InvestBulgaria Agency

October 2013  InvestBulgaria Agency issue 1 (1), year 1  Economic News - Business, Investments, Trade  Analysis of Sector  Investment Opportunities of Municipality Monthly  Chamber of Commerce in Electronic Publication  Macroeconomic Indicators  Upcoming Events

INVESTBULGARIA AGENCY

Monthly Electronic Publication of InvestBulgaria Agency With the launch of the newsletter, we would like each month to present the initiatives of the Agency and to provide information to potential investors about the projects we are working on at the moment. Up-to-date and, I believe, information they need for the sectors and areas, in which they could invest, as well as recent government decisions and legislative changes. InvestBulgaria Agency (IBA) is an agency for investment encouragement at the Ministry of Economy and Energy. Our mission is to attract long-term investments in Bulgaria, to support start-up projects to ensure their successful development. We assist potential and existing investors to explore investment opportunities in Bulgaria and to implement "green" investment projects in the country. We provide direct access to all state and municipal institutions to facilitate the entry and business development in Bulgaria. We provide detailed information on the economic climate in the country to the future investors, comprehensive information services, including macroeconomic information for commercial real estate, incentives for investment, legal advice, advice on administrative procedures and permits for operating costs, regional unemployment information, availability of skilled workforce and level of education, infrastructure, foreign investors, industrial areas, identification of potential suppliers, subcontractors or joint venture partners, creation of links with local universities, central and local government, with industry associations and NGOs. We are confident that the newsletter is a necessary issue for the development of Bulgaria as an attractive and safe business destination. Svetoslav Mladenov Chief Executive Officer of IBA

Annual Awards “Investor of the Year” 2013 InvestBulgaria Agency (IBA) organized for the eighth time the annual awards "Investor of the Year" 2013. The aim of the event is to honor the most significant investment projects carried out in Bulgaria in 2013. You can nominate an investment project carried out in 2013 on the site of the IBA. Specially appointed committee will review all nominations and determine the companies that will be awarded at a ceremony in January 2014. The deadline for submission of completed application is November 29, 2013.

InvestBulgaria Agency (IBA), 31 Aksakov Str., 1000 Tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320, e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

EVENTS ORGANIZED BY IBA IN OCTOBER IBA Executive Director Svetoslav Mladenov took part in the discussion forum "Dialogue for the economic development of Bulgaria: Investment, priorities and perspectives" Chief Executive Director of the InvestBulgaria Agency Svetoslav Mladenov presented the opportunities for development of the investment environment in Bulgaria, which was part of the Discussion Forum "Dialogue for the economic development of Bulgaria: Investment, priorities and perspectives", which was held today at the Sheraton Hotel, Sofia. It was under the patronage of Deputy Prime Minister for Economic Development Daniela Bobeva. The aim of the Forum is to facilitate and promote dialogue between the public and private sectors. Mr. Mladenov spoke about the current macroeconomic data related to Bulgaria: GDP, unemployment, inflation and foreign direct investment. According to the World Bank, Bulgaria ranks among the first in protection of investments and business start-up, ahead of Croatia, Germany and the Czech Republic. IBA received 163 potential investment projects in the period September 2012 - September 2013. The factors that attract investors' interest were pointed out: the preferential acquisition of land - private state or municipal property, financial support for training, infrastructure subsidies and recovery of insurance costs incurred by the investor. The advantages of Bulgaria pointed out by Svetoslav Mladenov are political and macroeconomic stability, driven by the country's membership in the EU and NATO, currency board, low budget deficits and government debt, as well as positive trends in the country's credit rating. He said that he does not support the common opinion that there is an acute shortage of educated and skilled workforce. Bulgaria has advantages in supporting attractive tax environment with easy and quick access to markets in the EU and Russia, as well as Turkey and the Middle East. The event was attended by representatives of business, trade and commerce chambers and business clusters in Bulgaria, ambassadors and diplomats. Partners of the event were the U.S. Chamber of Commerce, British - Bulgarian Chamber of Commerce, Franco-Bulgarian Chamber of Commerce, the Confederation of Employers and Industrialists in Bulgaria, Bulgarian Chamber of Commerce and the Bulgarian Business Leaders Forum.

InvestBulgaria Agency organized a roundtable with business in Ruse InvestBulgaria Agency organized a roundtable with representatives of business, state and local government in Ruse on October 10. The purpose of the initiative was to discuss strategies for attracting new investment to the region of Ruse. Executive Director of the InvestBulgaria Agency Svetoslav Mladenov expressed his confidence that Ruse is about to become the fifth investment pillar in Bulgaria. He presented the Agency's work and page 2 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

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stressed that it is important to speak more clearly to the business and to work effectively so that it is supported by the government. The IBA project "Promoting the advantages of investing in Bulgaria", which is implemented with the financial support of OP "Competitiveness of the Bulgarian Economy" 2007-2013", was presented at the meeting. Main groups of activities in it are: analysis, promotional materials and media campaign, direct marketing and support measures. The project carried out a marketing strategy, analysis of other agencies for attracting investors, due diligence and over 243,000 printed promotional brochures in 10 languages. A media campaign in leading international print and television media has been implemented. InvestBulgaria Agency met with business in Varna A roundtable on the current and potential investors in the region was held in Varna on October 17. The new CEO of IBA Svetoslav Mladenov discussed with representatives of business, state and local government plans to attract more investors and create new jobs in the city of Varna. Agency project "Promoting the advantages of investing in Bulgaria", which aims to present the Bulgarian business worldwide and is implemented with the financial support of OP "Competitiveness of the Bulgarian Economy" 2007- 2013", was presented at the meeting. IBA Executive Director Svetoslav Mladenov pointed Varna as one of the pillars of investment in Bulgaria together with the other four largest cities in the country. "The city has a huge potential to attract investments. Therefore it is important to speak clearly with the business and to work effectively so that it is supported by the government," he said.

