteocenter Bulgaria EAD Investor BG AD Orkikem Ltd. Titan Zlatna Panega Cement IP Consulting Ltd. OSG Records Management TMF PANDA – IP Ltd. Iris Trade Consult Ltd. Totema Engineering Pedersen & Partners ISI Emerging Markets TR Baxter AG (Internet Securities, Inc.) Penev LLP Trinity Corporate Services EOOD ITT Electronic Systems Penkov, Markov & Partners UniCredit Bulbank Japan Tobacco International Bulgaria Pfizer Luxembourg SARL, Unimasters Logistics Plc JobTiger Ltd. Representation Office Bulgaria Johnson & Johnson Doo. Pioneer Semena Bulgaria EOOD Unique Estates Johnson Controls Electronics Bulgaria Plesio Computers Jsc Unisys Bulgaria Branch Junior Achievement Bulgaria PMB EOOD United Bulgarian Bank Kaliakra AD Polis Construction SA United Health Insurance Kalin Cargo and Tours LLC PPD Bulgaria EOOD Universal Music Bulgaria EOOD Kamenitza AD Pratt & Whitney Vaptsarov Holding AD Katilin Popov Enforcement Officers Premier Tours Ltd. Vector Management Bulgaria EOOD KPMG Bulgaria PricewaterhouseCoopers Videolux Holding / Technopolis Procter & Gamble Bulgaria Kraft Foods Bulgaria AD VISA Europe Progress CAD R&D Centre Ltd. LANDMARK Property Bulgaria Vitosha Auto Ltd. Project Management Ltd. Branch Bulgaria Lexim Sofia Ltd. VIVACOM PSG Payroll Services Ltd. Lindner Immobilien Management EOOD VM Finance Group Radisson Blu Grand Hotel Lirex BG Ltd. VSK Kentavar – IZ Dinamika EOOD M & M Air Cargo Service Bulgaria Ltd. Reader’s Digest EOOD Regus Bulgaria Ltd. VUZF University M3 Communications Group, Inc. Higher School of Insurance and Finance A Hill & Knowlton Associate Renault Nissan Bulgaria SRL Welcome to Bulgaria Magnetic Head Technologies Rising Force Co., Ltd. Westinghouse RPI Consulting Ltd. Maria Vranovska, MD, MBA Energy Systems Bulgaria Branch S&T Bulgaria Mars Incorporated Bulgaria Winslow Group AD Marsh EOOD Sanofi – Aventis Bulgaria EOOD Wolf Theiss Martinez-Echevarria / MEPF Law Offices Savantelbul Bulgaria World Courier Bulgaria MB Communications Schenker EOOD World Transport Overseas Bulgaria Ltd. MBL | Part of the Schneider Electric Bulgaria CB Richard Ellis Network SEAF Management Bulgaria EOOD WorleyParsons Europe Energy Services Ltd. Mellon Bulgaria EAD SECTRON Wrigley Bulgaria EOOD Xerox Bulgaria Ltd. Merck Sharp & Dohme Bulgaria Sheraton Sofia Hotel Balkan 17 Mercurius-Sofia Sherita M Ltd. Yavlena Ltd. Microsoft Bulgaria Siemens EOOD Zlatina Ruseva-Savova, LL.M., MBA 15th Years Anniversary

AmCham Celebrates 15th Years Anniversary

Anniversary Reception May 26, Archaeological museum

To recognize the founding fathers of the Chamber, and to remind the glorious past times, AmCham gathered current and former AmCham Board members, U.S. and EU Ambassadors, key officers from the American Embassy and VIP guests from Washington D.C. at a reception held in the historical building of the Archeological museum downtown Sofia. Recognition certificates were granted to several founding members and past presidents of the Chamber, and to the former U.S. Ambassador James Pardew. Congratulatory addresses by Ambassador Avis Bohlen (1996-1999) and Ambassador Sol Polanski (1987-1990) were released on video. Jake Slagers, Board member of European Council of American Chambers in Europe and Tzvetan Simeonov, Chairman of the Bulgarian Chamber of Commerce and Industry conveyed anniversary greetings to the Chamber.

18 15th Years Anniversary

Commemorative Conference “The U.S.-EU Transatlantic Partnership – Bulgaria’s Role” May 27, Sheraton Sofia Hotel Balkan

Five Cabinet ministers addressed the audience at the conference, including Foreign Minister Nikolay Mladenov, Economy Minister Traicho Traikov, Regional Development Minister Rossen Plevneliev, Labour Minister Totyu Mladenov and Minister for EU Funds Tomislav Donchev.

Special guest-speakers at the forum were also: The U.S. Deputy Chief of Mission, Susan Sutton, Spanish Ambassador Jorge Fuentes, Susan Danger, Managing Director, American Chamber of Commerce to the European Union, Peter Lithgow, Executive Director of AES Corporation, Borislav Dimitrov, General Manager, Cisco Systems Bulgaria.

Key note address was presented by Juan Verde, Deputy Assistant Secretary for Europe, U.S. Department of Commerce, who talked about the National Export Initiative of President Barak Obama.

