InvestBulgaria Agency

June 2015  HIGHLIGHTS issue 15, year 3  News for InvestBulgaria Agency

 Economic News - Business, Investments, www.investbg.government.bg Trade  Upcoming Events  Foreign Direct Investments in

NEWS FOR INVESTBULGARIA AGENCY

Stamen Yanev: IBA is actively working to reduce the administrative burden on foreign investors InvestBulgaria Agency (IBA) has focused its efforts on reducing the administrative procedures to enable foreign investors to realize their projects quickly and effectively. That said the Executive Director of IBA Stamen Yanev at the opening of the roundtable discussion on "Investment climate and investment opportunities in Southeast Europe", which took place in the context of the Economic Forum for Southeast Europe, organized by the Bulgarian Economic Forum. The workshop was attended by representatives of foreign investors in Bulgaria and directors of agencies for promotion of investment in the region, and the debates were moderated by Stamen Yanev, Executive Director of IBA. Main topics in the debate were the reduction of the administrative burden, strengthening the branding of the country as an attractive investment destination and accelerating the regional economic cooperation. Representatives of foreign companies, which are longtime investors in the country, also shared their expectations and common problems. Reducing the administrative burden, more activity in the advertising of the country together with the foreign investors, the need to reform of the judicial system in the country in order to create quality and independent legal and regulatory authorities to ensure steady growth in foreign investments were among their main remarks. Focus in the conversations was placed on small and medium enterprises, which need assistance in finding markets and access to finance. The forum participants agreed that the exchange of information on projects, know-how and experience of the investment agencies from Southeast Europe with investors and their observations and comments would be very effective in the context of a cooperation between all the actors in the process.

Stamen Yanev: Bulgaria will be a natural bridge of economic cooperation between the EU and Asia Bulgaria is a natural bridge for economic cooperation between the EU and Asia, and this cooperation will be developed. This said Stamen Yanev, Executive director of InvestBulgaria Agency (IBA), at his election as a member of the Board of the World Association of Investment Promotion Agencies (WAIPA), representing the countries of Eastern Europe. In the presentation of his candidacy, Stamen Yanev put before the delegates some major accents of the successful strategy, which the agency headed by him follows, to stimulate the interest in the investment environment in Bulgaria. He highlighted the huge economic potential of Eastern Europe and in particular the countries

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 15 / June 201 5 InvestBulgaria Agency of the Balkans, as well as the investment opportunities, advanced bilateral and multilateral cooperation. WAIPA represents 220 organizations, which support and encourage the investments from more than 150 countries. The Governing Council of the organization consists of a Chairman, two deputies and 7 members elected on a regional basis for a period of 1 year.

The Director of InvestBulgaria Agency (IBA) Stamen Yanev signed a Memorandum of Understanding with the Agency for investments and external Trade of Portugal The Director of InvestBulgaria Agency (IBA) Stamen Yanev signed a Memorandum of Understanding with the Agency for investments and external Trade of Portugal, which aims to strengthen the bilateral Cooperation and trade and economic relations between the two countries. The document was signed within the framework of the joint Bulgarian-Portuguese Business Forum, which was opened today in Sofia in the presence of the president of Portugal Anibal Cavaco Silva and the president of Bulgaria Rosen Plevneliev. The Director of IBA Stamen Yanev presented to representatives of Portuguese companies the investment opportunities in Bulgaria, the positive business climate and high economic performance of the country and the incentives under the Investment Promotion Act. The Portuguese investments are primarily in the area of cork, the wine industry, the footwear industry and the financial credit sphere. In 2014 they were limited and focused mainly in the sector "commercial intermediation" and "real estate". This year there is a strong interest in possible Portuguese investment in agriculture food and wine industries, announced Stamen Yanev during the Forum.

InvestBulgaria Agency signed a cooperation agreement with EEN at BCCI On May 26, 2015 Bulgarian Chamber of Commerce and Industry (BCCI) organized a ceremony for signing an agreement for cooperation under the European entrepreneurial network - Enterprise Europe Network, which the Chamber is hosting. Ms. Madzhide Ahmedova, Deputy Executive Director of InvestBulgaria Agency (IBA), signed the Agreement on behalf of IBA. The ceremony was attended by organizations working in support of the business environment and stimulating innovation in Bulgarian small and medium enterprises. Ms. Ahmedova presented the activities of the Agency and expressed willingness to maintain a sustained and meaningful communication in order to formulate further action for real effect on stimulating entrepreneurship and investment.