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MEDIA FOR INVESTBULGARIA AGENCY

InvestBulgaria Agency has worked on 48 projects in the last 3 months In the last 3 months InvestBulgaria Agency (IBA) has actively worked on 48 different investment projects, which at the moment are in a different development stage and IBA`s work on them continues. The projects that IBA supports in relation to the certification procedure are 14 and another 26 projects are being supported with a wide range of relevant information and provided with a choice of industrial terrains before the investment decision is made. Another 8 projects are supported through providing after investment services. From the total of 48 projects, 19 are in Processing industry sector, 12 of which are in the Machine building and Electronics sector, 4 in Metallurgy & Metalworking sector and 3 in the Chemistry sector. 23 of the projects are in the Services sector, 11 in BPO, 4 in Information technologies, 3 in Healthcare, 1 in Education, 1 in Logistics sector and 3 in the other services sector. The rest 6 projects are in the Construction, Real estate and Tourism sector. The projects belong to companies from 24 countries form around the world. The most projects belong to companies from: Bulgaria – 7, USA – 7, Germany and UK with 5, Belgium, Italy, Turkey and France with 2 projects. Companies from another 16 countries have projects that are being supported by IBA. Those are companies from Australia, Greece, India, Canada, Cyprus, Malta, The Netherlands, Norway, UAE, Poland, Portugal, The Republic of Korea, Hungary, Sweden, Switzerland and Japan with one project each. The services provided by the InvestBulgaria Agency are entirely free of charge. investbg.government.bg, 07.10.2013

IBA expects EUR 1 billion FDI this year InvestBulgaria Agency is working on working on six potential projects in the area of production of components from the automotive industry, Executive Director of the Agency Svetoslav Mladenov said in an interview. He expressed hope that there will be progress on them within the next six months. The projects we are working on right now give us reason to predict that FDI will reach EUR 1 billion this year, he added. More than 14 municipalities have submitted investment projects in the Agency, which prepares the investment catalog of Bulgaria. There are interest in projects in the energy sector and in particular projects for development of electricity and gas infrastructure, Mladenov said. btvnews.bg, 12.10.2013

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ECONOMIC NEWS - BUSINESS, INVESTMENTS, TRADE

ECONOMIC INDICATORS Improvement in the labor market in Bulgaria Foreign Direct Investments There is an improvement in the labor market. More jobs have been EUR 34.3 mln - August 2013 created since the beginning of 2013 and the number of "discouraged" people falls, according to the joint analysis of Postbank and the Institute for Market Economics (IME). Data for the first half of 2013 shows that the number of employees began to rise in absolute terms after 16 consecutive quarters of decline. There is a tendency for gradual increase of employees by the end of the year. Total household income registered a real growth of over 10% in the first half of 2013, says the report. Source: BNB Credit market also demonstrates stability, the survey said. In the second quarter there is a positive growth of consumer loans on a monthly basis, although on an annual basis they still decreased. BNB exchange rates Economy.bg, 01.10.2013

Comverse expand its investment in Bulgaria World leader in software solutions for the telecommunications sector Comverse accelerates investment in Bulgaria. The company plans to double the number of employees in the next six months. Experts from the expert group of Comverse in Bulgaria are involved in the development of innovative technology solutions for telecom Source: BNB service providers. 18 of the 25 largest telecom operators in the world use the platform of Comverse. The team of experts in the field of information technology and Main Interest Rate telecommunications, built in Bulgaria, will not only develop new 0.03% - 01.10.2013 products of Comverse, but will participate in projects under implementation in Europe, Middle East and Africa. darikfinance.bg, 02.10.2013

Demand for office area has increased by 44% in the third quarter of 2013 The recovery of the office market in Sofia continued in the third quarter of 2013 with the hiring of a total of 20,300 square meters, an increase Source: BNB of 44% from the previous quarter and 13.4% more than in the same period in 2012, shows that regular survey of the real estate company Forton, partner for Bulgaria and Macedonia of the international Unemployment Rate consulting firm Cushman & Wakefield. 10.8% - September 2013 Office market benefits from the fact that Bulgaria attracts companies, which establish or expand centers for customer service and business processes across Europe. IT and outsourcing contributed the most to the growth with 62% of the volume of the rental units in the quarter. Expansion strongly dominate over the moves - according to Forton 83% of the volume of leased areas is due to business growth. Infostock.bg, 08.10.2013

Source: NSI

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BAI Stock Exchange-Sofia Over BGN 13m poured into a processing farm for Monthly Turnover 10.2012-09.2013 Norwegian fish The northeastern village of Hayredin in province Vratsa has a population of only 5,000 people, but it will see the construction of a BGN 13.2 million fish processing farm for Norwegian fish, governor Ventzislav Vasilev announced. 40% of the investment will come from German investor Felix Auaher. The main part of the required financial Source: BSE-Sofia resources will be provided from European programs. The facility will BGREIT: 23.09.2013 – 22.10.2013 create 60 jobs. In the first phase of its operation, it will process preserved ocean fish, mostly from Norway. In the second phase, the factory will also process Bulgarian fish from the local freshwaters. Production will be sold in European Union countries. Standart, 09.10.2013

BG exports to the EU increased considerably Source: Investor.bg Amounting to BGN 14.7 billion in the period January - July 2013, Bulgaria's exports to the EU increased by 6.6% over the same period BG40: 23.09.2013 – 22.10.2013 last year. The major trade partners of Bulgaria were Germany, Italy, , Greece and France – these formed 68.8% of Bulgaria's total exports to the EU members, preliminary data of the National Statistical Institute shows. The greatest increase is reported in sectors Soft and alcoholic drinks and tobacco (28.5%) and for “Chemical substances and products" (24.0%). The largest decline (by 15.6%) was observed in the export of sector "Mineral fuels, lubricants and related Source: Investor.bg materials". SOFIX: 23.09.2013 – 22.10.2013 Bulgaria's imports from the EU for the period January - July 2013 increased by just 1.0 % over the same period last year and amounted to BGN 17.3 billion. The largest EU importers to Bulgaria were Germany, Italy, Romania, Greece and Spain. The most drastic percentage change (11.4%) is reported for sector “Oils, fats and waxes of animal or vegetable origin", while the greatest decrease (4.7%) is observed in the sector "Machinery, equipment and vehicles".