Anniversary Concert and Gala-Reception May 27, National Theater Ivan Vazov

The U.S. Ambassador to Bulgaria James Warlick warmly con- gratulated the AmCham community on the occasion of the 15-th anniversary at the National Theater “Ivan Vazov” where the gala concert program was performed by the New Symphony Orchestra. The closing gala reception was held at the city garden in front of 19 the theater. 15th Years Anniversary

AmCham was honored with congratulatory addresses by the U.S. Vice President Joe Biden, the Prime Minister Boiko Borissov and U.S. Secretary of Commerce Gary Locke, as well as former diplomatic staff stationed in Sofia in the past, including Nancy McEldowney, now Principle Deputy Assistant Secretary in the U.S. State Department, Alexander Karagiannis, now Director for Central Europe in the U.S. State Department, John Beyrle, now U.S. Ambassador in Moscow, and Jeff Levine, now Deputy Chief of Mission in Budapest.

20 15th Years Anniversary

21 EVENTS 2010

AmCham Events Overview 2010

FEBRUARY

AmCham General Assembly Meeting February 9, Radisson Blu Grand Hotel

AmCham Board of Directors report focused on the upcoming 15th anniversary program, the future events of the Chamber well as the proposed steps to foster the dialog with the government. Nine can- didates run for the three vacant seats at the AmCham board. Dana L. Niedzielska and George Gueorgiev, were reelected and Ivailo Slavov, then with Adecco became the new Board member.

Meet the New Members Party February 17, Hilton Sofia

Five new member companies Empower United Foundation, European Trade Center, Fama Consulting, Gasstroymontaj, and Vitosha Auto presented their products and services.

AmCham Business Luncheon with the U.S. Ambassador to Bulgaria James Warlick February 25, Sheraton Sofia Hotel Balkan

AmCham Bulgaria had a business luncheon with the U.S. Ambassador to Bulgaria James Warlick who talked about the strategic partnership between U.S. and Bulgaria in several fields: economy and investments, Bulgaria’s future Eurozone accession, information technology, biotechnology, renewable energy, and energy security.

“The decisions that the Bulgarian government is making today are going to determine the country’s future for decades to come,” Warlick stated stressing that energy security could be achieved 22 through transparency and diversification of the sources, which required investment, diplomacy and negotiation skills, and a strategic vision. EVENTS 2010

MARCH

AmCham Ski Tournament March 15, Borovets Resort

The sixth AmCham ski tournament took place for the first time in Borovets Resort with 60 skiers taking part in the competition. The event was sponsored by Adecco Bulgaria, GLOBUL, McDonald’s Bulgaria, and kindly supported by Borosport, Carrental Bulgaria, DEVIN, Moten Sport and Nestle Bulgaria. The participants enjoyed the kind hospitality of Yastrebets Hotel that provided the venue for the competitors’ reception and the gala dinner.

APRIL

AmCham Bulgaria Business Mission to Macedonia April 8-9

The business trip was organized in cooperation with the U.S. Commercial Service, AmCham Macedonia and the U.S. Embassy in Macedonia. It’s purposes were to explore the business opportunities, which could instigate cross-border investment flows, more sales, and distribution of products and services for both countries. Seventeen member companies participated in the business trip. The visit included governmental meetings in Skopje, as well as meetings with members of Amcham Macedonia and the Macedonian Chamber of Commerce & Industry.

Round Table “Bulgaria Attractive Investment Destination” April 12, Sheraton Sofia Hotel Balkan

Bulgarian ministers, diplomats, businesses and media participated in a round table to discuss the opportunities of investing in Bulgaria. The audience was addressed by the U.S. Ambassador James Warlick, the Minister of Economy, Energy, and Tourism Traicho Traikov, the Deputy Minister of Economy and Energy Evgeny Angelov, Anthony Hassiotis, AmCham President and CEO of Eurobank EFG Bulgaria, Stefan Ivanov, AmCham Vice President and CEO of Citibank, AmCham member companies. Ambassador James Warlick reiter- ated several important elements that will make Bulgaria even more attractive for the investors: rule of law, incentives for businesses, education, training, and infrastructure.

The event was co-organized with the investment portal Investnet. bg and supported by Dundee Precious, IBM Bulgaria, Kraft Foods 23 Bulgaria, Titan Zlatna Panega Cement, Ernst & Young Bulgaria, McDonald’s Bulgaria and Empower United Foundation. EVENTS 2010

Recognition of the World Intellectual Property Day April 26, U.S. Embassy in Bulgaria

Bulgarian and international artists, business elite, distinguished guests, and media joined the ceremony presenting the intellectual property rights awards at American embassy in Bulgaria organized in cooperation with AmCham Bulgaria. The event marked the tenth annual World Intellectual Property Day. The U.S. Ambassador James Warlick presented an award to the Bulgarian culture minister Vezhdi Rashidov for “demonstrating a political will to counteract intellectual piracy in Bulgaria”.

Meet New Members April 29, Grand Hotel Sofia

AmCham Bulgaria invited seven new members to present their activities in front of the business community: Amgen Bulgaria, Ballistic Cell Ltd., Boyden Ltd., Experian Bulgaria, Universal Music Bulgaria, VUZF University Higher School of Insurance and Finance, and Wolf Theiss.