стр. 2 от 10 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 15 / June 201 5 InvestBulgaria Agency

The European Council on Foreign Relations in cooperation with InvestBulgaria Agency organized a discussion with topic:"Does the EU need investment agreement with China?" Does the EU need an investment agreement with China? What are the opportunities and challenges facing Bulgaria in the context of negotiations between the EU and China? How could our country attract Chinese investments? On these and other questions tried to answer the discussion, organized jointly by the European Council on Foreign Relations (ECFR) and InvestBulgaria Agency (IBA), attended by Angela Shtancel (expert in the ECFR), Stamen Yanev (Executive Director of IBA), Daniel Valchev (former deputy Prime Minister and current member of the Board of ECFR).

Expanding on the publication of the ECFR "European interest in an investment agreement with China," Angela Shtancel stressed the need for unity in the positions of Member States of the EU as a way for the Union to make the most of the negotiation process with China. Stamen Yanev and Daniel Valchev focused on the prospects for Bulgaria as clarified that our country is a small market for the investor size of China. However, according to them, they are able to attract Chinese investments, if Bulgaria is positioned as a kind of "gateway" to China to the EU internal market. The discussion also focused on the existing format of cooperation with China 16 + 1 and Bulgarian participation.

Bulgaria clearly has an interest to attract as many Chinese investments as possible. However, this interest has not yet materialized in a consolidated state position. The formation of regional alliances, including with countries outside the EU in the context of the form 16 + 1, is the opportunity that must be taken into account, according to the panelists.

At the event there were about 40 experts from different government institutions and agencies.

"Kamenitza" AD invests 30 million euros in brewery in Stamen Yanev, Executive Director of InvestBulgaria Agency, was a special guest at the event, held on April 28, at which "Kamenitza" AD announced the investments for the past 18 months in brewing company in the town of Haskovo and declared its readiness to maintain its leading position among customers and consumers of beer in the country for third consecutive year. The event was attended by the Mayor of Haskovo Mr. Georgi Ivanov, Mr. Dobri Belivanov, regional governor of the city of Haskovo and Mr. Stefan Dimitrov, District Chairman of CEIBG for the region. From the beginning of 2014 the company has invested 30 million euro in capital investments in projects in the brewery "Astika". Nearly 6 million euro are the investments only in the logistics base of the beer producer in Haskovo, which after the extensions now has a total area of about 20,000 square meters. In the brewery there is integrated unique for the country anaerobic reactor that provides wastewater treatment of the brewery and is included in the company's long-term investment for zero pollution in the manufacturing process. The total value of the integration of the innovative technology is almost 3 million euro and will allow treatment to 60% of waste discharged in production of brewery "Astika". This will contribute to more fully

стр. 3 от 10 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 15 / June 201 5 InvestBulgaria Agency functioning aerobic treatment plant of the brewery, which purifies wastewater and all factories in the northern industrial zone of Haskovo. Furthermore, the reactor will produce biogas as a byproduct, which can be used as an alternative fuel, which serve the energy needs of the brewery. "Investments made by us witness our desire to develop and improve our production capacity with which to respond more adequately to the high expectations of our customers and consumers. "Kamenitza" is the leader of the beer market in Bulgaria since 2012 and we are determined to continue to be number one choice for customers and consumers, and to promote development of the whole brewing industry", said the General Director of "Kamenitza" AD Mr. Marco Niavro. On June 18, 2012 the company Molson Coors Bryuing Company announced the acquisition of StarBev group (part of which is "Kamenitza" AD). The new business unit has already been named Molson Coors Central Europe (Molson Coors Central Europe). The company operates the two breweries in and Haskovo. The total number of employees is 680 and the company is the largest employer in the beer industry in the country. Molson Coors Bryuing Kompany is one of the largest breweries in the world. The company operates business units in Canada, USA, UK, Central Europe, and Molson Coors International.