Economy.bg, 09.10.2013 Source: Investor.bg Bulgarian economy takes pace Preliminary figures suggest that Bulgarians have upped their spending on clothes and shoes, and even food, drink and tobacco, but are cutting back on computers and telecommunications. Retail trade turnover in Bulgaria was 4.9 per cent higher in August 2013 than in August 2012, with the textile and clothing sector showing the strongest improvement, at 22.5 per cent. This is according to figures released by Bulgaria’s National Statistical Institute on October 8. The only sector, as defined by the NSI, to see a decline was in retail sales of computers, software and telecommunications equipment, 5.4 per cent lower in August 2013 than in the same month a year earlier. darikfinance.bg, 09.10.2013

Boni Holding expands with a new loan from EBRD One of the largest Bulgarian meat processors - Boni Holding, will modernize and expand its business with a loan from the European Bank for Reconstruction and Development (EBRD). Agreement between the two countries was signed on Wednesday. The Bank will allocate EUR 10.5 million to the company with which it will finance its investment program to update the pig farms and meat processing capacity. The program provides for the page 6 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

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purchase of new equipment, modernization of the existing and purchase Selected Decisions of the of new farms, improving the microclimate and food systems, and general Government overall reduction in direct operating costs. of the Republic of Bulgaria Boni Holding has pig breeding farms in Shumen (Hybrid Pig-Breeding for the period 25.09-23.10.2013,  Four more hospitals receiving Center), Krumovo, Gradishte, Zimen, Brestak, Tetrahib. company is the accreditation for training students largest producer of pork in the country. Holding works in partnership and graduates with the world leader in hybrid pig-breeding - Danish company Danbred.  Bulgarian position is approved for a The hybrid center for pig breeding in Shumen is essentially an regular meeting of the European Council outsourced genetic center of Denmark in Bulgaria in which each animal is  Approved results of four EU Councils recorded in data bank of Danbred in Copenhagen and receives a quality  The district courts will be the first certificate from the Danish company. Each year in the holding’s pig farms instance in the cases against legal 200 thousand pure-bred animals are bred. entities under the Act on the Administrative Violations and capital.bg, 10.10.2013 Sanctions  Measures by the Minister of Finance Aroma opened its new plant to take up external debt approved The opening ceremony of the new plant of Aroma - one of the oldest and  The procedure for entering data in the Europol Information System biggest Bulgarian companies producing cosmetics and beauty products determined will take place today.  New ordinance regulating the The new plant is consistent with the environmental standards in content and scope of the overall and production of cosmetics and perfumes. Facilities in the new building are annual work projects for prospecting, related to energy efficiency, reduction of water losses and discharge of exploration and mining  Approved state guarantees and loans harmful emissions. Thanks to automated systems production capacity for 2014 has increased, the company informs.  Conditions for the construction of an Economy.bg, 10.10.2013 intermodal terminal near Plovdiv determined  Amendment of convergence for Real estate deals increased by 7.4 per cent in the last establishment of an European quarter communications office proposed for ratification Deals in real estate in Bulgaria were 59,475 in the third quarter of 2013  Approved results of an informal and grew by 7.4%. This is a fifth consecutive quarterly growth compared meeting of EU Ministers of Energy to a year earlier, according to the Registry Agency.  Proposition for ratification of a 58,643 property deals were signed in the period between 1 July and 30 change in the loan agreement with IBRD under a project for social September 2012, which shows an increase of 1.42%. So far this year the inclusion number of transactions is 159,365 against 148,384 for the first nine  Approved report on the months of 2012. Sofia remains № 1 in real estate transactions with its implementation of measures 4536 sales. resulting from the membership of It is followed by Plovdiv, Varna and Nessebar, where there are over 2000 Bulgaria in the EU  Development Council at the Council entries. of Ministers will monitor the Over 1000 deals were recorded in 7 more districts - Burgas, Pleven, Ruse, implementation of the program Stara Zagora, Pazardzhik, Sliven and Dobrich. Bulgaria 2020  Adopted second package of measures classa.bg 11.10.2013 to reduce the regulatory burden  Approved additional appropriations WITTE Automotive invests EUR 10 mln in automotive for the Judiciary  Adopted a revised Employment part plant in Ruse Strategy of Bulgaria 2020 500 work places will be created in the new automotive part plant in  Bulgarian positions for four EU Ruse. The investment is made by the German company "WITTE council were approved Automotive", producer of car doorknobs, locks and locking systems. The  The government is proposing changes project includes the construction of four new buildings, each with an to the law on the activities of collective investment schemes area of 10 000 sq.m. The Bulgarian subsidiary - "WITTE Automotive  Signature in the accounts can be Bulgaria" EOOD was certified as an investor class A from the replaced with a digital ID page 7 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