The companies ranged from consultancy and law, finance and IT, to pharmaceutical, human resources, entertainment industry and education.

MAY

Spring Volunteer Days May 15

On May 15, AmCham and the Bulgarian Charities Aid Foundation organized the traditional spring Volunteer Day where more than 600 employees from 22 companies contributed time and talent to the community by working on 14 projects in Sofia and on 11 projects in the countryside.

Across the country, volunteers helped repair and renewal of equipment in homes and maintenance of parks in Sofia, Pleven, Rousse, Haskovo, Plovdiv, Stara Zagora, Shumen, Blagoevgrad, Rousse, 24 Razgrad and Velingrad. The volunteers also spent time in homes for children without parents and the elderly, and in centers for children with disabilities. EVENTS 2010

JUNE

Business Breakfast on Commercial Register June 1, Radisson Blu Grand Hotel

AmCham Bulgaria invited media to a business breakfast where together with other business organizations raised public awareness on the necessity of immediate changes in the Commercial Register Law and the better functioning of the Registry Agency.

Round Table “The Necessary Legislative Amendments for Improvement the Performance of the Commercial Register” June 8, National Assembly of Bulgaria

AmCham organized a round table entitled “The Necessary Legislative Amendments for Improvement the Performance of the Commercial Register”. This fourth forum was arranged within the project “Increasing the transparency and accountability of the Company Register” that had been implemented by AmCham since 2009 in partnership with the Bulgarian Chamber of Commerce and Industry, the Bulgarian Industrial Association and the Confederation of Employers and Industrialists in Bulgaria.

The project was supported by the United States Agency for International Development (USAID) and the German Marshall Fund through the Balkan Trust for Democracy.

During the event governmental officials, deputies, businesses, law offices and NGOs discussed a number of issues: transparency and public access to information to the registry; authorized access to personal data; approaching deadline for re-registration of the companies until yearend; IPR and similarity of companies’ names; liquidation and deletion of non-active entities.

AmCham Tennis Tournament June 12-13, Gloria Palace Club in Gorna Banya

The eighth AmCham Tennis Tournament brought together twelve AmCham member companies and 34 keen players.

Citibank Sofia and Gloria Palace players became finalists, with Citibank Sofia team coming on top in the competition.

The tournament was kindly supported by Bulgarian VIP Travel, Gloria Palace Club, Devin and Pain d’Or. 25 EVENTS 2010

World Cup Football Games June 12, June 26, Flannagans, Radisson

In June AmCham organized two happenings at Flannagan’s (Radisson) where World Cup fans gathered to watch games between the United States and England on June 12, and between U.S. team and Ghana on June 26. More than 200 fans attended both events, who rooted for their national teams with unending enthusiasm.

Business after Hours with Bulgarian VIP Travel June 17, Grand Hotel Sofia garden

At the cocktail Dimitar Dimitrov, Manager International Projects and Vladimir Panteleev, Marketing Manager of Bulgarian VIP Travel presented the services that company offers to the AmCham members within the member-to-member (M2M) program. Bulgarian VIP Travel provides corporate travel services and as a shareholder of Radius® offers hotel booking and planning and organization of corporate meetings and conferences.

AmCham General Assembly Meeting June 23, Hilton Sofia

Two new board members were elected to the AmCham board of directors: Alex Nestor, Director of Corporate and External Affairs, Dundee Precious Metals-Bulgaria, and Borislav Dimitrov, General Manager, Cisco Systems Bulgaria.

AmCham Business Breakfast with Media June 24, Elieff Center of AUBG

Investment trends and perspectives up to 2013, professional training and further education of companies’ staff, commercial registration reform and role of a friendly business legal framework were issues at focus at the breakfast. Guest speakers were: Borislav Stefanov, executive director of the Bulgarian InvestAgency, Amcham board members Stefan Ivanov, Citibank Sofia, vice-president, Thomas 26 Higgins, BAF. Valentin Georgiev, executive director chaired the AmCham meeting entitled “Bulgaria’s Competitive Advantages in Attracting Foreign Investors.” EVENTS 2010

JULY

Independence Day Celebration July 4, American College of Sofia

Around 3500 guests joined the party of AmCham at the American College of Sofia to mark the birthday of the United States of America. The kid’s corner kept the youngest guests busy all evening, and Mikhail Yossifov Sextet and Dirty Purchase band kept the guests until midnight at the dancing floor. The traditional Jack Daniel’s BBQ competition proved that AmCham and the government can partner successfully as Minsiter of Economy Traicho Trakov and AES CEO Peter Lithgow were the unbeatable number one team.

The delicious foods and beverages were provided by: McDonald’s, AES Galabovo BBQ, Radisson Blu, Pain D’or, McCafe, Nestle Ice Cream, Jack Daniel’s, Coca Cola, Kamenitza & Stella Artois.