стр. 4 от 10 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 15 / June 201 5 InvestBulgaria Agency

ECONOMIC NEWS – BUSINESS, INVESTMENTS, TRADE

ECONOMIC INDICATORS 1105.6European mln. Commission Euro FDI in adopted Bulgaria two programm es worth for€2.8 the billion period of EUJanuary funding - September 2014 Foreign Direct Investments, January- The European Commissionhas adopted the remaining 2 Operational April (2014/2015), mln. euro 1105.6Programmes mln. Euro "Environment" (2.7% of GDP) and are "Regions the attracted in Growth" FDI in pr ogrammes the Bulgarian for economyBulgaria. from This January means - September, all 7 of Bulgaria's announced Operationa from Bulgarianl Programmes National Bank for (BNB).2014-2020 These the are country preliminary, have unrevised now been data, adopted specified - with the Bank,a combined adding valuethat theof €7.6 current billion data in will EU be Cohesion revised inPolicy the statement funding. of attracted investment from JanuaryThe new to "Environment"October 2014 Programme is worth more than € 1.77 billion Forwith the €1.5 same billion period coming in 2013 from the economythe European has attract Regionaled FDI Development 1,160.7 mln. Euro Fund (2.8% of GDP). This are already revised data. If we compare these volumes the (ERDF) and the Cohesion Fund, complemented by national co-funding. result will be 55.1 million euro less investments than the same period last The programme envisages a set of concrete measures to support the year. Source: BNB furtherIf the data shift is compared of Bulgaria with the towards preliminary a moredata o f competitivthe same periode, low-carbon last year, Inflation measured by CPI by months iteconomy would be compliantquite a different with picture. the highThe announce EU standardsd volume offor the env firstironment nine protectionmonths of 2013, and resource was 854.4 efficiency. mln. Euro (2.1% of GDP), which is an increase of Important29.4%. investments in waste and water management, environmental protection,Investments promoting in equity capital biodiversity, during January-Septemconservation anberd air 2014 quality are about will not € only259.4 million contribute or 506.4 to million more Euro environment-friendly less than the equity capital and raised competitive during sustainablethe same period growth in 2013 and (765.7 job creation,million. Euro). but The also unrevised significantly data forimprove attracted the privateliving conditions equity for theof Bulgarian same period citizens last year, and showe their da ccessthat under to drinking this item water, are entered 618.3 mln. Euro. sanitation and waste services. EU funding will also help create effective The incomes from the investment by foreign persons in real estate in the systems for risk prevention and management as well as better responses country are 83.1 mln. EUR, while they are 118.9 million Euro in January - Septemberto natural disasters2013. like floods and landslides. Source: NSI The investments"Regions in inGrowth" other capital Programme, in January also - Septe adopted,mber 2014is worth are 721.8€1.3 billionmln. Interest rates and volumes of time Euro,of EU while funding for the from same the period European in 2013 Regionalthey are on Developmenly 321.7 million.t Fund. Euro. ItOn is deposits in BGN up to 1Y theworth basis more of preliminary than €1.5 data billion on inthe total financial when resu complemelt, reinvestednted earnings by national for theco-funding. period are The estimated programme to 124.4 will million. support Euro, regional while they and are urban 73.3 millionpolicies for in thetackling same territorialperiod in 2013. imbalances across the country. It will contribute to Byenhancing country, the social largest inclusion,direct investments energy in Bulga efficiency,ria for January connectivity - September and 2014healthcare. are from Austria(EUR 284.2 million). The largest net negative flows for the period were towards Luxembourg (EUR -19.6 million). The majority of the investments will focus on improving everyday life for By branch, the largest investments for January – March 2014 were in real people living in Bulgaria's cities and their surroundings. For the first time, estate, renting and business activities (EUR 354.1 million), transport, storage andsupport communication will be based (EUR on 246.3 strategies million) andthat financial combine intermediation different kinds (EUR of 159.5investments million). and priorities for sustainable urban development Bysuccessfully preliminary designed data of by Bulgarian the urban direct authorities. investments abroad in January - September 2014 are 243.2 mln. Euro Source: BNB, MF http://ec.europa.eu/ GG debt and fiscal reserve

NSI: Bulgarian exports to the EU increased by 12.0% in Q1, 2015 In the period January - March 2015 Bulgarian exports to the EU increased by 12.0% compared to the corresponding period of 2014 and amounted to 6.9 Billion BGN, show the data of the National Statistical Institute (NSI). Main trade partners of Bulgaria were Germany, Italy, Romania, Greece, France and Belgium which accounted for 69.9% of the exports to the EU Member States.