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InvestBulgaria Agency. By the end of 2015 the investment is expected  Bulgarian-Russian cooperation in to exceed EUR 10 mln. By then the construction of administrative and tourism expands manufacturing part, covering an area of 11 500 m2, should be finished.  National payments scheme for farmers The company was founded in 1899 by Ewlad Witte and started as a approved  Activity of MIP is financially provided factory specialized in the manufacture of latches for luggage/suitcases.  Administration of Council of Ministers After WWII, WITTE Automotive began manufacturing door brackets for will lead the development of the OP the automotive industry. The VW Kafer (Beetle) was the first car with a "Good Governance" door made by WITTE.  Approved memorandum on the development of rail corridors 6, 10 and The German company came in Bulgaria in 2009 initially with small 12 development base with six employees, growing gradually, today it has  Bulgaria will support Kosovo on its Euro- 200 employees. Atlantic integration ruse.topnovini.bg, trud.bg, 11.10.2013  Approved results of three EU Councils  The Minister of Finance is authorized to take action to take on external debt up Koreans plan to open tire plant in Bulgaria to 360 million Deputy Minister of Economy Krasin Dimitrov met with representatives  Deputy Prime Minister and Minister of of Korean companies interested to invest in the country during the Justice took control of the implementation of the preconditions for 22nd World Energy Congress in Daegu and the Cyberspace Conference EU funds for the next programming in Seoul. The largest Korean company that manufactures and sells 10 period million tires for the European market showed an interest in plots in  Created conditions for greater openness Bulgaria on which it could build a plant. A steel pipes manufacturing and competition in the selection of company would be also keen to build a factory in Bulgaria, became contractors for applicants for grants  Ordinance on standards for clear during the visit of Deputy Minister of Economy Krasin Dimitrov in environmental quality is coordinated South Korea. There was also an interest towards Bulgaria from the local with the text of the European Directive information technology companies. Koreans have studied the question  Approved draft for joint statement on of the construction of greenhouses for vegetables in Bulgaria. The Asian cooperation in the field of transport with the Eastern Partnership countries country is also a potential partner for Bulgarian wines and yogurt  57 of 62 planned measures are exports. implemented by the end of June under economy.bg, 15.10.2013 the second plan to reduce the administrative burden  New methodology improves the Bulgaria, Croatia Presidents Open Joint Business Forum provision of administrative services Bulgarian President Rosen Plevneliev and Croatian counterpart Ivo  Treaty between Bulgaria and Moody`s Josipovic launched Tuesday a joint Bulgarian-Croatian business forum in for rating prolonged Sofia. The event is part of Josipovic's two-day official visit to Bulgaria,  New regime for VAT cash accounting will facilitate SMEs which started Monday. Business and cultural relations between the two  Amendments to the Excise Duties and countries are highlighted on the agenda in bilateral discussions. Tax Warehouses reflect the According to Bulgarian President Plevneliev, cooperation between commitments of Bulgaria with the Treaty Bulgaria and Croatia, as well as with other countries from the region, of Accession to the EU  Bulgaria increased its authorized capital could give better opportunities for every one of them to reach out in the MIB outside markets, such as those in the Middle East and East Asia. On his part, Croatian President Josipovic stressed that business relations between his country and Bulgaria are still well below their potential. The head of state presented the efforts of the Croatian government to better the business climate in the country, in particular by lowering the administrative burden. During discussions, the areas of transportation, construction, energy, tourism and food industry were singled out as especially promising for deeper cooperation. novinite.com, 16.10.2013

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The EU - Balkan Summit: Paving the way - 120 work places, which will increase with more 150 in to recovery and growth the next stage of the project. standartnews.com, 21.10.2013 The EU - Balkan Summit with motto “Paving the way to recovery and growth” will be held in Sofia on 17-18 October. The Bulgarian President Rosen Plevneliev, the Eurostat: Bulgaria has one of the lowest Prime Minister Plamen Oresharski, Cabinet Ministers of government deficits and debts in EU in other Balkan countries, representatives from the 2012 European Commission, heads of financial institutions In 2012, the government deficit of both the euro area and organizations will take part in the conference. (EA17) and the EU28 decreased in absolute terms The future Greek presidency in EU; Bulgaria and compared with 2011, while the government debt rose Romania in EU – the EU`s membership impact and will in both zones. In the euro area the government deficit stay in the country the young and educated people; to GDP ratio decreased from 4.2% in 2011 to 3.7% in European strategy for expansion and The Western 2012 and in the EU28 from 4.4% to 3.9%. In the euro – Croatia – the new EU member; financial area the government debt to GDP ratio increased from services during crisis; projects in energetic and 87.3% at the end of 2011 to 90.6% at the end of 2012 liberalization of the sector, development for and in the EU28 from 82.3% to 85.1%. infrastructure, tourism, real estate, IT and In 2012 the lowest government deficits in percentage telecommunications are the main topics in the of GDP were recorded in Estonia and Sweden (both - conference. 0.2%), Luxembourg (-0.6%) and Bulgaria (-0.8%), while btvnews.bg, gradat.bg, 17.10.2013 Germany (+0.1%) registered a government surplus. At the end of 2012, the lowest ratios of government Australian company will invest in Sliven debt to GDP were recorded in Estonia (9.8%), Bulgaria Entrepreneur from Australia intend to invest in Sliven. (18.5%), Luxembourg (21.7%) and Romania (37.9%). The investment project is from the Australian global Fourteen Member States had government debt ratios wool supplier “Lempriere”. The company is focused on higher than 60% of GDP, with the largest observed in growling the business in global markets and is going to Greece (156.9%), Italy (127.0%), Portugal (124.1%) and develop their business in Bulgaria, municipality Sliven Ireland (117.4%). In all, six Member States recorded an announced. improvement in their government debt relative to GDP The new investor is expecting to put in the new in 2012 compared with 2011 and twenty-two a machines until April 2014 and to start the producing in worsening. the beginning of 2015. The investment will provide 100 ec.europa.eu/eurostat, economy.bg, 22.10.2013

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Issue 1 (1)/ October 2013 InvestBulgaria Agency

INVESTMENT PROJECTS IN A PROCESS OF REALIZATION

LUKOIL Neftohim Burgas JSC part of the organizations in LUKOIL Group

LUKOIL started construction on the refinery’s territory of a modern technological complex for in- depth processing of oil derivatives (a process named hydrocracking of vacuum residue) to the amount of over USD 1.5 billion. The complex will contribute to increasing production of light fuel /firstly of diesel fuels/ and improving the quality of boiler fuel. Completion of the investment is expected in the first half of 2015.

Trakia Glass Bulgaria SPJSC, Turgovishte part of industrial group of Şişecam Turkey

The company is in a process of expanding its glass complex in Turgovishte, as it is constructing the following two new sites, assessed at a total of over BGN 300 million: second line for flat glass second furnace for production of hollow glass. The company was awarded with a certificate for priority investment project of the above-mentioned expansion. Planned deadline for entering into exploitation is October 2014. The company plans construction of other new facilities as well.

Devnya Cement JSC, Devnya part of Italcementi Group In 2012 the company started construction of a new plant for production of clinker and cement, using the so-called dry method, which will replace the obsolete technology of the wet method. The investment project is assessed at BGN 325 million. Its completion is expected by December 2014. In April 2012 the company was awarded with a certificate for class A investment for the present project.