AmCham cordially thanks to the main sponsors of the event: AES Galabovo, VIVACOM, America for Bulgaria Foundation, BMW Vertiebs Branch Bulgaria, Dundee Precious Metals, Eurobank EFG Bulgaria as well as to the supporting sponsors: Amgen Bulgaria, BAE Systems International, Bulgarian VIP Travel, Cisco Systems Bulgaria, CMS Cameron McKenna, Jack Daniel’s, Microsoft Bulgaria, Motorola Bulgaria, UniCredit Bulbank, Krea Design, Right Rental, Red Devil.

The fundraising from ruffles was collected for charity purposes. A lot of companies – AmCham members and their business partners contributed with many attractive prizes.

SEPTEMBER

U.S. Embassy and AmCham BBQ Party September 17, Marine House, U.S. Embassy

AmCham Bulgaria and the U.S. Embassy in Bulgaria welcomed more than 130 guests at the Marine House. AmCham members met with the newly arrived key officers and members of the U.S Mission in Bulgaria in a relaxing atmosphere of a traditional BBQ party. 27 EVENTS 2010

AmCham-Titan Charity Golf Tournament September 18, Pirin Golf Course, Razlog

The first annual AmCham golf tournament took place at the Pirin Golf Course with the support of the AmCham member Titan Zlatna Panega Cement. Except for the participating businessmen, a large group of Ambassadors joined the competition: namely, the ambassadors of the Czech, Slovak, Indonesian and Korean Embassies in Bulgaria.

OCTOBER

AmCham Business Dinner and Networking Reception with U.S. Officers October 6, Hilton Sofia

AmCham had the unique opportunity to host in early October a meeting of its members with a high ranking delegation of 12 U.S. commercial officers operating in Central and Eastern Europe led by Reginald Miller, Regional Director Central and Eastern Europe & Russia in the U.S. Department of Commerce. AmCham presented a certificate of recognition to Mr. Miller for his service as a U.S. commercial attaché in Sofia in 2001-2004 and contribution to the Chamber’s business community.

Conference “Green Building – A Sustainable Path to Energy Efficiency and Economic Growth” October 7, Hilton Sofia

The forum presented successful green building projects in Europe and the United States, green architectural design, energy-efficient and sustainable construction techniques. The event drew 200 Bulgarian and foreign company reps. The event was kindly sponsored by America for Bulgaria Foundation, Colliers International, Tishman International Companies, the Bulgarian Construction Chamber, and UniCredit Bulbank.

Among speakers at the forum were: U.S. Ambassador James Warlick, regional development minister Rosen Plevneliev, U.S. Green Building Council (USGBC) Vice President, International Operations -Jennivine Kwan, Reginald Miller, Regional Director Central and Eastern Europe & Russia, U.S. Department of Commerce, Gergana 28 Miladinova, Policy Officer, Energy Efficiency Unit, EU Commission – Directorate General for Energy, and Vessela Valtcheva-McGee, LEED AP, Triple Green Building Group, LLC who led the LEED workshop. EVENTS 2010

AmCham Partners Conference: The Electronic Payments against the Shadow Economy October, 14, Sheraton Sofia Hotel Balkan

A business conference entitled “The Electronic Payments Against the Shadow Economy” was organised by Visa Europe and Visa Member Banks in Bulgaria with the support of AmCham Bulgaria and the Bulgarian Business Leaders Forum.

AmCham-BCAF Volunteer Day October 23

300 volunteers of 60 AmCham member companies took part in the Volunteer fall days. Volunteers in Sofia and on Vitosha Mountain, Sliven, Pleven, Varna, Dupnitsa, as well as in Stara Zagora cleaned polluted urban areas, planted flowers and trees, renovated benches and playground installations, helped at children institutions and daily care centers.

NOVEMBER

Meet New Members Party November 3, Radisson Blu Grand Hotel

Five new companies presented their activities: Bulwork, Investor BG, Japan Tobacco International Bulgaria, SECTRON, and Sogelife Bulgaria.

AmCham Business Breakfast “Business Opportunities in Skopje” November 4, Grand Hotel Sofia

AmCham Bulgaria hosted a business breakfast with speakers Miroslav Marchev, Senior Manager at PricewaterhouseCoopers, Xavier Pinchart, Managing Partner at Forton International and Svetozar Popov, Executive Director at Unibank. The event was a follow-up of the spring visit to Macedonia and it aimed to present 29 the cross-border co-operation and the opportunities to expand more business and trade between the two countries. EVENTS 2010

Conference: “Realizing the potential – Bulgaria on the Outsourcing and Off-shoring map” November 11, Sheraton Sofia Hotel Balkan

The conference, organized by the American Chamber of Commerce and InvestBulgaria Agency, in collaboration with Colliers International, attracted prominent speakers and attendants of the event, including Traicho Traikov, Minister of Economy, Energy and Tourism, Rosen Plevneliev, Minister of the Regional Development and Public Works, Krassimir Popov, deputy-minister of Labor and Social Policy and senior representatives from McKinsey & Company, AES, Hewlett-Packard, TMF, Johnson Controls, OPI, Adecco, SAP Labs and Colliers International.

One key message dominated the first outsourcing and off-shoring forum: Bulgaria has several key advantages to become a preferred outsourcing and off-shoring location for international companies but there is a need for a more structured and focused government policy with clear priorities in this area. The AmCham Outsourcing Task Force took the initiative to work and present a detailed con- cept that can serve as a government policy paper in outsourcing and off-shoring industry oriented in attracting more foreign investments.