Bulgarian imports from the EU in the period January - March 2015 increased by 7.2% compared to the same period of 2014 and added up Source: MF стр. 5 от 10 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 15 / June 201 5 InvestBulgaria Agency to 7.8 Billion BGN. The largest amounts were reported for the goods imported from Germany, Italy, Romania, Spain and Greece. The situation is similar in trade with countries outside the European SOFIX: 01.04.2015 – 19.06.2015 Union - exports grew by almost 14% and imports by 1.3%.

nsi.bg

“Standard Profil Group” invests BGN 20 mln. in “Standard Profil Group” opened a new factory for production of automotive seals in the town of Stara Zagora. Concept for hybrid Source: bse-sofia.bg encapsulation of automotive seals will be r ealized in the new production facility of the company.

The investment in the factory, which has an area of 10. 3 thousand square meters, is EUR 10.5 million. At present the number of BGREIT: 01.04.2015 – 19.06.2015 employees of Standard Profil in Stara Zagora is 1050. Gradual increase of their number is planned to happen by the end of 2016. The fixed number is 1500. Seals for Opel Astra will be produced in the new production facility, as well as General Motors’ new model. Major customers of the company are car giants, such as Volkswagen, Fiat, Renault and Daimler.

http://www.starazagora.bg/ Source: bse-sofia.bg

Minister Loukarsky: The new plant of BHTC is a serious asset for Bulgaria, which will attract new investors

"The new plant of Behr-Hella Thertmocontrol GmbH is not only a promising start of the Indust rial Zone Bozhurishte but an asset for our BGBX40 TR: 01.04.2015 – 19.06.2015 country that will awaken the interest of foreign investors." This was stated by Minister of Economy Bojidar Loukarsky at the official opening. The company has plants in 7 more countries around the world and each y ear produces more than 15 million components for air conditioning systems for leading brands such as Mercedes, BMW and Porsche. "We are optimistic for the future in Bulgaria. After an initial investment of over BGN 40 million, we plan in the next five year s our investments Source: bse-sofia.bg to exceed BGN 50 million and to be opened nearly 400 jobs. "That said Thomas Schulte, CEO of BHTC.

http://www.mi.government.bg/ BGTR30: 01.04.2015 – 19.06.2015

Bulgaria’s GDP expanded with 2.0% in Q1, 2015 The Bulgarian Gross Domestic Product (GDP) increased with 2.0 % in the first quarter of 2015 compared to the same quarter of the previous year and with 0.9% compared to the fourth quarter of 2014, according to the seasonally adjusted data of the National Statistical Institute (NSI). According to the flash GDP estimat es for the first quarter of 2015, the GDP at current prices amounted to 17 141 million BGN. GVA in th e first Source: bse-sofia.bg quarter of 2015 was evaluated to 14 480 million BGN. In the structure of GDP by the expenditure approach the largest share has the final стр. 6 от 10 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 15 / June 201 5 InvestBulgaria Agency

consumptio n (85.8%), which in nominal terms amounted to 14 711 SELECTED DECISIONS million BGN. In the first quarter of 2015 gross capital formation is 3 430 OF THE GOVERNMENT million BGN and has a share of 20.0% in GDP. OF THE REPUBLIC OF BULGARIA FOR THE PERIOD http://www.nsi.bg/ 27.05.2015-24.06.2015 г.

24.06.2015 Aurubis Bulgaria is planning investment program CENTER FOR PROMOTION OF “Spectrum 2018” COOPERATION IN THE FIELD OF The largest copper producer for Southeast Europe is planning investment AGRICULTURE BETWEEN CHINA AND program worth € 180 million under the title "Aurubis Bulgaria Spectrum CEE COUNTRIES WILL OPERATE IN 2018". It is planned for the period 2015-2018 and has several main SOFIA aspects, which include direct and indirect investments. This became clear within the frameworks of the press-conference, at which the focus of the company for the future period was presented – principles of sustainable 17.06.2015 production process and environmental protection. THE GOVERNMENT HAS PROVIDED In the metallurgical plant in Srednogorie region so far over 1 billion BGN BGN 25 MILLION TO SF has been invested into upgrading and renovating the equipment and "AGRICULTURE" FOR COSTS OF introducing new technologies. Based on these achievements, the MUNICIPALITIES PROJECTS company has become one of the biggest investors in the field of industry in the last 25 years. EXTENSION OF THE BULGARIAN- SWISS GRANT AGREEMENTS IS http://bulgaria.aurubis.com/ PROPOSED FOR RATIFICATION