SOL Bulgaria JSC part of Italian group SOL The company is in process of completion a project for construction of a plant for production of industrial gases on the territory of Agropolychim Devnya. The investment is to the amount of BGN 25.5 million and is expected to be completed by December 2014. In July 2013 the company was awarded with a certificate for class A investment.

page 10 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

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ANALYSIS OF SECTOR "AUTOMOTIVE INDUSTRY"

Sector "Manufacture of motor vehicles, trailers and semi-trailers" Number of companies, average monthly salary, number of Top 5 companies in the sector by sales income employees in the sector - 2008-2011 Sales (BGN mln) Company 2010 2011 2012 Sensor Nite Industrial SPLTD - Sofia 203 208 173 Integrated Micro-Electronics Bulgaria SPLTD - Botevgrad 126 15 164 Se Bordnetze Bulgaria SPLTD - Karnobat 154 183 50

Montupet SPLTD - Ruse 48 101 123

Madara JSC - Shumen 47 85 64

Assets of the companies in the sector - 2008-2011, BGN thousand Top 5 companies in the sector "Manufacture of motor vehicles, trailers and semi-trailers' by number of employees Number of employees Company 2010 2011 2012 Se Bordnetze Bulgaria SPLTD - 2 081 2 396 2 286 Karnobat Senzor Nite Industrial SPLTD - 66 1 236 1 264 Sofia Integrated Micro-Electronics 2 339 1 143 1 235 Bulgaria SPLTD - Botevgrad

Ates SPLTD - Kazanluk 1 153 1 19 987

Montupet SPLTD - Ruse 365 579 690

Net sales and financial result (profit/loss) - 2008-2011 BGN thousand Bulgarian companies in the sector with a registered capital over BGN 1 million and 100% foreign ownership Capital Company (BGN Main shareholder thousand) 67 784 Montupet (FR) Montupet SPLTD - Ruse Watersey limited 18 359 Watersey Bulgaria JSC - Sofia (VG) Se Bordnetze Bulgaria SPLTD - Sumitomo Electric 5 873 Karnobat Bordnettse (DE) Senzor Nite Industrial SPLTD - Senzor Nite N. V. 2 037 Sofia (BE) Integrated Micro-Electronics Cooperative IMI 1 951 Bulgaria SPLTD - Botevgrad Europe U. A. (NL) Pricomp solutions 1 607 Pricomp solutions SPJSC - Sofia (SE)

1 194 Curtis Balkan (US) Curtis Balkan SPLTD - Sofia

Data is for sector "Manufacture of motor vehicles, trailers and semi-trailers" Code 29 from the Classification of Economic Activities NACE-2008

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Issue 1 (1)/ October 2013 InvestBulgaria Agency

Investments in auto parts manufacturing sector Bulgaria is located in the center of the developing in recent year automobile cluster in South Eastern Europe. Balkan countries have managed in a way to displace Slovakia, The Czech republic and Hungary that were traditionally favored in the near past by companies in the sector. Yet costs grew there, which made producers move their production capacities to the East. Most countries, surrounding Bulgaria, have already succeeded in attracting international companies that manufacture cars. Thus it is an opportunity Bulgaria has to grab in order to develop a strong network of Kaloyan Kaloyanov companies in the sector of auto parts manufacturing. Hristo Stankov Today, the country produces almost all elements that make up a whole car, or as Financial Times wrote in the end of last year: Bulgarian automobile industry is turning into driving force for the country’s economy.

Successful investments in the auto parts manufacturing sector Montupet - Ruse A leading world-famous company for production of aluminum details for engines. The investment is assessed to more than EUR 100 million. It employs about 1000 people. In September the company opened its expanded premise in Ruse’s industrial zone. Magna Powertrain The company acquired the whole group Ixetic and thus strengthened its global -Plovdiv position in the industry. State-of-the-art hydraulic and vacuum pumps for cars are manufactured in the Rakovski industrial zone. The plant speaks for itself by pointing excellent feedback by its customers such as Mercedes, BMW, Porsche and Audi. Johnson Controls Operates in Bulgaria via its R&D center in Sofia, where more than 500 highly Electronics qualified engineers are creating innovative software solutions applicable in the Bulgaria SPLTD- automobile industry. The company has eight centers for research and Sofia development of new products worldwide. The one in Sofia is the largest for (Johnson Controls) development of automotive electronics. Witte Automotive A project with high added value for development and production of technical - Ruse solutions for locking systems. The company is in process of doubling both its capacity and personnel in Bulgaria via construction of it new plant in Ruse. The company was awarded with a certificate of investment class by InvestBulgaria Agency. Yazaki Bulgaria - The company owns 35% of the market share of cable equipment for automobiles Yambol, Sliven in the world. In Bulgaria, it employs more than 3,000 people. and Turgovishte. ALC (Automotive Opened in 2012, the plant is for luxurious seat covers and interior trim Leather Company) components for BMW Series 5 and 7. In its plant in Bulgaria, located in the village of Musachevo, near Sofia, the company invested more than EUR 4 million. It employs 500 people. In near future the company plans to open another plant. Other successful examples in the sector are: IMI, SE Bordnetze, Grammer, William Hughes, Arkomat Turkey, etc. page 12 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

Behr-Hella Thermocontrol (BHTC)’s project which is in a process of completion in the industrial zone Bozhurishte, near Sofia, received huge media coverage. BHTC is to employ at least 350 people. The project envisages construction of a plant for manufacture of air conditioning systems for automobiles. A R&D center will also be built. It was a successful end of year round efforts, made by IBA’s experts to attract the German investor. Bulgaria was preferred for the BHTC’s plant in strong competition from Romania, Serbia, Macedonia and other Central European countries. It is optimistic that over the last year most queries in IBA are made by companies engaged in the automobile industry. At present there are several companies that are inspecting Bulgaria as a potential investment destination for their projects. Due to confidentiality their names cannot be shared, but I can say that they are well-known companies in the automotive industry. For the past few months five potential projects from Germany, two from Japan, and projects from Austria, the Republic of Korea and Norway are standing out. Kaloyan Kaloyanov Hristo Stankov Sector Investment Services Department