The event gathered more than 300 international and Bulgarian delegates who shared valuable experience and engaged in a forward-looking discussion about the potential of the outsourcing and off-shoring industry in Bulgaria.

The conference was kindly supported by Colliers International, Adecco Bulgaria, Johnson Controls Electronics, Sitel, Sofica Group, UniCredit Bulbank, Outsource Partners International and TMF Group. Conference media partners were SeeNews and Investnet.bg.

AmCham Business Breakfast with CMS Cameron McKenna November 17, Radisson Blu Grand Hotel

In the first European study to look at the mergers and acquisitions market before and after the collapse of Lehman Brothers, CMS drew on exclusive data from more than 750 M&A transactions stretching the length and breadth of Europe. The study’s findings revealed evidence that stability is returning to the M&A market 30 in 2010. EVENTS 2010

AmCham Thanksgiving Community Dinner November 23, Central Military Club

The AmCham Bulgaria Thanksgiving community dinner collected BGN 28 700 to lend a helping hand to disadvantaged youth through donations for the projects Protected Homes “Together” in the village of Gurmazovo near Sofia, “Agapedia” social centre for adaptation of children without parents in Sofia; SOS Youth Homes in Veliko Turnovo and Sofia. The fundraizing provided also stipends for secondary and university students.

The chamber is thankful to all generous contributors, bidders and sponsors who provided their help for the beneficiaries. The dinner was supported by America for Bulgaria Foundation, Enel Maritza East 3, Dundee Precious Metals, and Jack Daniels. During the charity dinner that was attended by 180 AmCham members and guests, several companies and individuals granted scholarships: AES Corporation, CMS Cameron McKenna, Dana and Lukash Niedzielski, Enel Maritza East 3, Fama Consulting, and Vivacom.

Masters of the evening ceremony were Thomas Huey, RSO up the U.S. embassy and Valentin Georgiev, executive director. The audience was charmed by the performance of classic music concert of Hors string quartet and later on by the jazz singer Hilda Kazasyan and the trumpet performer Mihail Yossifov.

During charity events throughout the year the chamber collected in total BGN 37 000.

AmCham Business Luncheon with Jochum Haakma, TMF Group November 26, Sheraton Sofia Hotel Balkan

Jochum Haakma Director Group Business Development at TMF Group elaborated on a subject: “The Impact of the Emerging Markets on the U.S.-EU Economic Relationships” before AmCham members. Through his 17 years of experience in the Far East (9 of which in China) he has gained significant knowledge and under- standing of the emerging markets such as China and their role in the economic world today. Being a former executive director of the Dutch Foreign Investment Agency he shared also ideas of a policy which Bulgaria can implement in attracting more foreign companies. 31 EVENTS 2010

DECEMBER

AmCham Christmas Party December 9, Sheraton Sofia Hotel Balkan

By wishing Merry Christmas to the 800 members and guests the U.S Ambassador in Bulgaria James Warlick and the AmCham President Anthony Hassiotis opened the Chamber’s Christmas Party.

The celebratory event had traditional red as its dominating color: Johnnie Walker’s red labels, Domaine Boyar’s red wine Coca Cola’s red trademark helped keep the spirits high, and Vivacom’s colors added some orange to the mood.

The special guests from the legendary BTR band gave the event a distinct flavor as for a major rock concert. Fans from all ages occu- pied the dancing floor for the classic rock tunes and BTR’s own compositions.

AmCham Supports “Investor of the Year” Award December 16, Sheraton Sofia Hotel Balkan

Four companies – Agropolychim JSC (Devnya), Vetrokom Ltd (Sofia), AES – 3C Maritza East 1 Ltd (Galabovo), and SRK Kamchia JSC (Sanatorium Rehabilitation Complex) – shared the “Investor of the Year” award for 2010 of the InvestBulgaria Agency at a special ceremony.

It was a nice finish of the year with AmCham supporting the traditional investors awards of the InvestBulgaria Agency. In his opening address at the event Minister of Economy Traicho Traykov stressed particularly on the fruitful co-operation between the ministry and AmCham.

32 AmCham Committees

AmCham Committees & Working Groups

Corporate Social Responsibility Committee

Co-Chairs: Ms. Elitsa Barakova, Bulgarian Charities Aid Foundation Ms. Dana Leff, PPD

Mission: encourages and facilitates responsible business practices among AmCham members and supports them to improve the quality and effectiveness of their CSR programs and actions.

Activities in 2010: January 27th, 2010 Debate on ‘Greenwashing’ Phenomenon Are Environmental Communications a different niche in the PR sector? What opportunities does it create for companies/organizations? Is that Green Communications or Green Washing?

April 27th, 2010 Food Bank Projects in Bulgaria & Employee Engagement: Ideas for Improvement or Engaging Your Employees: How and Why?

October 18th, 2010 Teach for Bulgaria Initiative & New Opportunities for Volunteering and Employee Engagement in Bulgaria

November 15th, 2010 How the Disability Employment Schemes Can Work Effectively 33 How to implement the labour legislation and where companies could find support to do that AmCham Committees

AmCham-BCAF Volunteering Days 2010 Responsible Company – Responsible Employees!