BULGARIA AND PAKISTAN WILL AIG - Investor Class "A" expands its investments in DEEPEN THE ECONOMIC Bulgaria COOPERATION Mr. Stamen Yanev - Executive Director of InvestBulgaria Agency (IBA), was among the special guests at the official opening of the Center for THE OPPORTUNITIES FOR CULTURAL, EDUCATIONAL AND shared services of American International Group, Inc. (AIG), that took SCIENTIFIC EXCHANGES WITH place on April 23 2015. CYPRUS ARE EXPANDING The creation of the Centre is the first investment in Bulgaria of its kind and one of the world's largest financial companies. It is strategic for AIG THE DUAL TRAINING IS INTRODUCED and it will support the company's operations in 17 European countries, IN THE ACT FOR PROMOTION OF serving individual and corporate clients. It currently employs 350 EMPLOYMENT professionals, and the company plans their number to reach 500 by the end of the year. BULGARIA WILL TAKE PART IN JOINT The investment in the center so far have exceeded 4 million Leva and for OPERATIONAL PROGRAMME FOR this in May 2014 the Bulgarian branch of the UK holding company AIG CROSS-BORDER COOPERATION IN EUROPEAN NEIGHBOURHOOD Europe, was given the status of an investor class "A". INSTRUMENT “BLACK SEA 2014- The center is unique because it is the first multilanguage center for 2020” shared services in the structure of the US insurance group. For several years, AIG has been building similar units in different countries, which combines support and administrative functions and processes in 10.06.2015 servicing insurance policies. Such centers are already working in dozen countries, including Malaysia, the Philippines, Brazil, Colombia, China, BULGARIA AND CHINA WILL Japan and others. ENHANCE THE COOPERATION IN "This is an important day for AIG, our customers and our employees", TOURISM said Mr. Peter Hancock, president and CEO of AIG Inc. "The opening of the new center in Sofia, which is important for our work in Europe, стр. 7 от 10 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 15 / June 201 5 InvestBulgaria Agency confirms the strong commitment of AIG to Bulgaria. Our p lans are to BULGARIA AND CROATIA WILL continue to expand its operations in the country". SUPPORT THE EXPANSION OF "This strategic investment in Bulgaria is an act of trust of AIG to the talent BUSINESS CONTACTS BETWEEN in Bulgaria. Not only that, but also confidence in Bulgaria as a good SMES FROM BOTH SIDES investment destination" said the manager of AIG for Bulgaria and Romania Venislav Yotov, adding that "AIG's investment creates an excellent PROGRAMME FOR SCIENTIFIC opportunity for career development of Bulgarian specialists in one of the AND TECHNICAL COOPERATION WITH MONTENEGRO IS largest insurance companies in the world". APPROVED

Press Release of AIG Europe Limited STATE AGENCY "E- newspapper Capital GOVERNMENT" WILL BE CREATED Festo Production finished investment for BGN 16 million Festo Production finished the second expansion of its warehouse and 03.06.2015 logistics base. Investment in the new building exceeds BGN 16 million and results in double extension of area, reported capital.bg. ANTIGUA AND BARBUDA Festo production is part of the German tie-up Festo which has 61 OPENS CONSULATE IN subsidiaries, 11 factories and 18 thousand associates all over the world. The BULGARIA factory in Sofia is one of the fifth largest of the group and is specialized in manufacturing of sensors and connecting cables. At present Festo BULGARIAN-NORWEGIAN production disposes with more than 21 thousand square meters of area, AGREEMENT TO AVOID the company employs 610 people, of whom 160 are newly-hired. DOUBLE TAXATION IS In 2015 the company plans about 13% increase in quantity of produced PROPOSED FOR RATIFICATION goods and 70 new employees. Up to 2018-2019 the company’s personnel is planned to become nearly 800. That is why the third envisaged extension is 27.05.2015 due to take place by 2020. In 2015 and 2016 Festo will invest predominantly in automation of the production. The company considers BGN 15 MILLION ARE GRANTED investing more than EUR 2.5 million in the next three years for automation, FOR THE EXTENTION OF METRO without counting investment in machinery and equipm ent for new IN SOFIA products. BULGARIA OPENS NEW http://www.capital.bg/ HONORARY CONSULATE IN AUSTRIA