Business Monitor International’s Forecasts on the Development of the Auto Industry In Germany to 2017 With its innovative, high quality and unrivaled reputation, the German economy is the biggest one in Europe and fourth in the world after the US, China and Japan. Germany has a strong public and private sector, and ranks 13th in the world in the Corruption Perceptions Index (CPI). The country climbed six steps in 2010 and takes the 19th place in 2012 in the World Bank ranking of business as a result of the ongoing improvement to local companies. Opportunities for the economy lay in expansion in Eastern Europe and in other markets by combining German quality standards with low labor costs. Automotive industry in Germany is the largest in the EU with more than 800,000 employees and over 3 million people employed indirectly. Car production in the country began in the 90s of the 19th century and became a synonym of quality. In the new EU states of Eastern Europe, German companies command some 60% of the market and could increase their share. Among the weaknesses of the sector is the high labor costs, mid-range cars are declining in popularity and the possibility of a continued slowdown in the euro area have an adverse effect on production and exports. Business Monitor International predicts a decline in passenger car sales by 6% for the year. The labor market in the country is expected to further deterioration, which together with a weak euro will affect consumer demand and reduce exports. The drop in sales led to a decline in the production of vehicles, which was 8% in 2012 and is expected to be 3.4% in 2013. BMI provides a downward trend in production to continue until 2017 as the main reasons are weak domestic market and export of vehicles. The global financial crisis severely affects the sales of vehicles. In 2010 they significant declined by 21%, followed by growth of 9.7% in 2011. In 2012 and 2013 sales continued to decline and BMI foresees the trend of the German auto market to continue to decline at a rate of just over 2% per annum for the period 2014 - 2017. In response to the decrease in sales, many German companies continue to offer discounts and promotions to their potential customers in 2013, which helps to some extent to reduce the low sales. Source: Germany Autos Report Q4 2013, Business Monitor International

page 13 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

INVESTMENT OPPORTUNITIES OF MUNICIPALITY

Ruse Municipality Area: 469.2 sq. km. Mayor: Plamen Stoilov Tel: +359 82 826 100 e-mail: [email protected] Web site: http://www.ruse-bg.eu

Ruse Municipality Population Total for Ruse Municipality 2009 2010 2011 Population (number) 175 210 174 378 166 881 Birth rate, ‰ 10 9 8 Natural increase - from 1000 people, ‰ -3 -4 -6 Working-age population, number 115 843 114 157 105 613 Leading companies by sales Company 2010 2011 2012 income (BGN thousand) Bulmarket DM 96 856 170 277 203 331 Polysan JSC 56 533 133 747 183 336 Montupet SPLTD 48 416 100 839 122 664 Tera Gaz SPLTD 43 42 141 74 219 Dunarit JSC 45 406 33 258 67 719 Leading companies by profit Company 2010 2011 2012 (BGN thousand) Montupet SPLTD 801 17 563 24 222 Atlas Kopko Lifton SPLTD 673 5 319 10 741 Econt Express LTD 2 252 3 957 6 201 Septona Bulgaria JSC 631 2 530 4 598 Delta Textile Bulgaria SPLTD 1 739 1 748 4 003 Projects carried out in the  Improving the accessibility of the Ruse-Giurgiu Euroregion with Pan-European Ruse Municipality Transport Corridor 9.  French company Montupet, global leader in the production of aluminum parts for engines, invested over EUR 100 million and created 1,000 jobs in Ruse. In September the company opened its expansion in the industrial area of Ruse.

The town of Ruse is the fifth largest in Bulgaria and a basic port on the River in the country. Ruse is a main transport hub and transit zone for goods that are imported or exported to Romania, Ukraine and the Russian federation. Ruse’s appurtenance to the Danube basin and proximity to multimillion market of the Romanian capital city of Bucharest are determining factors for both global competitiveness of local business and for attraction of foreign investments. Essential part of Ruse municipality’s economic profile is its modern Industrial park with a total area of 638 acres. It was constructed by the municipality with the financial aid and assistance of the state. Its aim is to attract both foreign and Bulgarian investors. Ruse municipality works for development of its industrial zone via completion of engineering infrastructure in the Industrial park. Favorable geographic location of Ruse is a pre-requisite for success of the Industrial park as an exclusively proper instrument for attraction of business investments. Key location of adds up to comparatively high number of registered companies in Ruse. Having in mind key role of investments and business development as competitive advantages for local economic development, leading priority of Ruse municipality is to turn Ruse into attractive center of investment, innovation and jobs. Consequently the latter will result in making the municipality a competitive entity into national and European plan. This adduces local authority to support sectors with high added value in promoting innovation and

page 14 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

investment, as well as realization of large infrastructure projects. The EU’s the Danube strategy stresses on improving Ruse’s infrastructure to the highest extent. It consists of numerous projects for rehabilitation and expansion of roads and modernization of railway network. Forecasts show that cargo volumes of intermodal transport within the period extending from the year 2010 to 2020 will grow by 18%. It is apparent that development of intermodal transport with the use of the Danube River has huge potential. Thus it calls for modernization of all components of the system: railway, car, river and air transport, as well as logistics base. Ruse municipality’s investment program for the period extending from 2014 to 2020 includes completion of projects to the total amount of BGN 1 434 561 939. All of them are related to local economic, social and territorial connections and accessibility of the region, as well as to energy efficiency, environmental protection and sustainable development. Ruse municipality is working for setting of transparent, easily predictable and open to investment environment, led by the faith that it is to result in attraction of new investment, together with keeping and development of micro, small and medium-sized enterprises in the region. In order to keep, stimulate and facilitate investors on the territory of the municipality we are incessantly working for improvement of our administrative services. Consequently Institute for Market economics was quite affirming as it ranked Ruse second in the national rating Local conditions for doing business. It is a very good measure for the business environment locally and indicates where in Bulgaria doing business is easy. Ruse municipality is developing an information system in favour of business that deals with matters such as public procurements, rendering of clear and exact requirements for public projects, public-private partnerships, strategic development of the municipality, etc. An information system for management of investment projects and municipal property has been also set up. There are strategies for promotion of partnership between local government and business on the territory of the municipality of Ruse. A special project named Municipality of Ruse-investment attractive and energy independent, funded under OP Administrative capacity, will be executed in support of the municipality’s active policy for widely promoting investment potential and for encouraging investments in the local economy. The project envisages drafting of strategy for investment and city marketing. It aims at developing the so-called brand of the town. So the very project comes to confirm branding’s increasing importance in strategic management of towns. The strategy contributes to improving local policy in the sphere of local economic development and investment promotion. This, on the other hand it is to strengthen both municipality’s investment capacity and competitive status. Local authorities’ efforts to turn Ruse into attractive place for a living, investment and work have been recognized by the Initiative Committee "Socrates” that unites the European Business Assembly, Club of Rectors of Europe and the International Leadership Club. In 2012, Ruse was awarded with the prize - Medal "United Europe" and with a certificate for the right to use the brand for quality "Best Cities" for a period of 5 years. Ruse municipality is the sole Bulgarian municipality that is nominated and awarded with the prestigious prize. That is thus recognition for its successful positioning as a town with considerable perspectives for sustainable growth in the context of European investment processes.