For a third consecutive year, the American Chamber of Commerce in Bulgaria and the Bulgarian Charities Aid Foundation (BCAF) have organized AmCham members to contribute time and talent to the community through meaningful volunteer engagements. As the previous years the volunteer project has been implemented in two stages:

May 15th, 2010 October 23rd, 2010

600 volunteers 00 volunteers 22 companies 0 companies 25 locations locations

Charity Fundraising AmCham continued its charity fundraising initiatives through July 4th Raffles, AmCham-TITAN Zlatna Panega Charity Golf Tournament and the Thanksgiving Community Dinner. Overall, during charity events throughout the year the chamber has collected a total of 37,000 Leva.

The accumulated funds were directed to support the following projects:

Protected Homes

AmCham supported: Protected Homes “Together” in the village of Gurmazovo, “Agapedia” in Sofia and SOS Youth Homes in Veliko Turnovo and Sofia.

Scholarships for orphan-students in secondary schools and universities in Bulgaria

AmCham supported the programme of the Orphan Foundation and BCAF for scholarships to orphans and semi-orphans with excellent high school scores. 34 AmCham Committees

Human Resources Committee

Chair: Mr. George Parvanov, ConsulTeam Recruitment and Selection Ltd.

Mission: provides a platform for HR professionals and consultants from multi-national and local companies to share, discuss and learn about the latest trends in HR sector as well as to collectively influence local policy and decision makers for effective solutions in labor legislation and education which will improve the Bulgarian labor market.

Activities in 2010

February 3rd, 2010 AmCham HR Committee Working Meeting with Guest Speakers: Krassimir Popov, Deputy Minister of Labour and Social Policy, Zornitza Russinova, Director of DG “European funds” of Ministry of Labor and Social Policy, Liliana Stankova, Head of Unit at Ministry of Labour and Social Policy and Rositsa Stelianova, Executive Director, Employment Agency on the following topics of discussion:

1. Blue Card Council Directive 2009/50/EC;

2. Operational Program Human Resources development– Program for part-time employment;

3. List of large employer registered in the Employment Agency. like the ‘Large Taxpayers and Insurers’ of the National Revenue Agency.

June 29th, 2010 Policy of the Ministry of Labor in the sphere of social works; European Programs - Current and upcoming programs under Operational Programs “Human Resources”

AmCham HR Committee invited Valentina Simeonova, deputy minister of labour and social policy, and Martin Petkov, expert with Consulto Bulgaria to give more information to member companies regarding the social policy of the ministry, European programs, and current and upcoming programs under operational program Human Resources. 35 AmCham Committees

Renewable Energy Sources and Energy Efficiency Working Group

Chair: Kenneth Lefkowitz, New Europe Corporate Advisory

Mission: The working group discusses and develops policy positions and legislative amendments with the main goal of helping the country meet its 20/20/20 green energy targets. The objective of the working group is to use best EU and US practices in addressing certain legislative gaps or inconsistencies and to move the renewable energy industry away from a boom-and-bust cycle towards a more sustainable footing.

Activities in 2010: During the discussion on the proposed new Renewable Energy Act over the past year, the group has appealed for a balanced approach and a coordinated policy towards renewable, and expressed concerns about the impact of the proposed changes on the long term accomplishment of Bulgaria’s goals as per the EU directives. The member companies succeeded to enhance dialogue and cooperation with the government during this process, although much remains to be done. Through the activities of the working group, AmCham has succeeded to take on the role of a respected partner for the government in this important policy dialogue.

Business Promotion Committee Outsourcing and Off-shoring Working Group

Chair: Atanas Garov, Colliers International, Bulgaria

Mission: to define and develop initiatives in cooperation with the Bulgarian Government and representatives of the industry that will help promote Bulgaria as a competitive O&O location, and help the industry grow in the country as an economic driver and an engaging career development opportunities.

Activities in 2010: The Conference “Realizing the Potential – Bulgaria on the Outsourcing and Off-shoring Map” held in November, 2010 was a direct result of the working group’s initiatives. The goal of the conference was to gather prominent experts, high-ranking government officials and senior executives for an engaging discussion on the development of the O&O potential of Bulgaria. During the conference international and local companies shared valuable experience, creating a venue for an excellent networking opportunity for aspiring corporations, with an interest in 36 Outsourcing and Off-shoring activities. Our speakers

AmCham Bulgaria: Our speakers

H.E. James Warlick Simeon Dyankov U.S. Ambassador to Bulgaria Deputy Prime Minister and Minister of Finance

Traicho Traikov Rosen Plevneliev Nikolay Mladenov Tomislav Donchev Minister of Economy, Minister of Regional Minister of Foreign Affairs Minister of EU Funds Energy and Tourism Development and Public Works

Juan Verde Reginald Miller H.E. Jorge Fuentes Iskra Fidosova 37 Deputy Assistant Secretary of Regional Director for Central Ambassador of the Chairperson of the Commerce, U.S. Department of and Eastern Europe & Russia, Kingdom of Spain Legal Affairs Committee, Commerce, Washington D.C. U.S. Department of Commerce, National Assembly Washington D.C. Our speakers