Nexans opened a factory for automotive cable systems in The Deputy Executive Director of InvestBulgaria Agency (IBA) Madjide Ahmedova represented the institution at the opening of the plant for automotive cable systems "Electrocables Bulgaria", part of the German group Nexans autoelectric. By the end of the year it is planned the new work places to reach 240. From April 2012 IBA has been actively supporting the realization of the investment project. At the stage of preliminary investigation, the Agency organized a visit to the investors in big cities, as subsequently the representatives of the company focused its attention in the cities of Plovdiv, and Pleven. IBA supported the final choice for location through contact with regional governors, local authorities, the National Employment Agency and other institutions, and by pr oviding detailed information about available pitches corresponding to the parameters of the investment project. The opening ceremony was attended by the President of the National стр. 8 от 10 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 15 / June 201 5 InvestBulgaria Agency

Assembly Tsetska Tsacheva, the mayor of Pleven More investments in the brewing industry Dimitar Stoykov, the governor of Pleven Ralitsa in Bulgaria in 2014 Dobreva, Deputy Economy Minister Lyuben Petrov, More investments in the brewing sector in 2014, representatives of local and central government. compared to 2013 reported the Union of Brewers in The plant is located in the industrial and logistics park Bulgaria. In the past year the companies - members of Pleven and includes production, warehouse and the trade association, have invested more than BGN 73 administrative offices with a total area of 5000 square million in capital investments for the development of meters, the construction began in May 2014 and the the industry, while according to data for 2013 they production started in the beginning of this year. In amounted to BGN 57 million. "Electrocables Bulgaria" are being produced In 2014 that was characterized by unusually cold automotive wiring systems for BMW. Through logistics weather and heavy rainfall, companies have achieved network of the group the products are exported in sales totaling 4,873,350 hectoliters of beer or 5% less Steyr, Austria, where BMW have engine factory. than reported in 2013 amounts. Currently, the enterprise employs about 60 people. In Manufacturers of beer continue to actively expand its August there will be delivered equipment for cutting portfolio, as they offer over 20 new packaging and beer cables and by the end of the year the number of cuts in 2014. employees will increase to more than 240. At full capacity the plant will provide jobs for over 500 people. http://www.pivovari.com/ "We are very impressed with the motivation, dedication to quality and desire to produce efficiently by our Bulgarian colleagues," said the managing director of "Electrocables Bulgaria" Ingo Herzog. "We hope this will be a solid basis of our desire to grow in the future" he added. Managing Director Andreas Wolf Nexans autoelectric also pointed out that the company's plans in Bulgaria are long-term. "Electrocables Bulgaria" is part of Nexans autoelectric GmbH - German manufacturer and supplier of automotive components, a subsidiary of the French company Nexans SA. The German branch has about 8,000 employees worldwide and approximately 350 million Euros turnover for 2014. The company develops and manufactures cable systems and electromechanical components for leading automotive manufacturers such as BMW, Daimler and GM.

Economic.bg

стр. 9 от 10 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 15 / June 201 5 InvestBulgaria Agency

UPCOMING EVENTS

6 Sofia, July Forum Tourism Bulgaria-Italy Bulgaria 2015

7 July Udine, Conference "Doing business in Bulgaria" 2015 Italy

15 – 17 Sunny beach, September Bulgarian - Chinese Business Forum Bulgaria 2015

8-9 The Fourth EU-Southeast Europe Summit Sofia, October Countdown to stability and growth? Bulgaria 2015

13-14 Prague, CEE Automotive Forum 2015 October Czech Republic 2015

FOREIGN DIRECT INVESTMENTS IN BULGARIA EUR mln Net cash flow - annual data Years 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1850.5 2735.9 3152.1 6221.6 9051.8 6727.8 2436.9 1169.7 2118.6 1320.9 1383.7 1306.2 Net cash flow – quarterly data 2014'Q2 2014'Q3 2014'Q4 2015'Q1 Quarters 403.4 233.3 323.0 455.7 Net cash flow – monthly data 2014 2015 V VI VII VIII IX X XI XII I II III IV Months 195.6 127.8 218.4 219.3 -204.4 297.2 13.5 12.4 272.1 134.0 49.5 67.8 * Data is updated (as to 24.06.2015) Source: BNB стр. 10 от 10 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