page 15 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

Ruse Province Area 2 803.4 sq. km. Population Total for Ruse Province 2009 2010 2011 Settlements (number) 83 83 83 Population (number) 249 144 246 670 233 767 Birth rate, ‰ 9.2 8.8 7.9 Natural increase - from 1000, ‰ -6 -6.4 -8.1 Working-age population, number 157 418 154 604 142 308 Employees Total for Ruse Province 2009 2010 2011 under labor Total 77 174 70 957 70 693 contracts (number) - by economic sector Agriculture 3 471 3 363 3 609 Industry 33 751 29 415 29 491 Services 39 952 38 179 37 593 - by economic activities and sectors Agriculture, forestry and fishing 3 471 3 363 3 609 Industry (excl. Construction) 28 218 25 078 26 045 Construction 5 533 4 337 3 446 Trade, transport, hotels and restaurants 20 223 19 750 18 749 Creation and dissemination of information and creative products; 738 695 714 communications Financial and insurance activities 778 846 762 Real estate operations 571 516 447 Professional, scientific and technical activities; administrative and 3 067 2 695 3 111 support service activities Government, education, human health and social work 12 566 11 796 11 784 Culture, sports and entertainment, repair of household goods and 2 009 1 881 2 026 other activities Average annual Total for Ruse Province 2009 2010 2011 salary Total 6 112 6 354 6 783 of employees - by economic sector under labor Agriculture 5 749 6 460 7 216 contracts (BGN) Industry 6 033 6 218 6 672 Services 6 209 6 449 6 828 - by economic activities and sectors Agriculture, forestry and fishing 5 749 6 460 7 216 Industry (excl. Construction) 6 007 6 341 6 689 Construction 6 165 5 513 6 540 Trade, transport, hotels and restaurants 5 311 5 412 5 995 Creation and dissemination of information and creative products; 5 733 6 447 7 675 communications Financial and insurance activities 10 775 10 587 12 038 Real estate operations 5 293 6 784 8 694 Professional, scientific and technical activities; administrative and 4 515 4 786 4 810 support service activities Government, education, human health and social work 8 101 8 457 8 421 Culture, sports and entertainment, repair of household goods and 4 642 5 103 5 694 other activities

page 16 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

CHAMBER OF COMMERCE IN BULGARIA

Italian Chamber of Commerce in Bulgaria Sofia 1504 1/V Oborishte Str., fl.6 tel/fax: +359 2 8463280/1 e-mail: mailto:[email protected] Web: www.camcomit.bg

Italian Chamber of commerce in Bulgaria has been La Camera di Commercio Italiana in Bulgaria opera working for more than ten years in cooperation with da oltre dieci anni a fianco delle imprese, Bulgarian and Italian companies. It has supported sostenendole con successo nei loro processi di them in the process of their internationalization. The internazionalizzazione. Organizza iniziative volte ad chamber organizes initiatives aimed at facilitating agevolare l’accesso delle imprese italiane al mercato access of Italian companies to the Bulgarian market. It bulgaro, promuove contatti per la conclusione di also supports establishment of business contacts of affari e svolge un’intensa azione d’informazione e Italian companies with Bulgarian ones. The Italian comunicazione, mediante un costante monitoraggio chamber of commerce in Bulgaria actively renders and delle tendenze settoriali. circulates information via permanent monitoring of La CCIB è registrata presso il Tribunale di Sofia e trends in individual industrial sectors. riconosciuta dal Governo italiano con decreto del Italian Chamber of Commerce in Bulgaria is registered Ministero dello Sviluppo Economico ai sensi della under the Bulgarian legislation in the SCC and is legge n. 518/70 (Riordinamento delle Camere di recognized by the Italian Government by Decree of Commercio Italiane all’Estero). the Ministry of Economic Development under Law n. 518/70 (reorganization of the Italian Chambers of Commerce abroad). Italian Chamber of Commerce in Bulgaria is part of the Association of Italian Chambers of Commerce Abroad (Assocamerestero, www.assocamerestero.it) that consists of 78 chambers, presented in 52 countries worldwide with more than 140 offices and over 24,000 associated companies, of which 70% are local La CCIB è parte integrante dell’Associazione delle companies that operate in Italy. International Camere di Commercio Italiane all’Estero information platform Pla.net is conducive in exchange (Assocamerestero, www.assocamerestero.it) che of data, experience and concrete possibilities of the conta 78 Camere, presenti in 52 Paesi nel mondo Italian network of national chambers (a total of 105 con 140 uffici e oltre 24.000 imprese associate, di cui on the territory of Italy) and Italian chambers abroad. circa il 70% sono aziende locali che operano con The Chamber’s expert panel on structural funds and l’Italia. Dati, esperienze ed opportunità sono European programs has been set up to promote and scambiati con l’intero sistema camerale italiano (105 facilitate access to EU’s initiatives for companies, CCIAA nazionali) e con le altre CCIE nel mondo, con institutions and entities that operate in Bulgaria. l’ausilio del sistema informativo internazionale Pla.net.