Susan Sutton Evgeni Angelov Krasimir Popov Janeta Petrova, Deputy Chief of Mission, Deputy Minister of Economy, Deputy Minister of Labour Deputy Minister of Justice U.S. Embassy Energy and Tourism and Social Policy

Stoyan Mavrodiev, Gergana Miladinova Scott Pozil, Borislav Stefanov Deputy Chairperson of the Policy Officer, Energy Commercial Counselor, U.S. Executive Director, Economic Policy, Energy and Efficiency Unit, EU Embassy to Bulgaria InvestBulgaria Agency Tourism Committee, National Commission – Directorate Assembly General for Energy

38 Susan Danger Mr. Emil Radev Mr. Valentin Nikolov Elizabeth Hackenson Executive Director, AmCham MP, Legal Affairs Committee, MP, Economic Policy, Energy Vice President and Chief EU and Vice President of the National Assembly and Tourism Committee, Information Officer, The AES European Council of American National Assembly Corporation, USA Chambers of Commerce Our speakers

Jennivine Kwan Damian Harrington Devin Saylor Armin Kirchner Vice President, International Regional Director Research, Regional Head of Sustainable Regional Managing Director Operations, U.S. Green New Europe, Colliers Development Advisory, EMEA, TMF Group Building Council (USGBC) International Colliers International

Jochum Haakma Tomaz Pirman Sasha Bezuhanova Detlev Hoch Director Group Business Construction Industry Leader Director, Public Sector CEE, Senior Partner, Development, TMF Group for South Central Europe, Hewlett Packard McKinsey DuPont

Peter Peters Carlo Marzot John Crouse Michael Stanton 39 Senior Partner, Senior Partner and Managing Vice President, H&A Member of AIA, Stanton McKinsey Director, EZ MEP Architects and Engineers Architecture International Our speakers

Stefan Ivanov Peter Lithgow Atanas Garov Borislav Dimitrov Vice-President Executive Director, AES Managing Director, Colliers General Manager, of AmCham Bulgaria & Citi Corporation International Bulgaria Cisco Systems Bulgaria Country Officer

David Butts Alex Nestor Tom Higgins Julian Edwards Managing Partner, CMS Director Corporate & External Managing Partner, Balkan Managing Director, Tishman Cameron McKenna Affairs, Dundee Precious Accession Fund International Group of Metals Companies, Europe

40 Miglena Kuzmanova Vladimir Penkov Boyan Terziev Petko Yovchev Marketing Manager, ESRI Managing Partner, Penkov, Director of Department President, Chamber of Bulgaria Markov & Partners Law firm “Registration Officers”, Architects in Bulgaria Registration Agency Our speakers

Roman Vasilev Stefano Longo Rossen Ivanov Plamen Tilev Managing Director Bulgaria, Operations Director, Czech Managing Partner, Entrea Managing Director, SAP Labs Johnson Controls Electronics Republic, Slovakia, Slovenia Capital and Bulgaria, Adecco Management & Consulting

Elena Marinova Ronjoy Das Kenneth M. Lefkowitz James Barlow President, Musala Soft General Manager Bulgaria, Managing Partner of NECA President, Novo Energy Outsource Partners International

Vessela Valtcheva-McGee Deyan Vassilev Ioannis Anagnostou Franco Del Fabbro, Green Building Group, LLC President, InvestNet.bg Plant Manager, TITAN General Manager, Kraft 41 Zlatna Panega Cement Foods Bulgaria Our speakers

Sergey Koinov Xavier Pinchart Miroslav Marchev Svetozar Popov CEO, Forton International Managing Partner, Forton Senior Manager, Executive Director, Unibank Bulgaria International Macedonia PricewaterhouseCoopers, Macedonia Macedonia

Atanas Bangachev Diana Nikolaeva Martin Gikov Atanas Panov Partner, Head of Corporate DAS Partner, Ernst & Young Projects, Structured and Architect & Chairman of Practice, CMS Cameron Bulgaria EOOD Real Estate Finance Director, Societas Urbanum Association McKenna UniCredit Bulbank

42 International Cooperation

International Cooperation

ECACC and AmCham EU Brussels Briefing, March 2-4

Members of the European Council of American Chambers of Commerce /ECACC/ had their annual meeting in Brussels and attended the 4th Transatlantic Conference hosted by AmCham EU. The main focus of the event was FDI, green technology and innova- tion. Key note speaker was William Kennard, U.S. Ambassador to EU. Transatlantic Economy 2010 Study was presented by Daniel Hamilton and Joseph Quinlan from Johns Hopkins University. Additionally ECACC executive directors attended the annual EU briefing. It included also the First President’s Roundtable hosted by John Vassalo, AmCham EU. Peter Lithgow, Executive Director, AES Corporation and AmCham Bulgaria Board member took part in the briefing sessions and the roundtable.

ECACC annual meeting Washington D.C., October 17-20

ECACC gathered in Washington D.C. for the Transatlantic Conference 2010. The executive directors met with Tom Donohue, President of the U.S. Chamber of Commerce and other key officials of the chamber and they had briefings on the midterm elections and their potential outcomes and impact on international trade and economy. The delegates had also sessions with the International Operations team of the U.S. Department of Commerce with key note speaker Assistant Secretary of Trade Promotion and Director General of the U.S. Foreign Commercial Service, Suresh Kumar.

AmCham Bulgaria Business Mission to Macedonia, April 8-9

The business trip was organized in cooperation with the U.S. Commercial Service, AmCham Macedonia and the U.S. Embassy in Macedonia and it aimed to explore the business opportunities, which could instigate cross-border investment flows, more sales, and distribution of products and services for both countries. 43 Seventeen member companies participated in the business trip. Financial Report 2010

Financial Report 2010 BUDGET 2011

COMPARATIVE ANALYSIS BUDGET 2010-2011

Total Total Total Budget 2010 Actual 2010 Budget 2011

INCOME Mem. Fees Current members 518,000 477,100 520,000 Mem. Fees – New members 33,700 Events 210,000 470,000 270,000 AmCham Publications 100,000 83,000 100,000 Commercial Register Project 51,072 51,072 TOTAL BGN: 879,072 1,114,872 890,000

EXPENSES Events 190,000 389,000 220,000 AmCham Publications 100,000 95,000 100,000 Salaries and Bonuses 316,000 297,000 315,000 Other administrative costs 194,000 179,400 220,000 Commercial Register Project 51,072 51,072 TOTAL BGN: 851,072 1,011,472 855,000

SURPLUS (DEFICIT) 28,000 103,400 35,000 44 PUBLICATIONS

AmCham Bulgaria Publications IN 2010

AmCham has several publications enhancing the communication flow within the membership.

AmCham 15th Anniversary Book, May 2010

On the occasion of its 15th anniversary celebrations in May 2010 AmCham Bulgaria issued a book covering the 15 years of history of the Chamber with the development of its membership, the suc- cessive board of directors and its main activities and accomplishments.

Monthly AmCham Bulgaria Magazine

The official monthly publication of the American Chamber is a primary forum for political and economic analyses, highlighting of business opportunities and AmCham-related news. Every month 2,000 copies reach AmCham members, leading Bulgaria companies, business centers, international hotel chains, the U.S. Embassy and the other diplomatic missions as well as the AmCham international network.

AmCham Bulgaria Yearbook

The AmCham Yearbook is up-to-date and sophisticated business guide. It is a valuable reference guide for both current members and other companies with an active interest in the Bulgarian market.

AmCham Daily News

Every morning AmCham members receive a summary of the local news highlighting recent developments in the world of business, politics and international relations.

AmCham Bulgaria Website

On www.amcham.bg you can find detailed information about the American Chamber of Commerce – activities, list of members, upcoming events and announcements, reports, Chamber’s committees, media coverage and archive of past events.

Annual AmCham Bulgaria Report

AmCham annual report is an assessment of the Chamber’s activities, 45 lobbying, regional cooperation, finances and publications. AMCHAM IN the media

AmCham Bulgaria In the Media in 2010

In 2010 the events, activities and initiatives of AmCham Bulgaria were covered and quoted around 250 times in the Bulgarian press, Internet media, TV stations and radio. In particular wide scale media interest was drawn on several occasions: • Round Table “Bulgaria: Attractive Investment Destination” held in April; • Commemorative Conference “The U.S.-EU Transatlantic Partnership – Bulgaria’s Role” held in May; • Round Table “The Necessary Legislative Amendments for Improvement the Performance of the Commercial Register” held in June • Conference “Green Building – A Sustainable Path to Energy Efficiency and Economic Growth” held in October; • Conference: “Realizing the potential – Bulgaria on the Outsourcing and Off-shoring map” held in November. AmCham organized three business breakfasts with the media to high- light its initiatives and projects: • Briefing on the occasion of the Chamaberеs 15th anniversary; • Briefing on the legislative proposals for amendments in the Commercial Register Law within AmCham project supported by USAID and the Balkan Trust for Democracy; • Briefing on investment trends and perspectives up to 2013, professional training and further development of the human resources.

46 AMCHAM IN the media

Media reports appeared in: TV channels: BNT, bTV, Nova TV, BBT, Evropa TV, TV 7, TV+; Economy TV, MSAT, ProBg. Radio&Internet media: Bulgarian National Radio, Darik Radio; Econ.bg, BGNES, BTA, “Club 50 +” Internet Magazine; Novinite.com, Info Byuro; Mediapool, Sofia Echo, Dir.bg, Blitz, Actualno.com; Press: Dnevnik Daily, Capital Weekly, Klasa, Pari, Banker, Sega Daily, Trud, 24 Chasa, Monitor, Novinar, Standard Daily, Telegraph, Stroitel Newsp., Gradat Media Group.

47 AMCHAM IN the media

48 Audit Report 2009

Audit Report 2009

49 Audit Report 2009

50 Audit Report 2009

51 Audit Report 2009

52 American Chamber of Commerce in Bulgaria

Printed by www.print.bg 00 5000 4 ) 2 59 3 , phone: (+ ®