page 17 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

The ICCB maintains strong relationships with Rimini Presso la CCIB è stato istituito l’Osservatorio sui Fiera and Fiera Milano; these two major Italian trade Fondi Strutturali e altri Programmi Comunitari fairs have their official Desks for Bulgaria at ICCB. presso la CCIB, al fine di incentivare e facilitare Other bigger organizers of fairs that are working in l’accesso alle iniziative dell’UE da parte delle cooperation with the Chamber are also presented in Imprese, Istituzioni, Enti e degli altri organismi its office. operanti nel territorio bulgaro. In response of Bulgarian and Italian business needs in Sono inoltre attivi i desk informativi promozionali di 2014 the Chamber plans organizing series of days for Fiera Milano e di Rimini Fiera per la Bulgaria, i presenting Bulgaria. They will be held in different maggiori enti fieristici italiani con cui la Camera parts of Italy. The first initiative will take place in interagisce in stretta sinergia. February and will host entrepreneurs of Veneto and Sempre in risposta alle esigenze dell’interesse del Lombardy, the two regions with the highest GDP in business bulgaro ed italiano per l’anno 2014 la Italy. The programme, besides review of the country’s Camera prevede una serie di giornate Paese Bulgaria microeconomic framework will present at large che avranno luogo in diverse zone dell’Italia. La economic sectors that may attract attention of local prima iniziativa si terrà nel mese di febbraio ed avrà business for setting commercial and economic come pubblico l’imprenditoria del Veneto e partnership. Representative of the Chamber’s expert Lombardia: le due Regioni con il PIL più alto d’Italia. panel will introduce also opportunities for Il programma delle giornate, oltre a fornire una transnational cooperation and development of panoramica del quadro macroeconomico del Paese, business clusters by using EU’s tools and policies. prevede anche la presentazione dei settori che Throughout the year there will be an intensive possono attirare l’attenzione del tessuto program of visits of Bulgarian companies called imprenditoriale locale a fine di instaurare dei "buyers" that the Chamber will accompany during partenazriati economico-commerciali. various fairs and exhibitions in Italy. Contestualmente un rappresentante Additional information on individual initiatives and dell’Osservatorio sui Fondi Strutturali e altri detailed program of the Chamber can be found at Programmi Comunitari presso la Camera illustrerà le www.camcomit.bg opportunità di collaborazione transnazionale e di sviluppo di business cluster tramite le politiche e gli

strumenti di sviluppo erogati dall’UE. Rimarrà sempre così intensa anche l’attività di selezione di buyer bulgari che la Camera accompagnerà a diverse fiere e saloni internazionali in Italia. Maggiori informazioni sulle singole iniziative ed il programma dettagliato delle attività sono disponibili sul sito www.camcomit.bg

page 18 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

MACROECONOMIC INDICATORS

Foreign Direct Investments in Bulgaria EUR mln Net cash flow - annual data Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 903.4 980 1850.5 2735.9 3152.1 6221.6 9051.8 6727.8 2436.9 1151.2 1330.2 1480.5 Net cash flow – quarterly data 2013 2013'Q1 2013'Q2 2013'Q1 2013'Q2 Quarter 476.4 211.6 Net cash flow – monthly data 2013 I II III IV V VI VII VIII IX X XI XII Month 97.8 192.7 185.9 -94.2 129.5 176.3 118.8 -34.2 Source: BNB

Main economic indicators EU-Italy-Bulgaria Period EU 27 Italy Bulgaria

GDP per capita in PPS 2012 100 99 47 Index ( EU28 = 100) Real GDP growth rate - volume 2012 -0.4 -2.5 0.8 Percentage change on previous year Gross value added - Agriculture, hunting and fishing 2010 1.7 1.9 5.3 % of all branches Gross value added - Industry, including Energy 2010 18.7 19.3 23.1 % of all branches Gross value added - Construction 2010 6 6 8.1 % of all branches Gross value added - Trade, transport and communication services 2010 20.8 22.1 23.6 % of all branches Gross value added - Business Activities and financial services 2010 29 28.3 23.6 % of all branches Gross value added - Other services 2010 23.7 22.2 16.3 % of all branches General government deficit/surplus 2012 -3.9 -3 -0.8 % of GDP General government gross debt 2012 85.2 127 18.5 % of GDP Current taxes on income, wealth, etc. / General government 2012 13 15.2 5 % of GDP Taxes on production and imports / General government 2012 13.3 14.9 15.2 % of GDP Labour productivity per person employed 2012 100 107.1 44.3 Index (EU27 = 100) Labour productivity per hour worked 2012 100 100.1 44.1 Index (EU27 = 100) Long term government bond yields 09.2013 3.23 4.54 3.64 % HICP - inflation rate 2012 2.6 3.3 2.4 Annual average rate of change (%) Market Integration - Foreign Direct Investment intensity 2011 2.4 2 2.5 % of GDP Source: Eurostat

page 19 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg

Issue 1 (1)/ October 2013 InvestBulgaria Agency

UPCOMING EVENTS

5 - 6 Milano, Italy World Business Forum Milan November The best management event in Europe 2013

11-13 Shanghai, The World Forum November China for Foreign Direct Investment 2013 2013

12-16 Hannover, Agritechnica 2013 November Germany 2013

14-15 Sheraton Bulgarian Economic Forum November Sofia Hotel Let’s Talk about Bulgarian Economy Growth and 2013 Balkan, Revenue Generators Sofia

24-25 Palais 10th Jubilee Vienna Economic Forum November Niederösterr 2013 eich, Vienna

December Bulgaria InvestBulgaria Agency (BIA) will publish in the first half 2013 of December Investment Catalogue of Bulgaria The aim is to gather investment projects to be brought to the attention of Bulgarian and foreign investors. The catalogue will be a printed edition and will be available on the website of the Agency. It will be distributed by the IBA and other government institutions.

3 British The Economist’s innovation Awards 2013 December Academy of 2013 Film and Television Arts, London

January Bulgaria InvestBulgaria Agency (IBA) organized for the eighth 2014 time the annual awards Investor of the Year 2013 The aim of the event is to acknowledge the most important investment projects implemented in Bulgaria in 2013.

page 20 of 20 InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000 tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320 e-mail: [email protected], http://www.investbg.government.bg