Amcham White Paper 2014 Reaches out Political Elite

issue 153 october 2014

Before the Consultations for a New Government: AmCham White Paper 2014 Reaches Out Political Elite

Analyses: AmCham Events: News: The Revision Six New Members Cyber Crime of the Join the Chamber Dominates State Budget Security Summit U.S. Embassy TTIP Is Good for Presents Deloitte Knowledge Business & Trade New Officers Academy

editorial

Dear Reader,

While Bulgaria is reeling in suspense whether the negotiations on composing a new government will succeed or fail, time seems to stand still. No movement can be detected on the payouts for the supposedly guaranteed-by-law deposits from the defunct Corporate and Trade Bank (KTB); no discussion surrounds the utilization of a next tranche of Euro funds; even along the dreaded detour for the Struma Highway construction to Greece all heavy earth-moving machinery seems to have been frozen. Everyone appears to be waiting to check out the new government, or, rather, deducing whether there will even be a cabinet. The actualization of the budget is also pending; it was proposed by the caretaker government for a vote by the incoming National Assembly (see how much the state will need Page 6). The new parliament has a series of serious deci- sions to make in the banking sector and healthcare, among other areas.

Even before the early parliamentary elections on Oct. 5, American Chamber of Commerce in Bulgaria held a series of meetings with a number of leaders from political parties represented in the new parliament (read more about this initiative on Page 4). Ensuring a good business environment, solving problems in the energy sector and negotiating Bulgaria’s entry into the Eurozone are all part of the AmCham’s White Paper 2014, a copy of which the politicians received in person.

This said, even when the country seems to have been halted in its tracks, AmCham keeps on moving forward. Six new members presented themselves at a party with some 300 participants from within the Chamber’s community (read more on Page 12). AmCham Bulgaria Magazine October 2014

Sincerely,

Milen Marchev Editor-in-Chief page 1 contents

issue 153 october 2014

AmCham Bulgaria Magazine is a primary forum for political and economic analyses, news, viewpoints as well as for the presentation of new business opportunities. The articles in the AmCham Bulgaria Magazine express the opinions of the authors and do not necessarily reflect the position of the American Chamber of Commerce in Bulgaria. Publisher Writers: American Chamber of Commerce in Bulgaria Boyko Vassilev, Marina Tzvetkova, Business Park Sofia, Mladost 4 Area Mina Georgieva, Panayot Angarev, Building 2, Floor 6, Sofia 1766, Bulgaria Yuliana Boncheva Tel.: +359 (2) 9742 743 Fax: +359 (2) 9742 741 Advertising e-mail: [email protected] AmCham Bulgaria: www.amcham.bg Nadejda Vakareeva, [email protected]

Editor-in-Chief AmCham Bulgaria Magazine: Milen Marchev Milen Marchev, [email protected]

Deputy Editor-in-Chief The AmCham Bulgaria Magazine reaches a broad audi- Christopher Karadjov ence of AmCham members, leading US, Bulgarian and international companies, US and Bulgarian decision-mak- Senior Editor: ers, all AmChams around the world. Irina Bacheva Subscription is free of charge. If you would like to sub- scribe to AmCham Bulgaria publications, please contact ISSN 1312-935X the AmCham Bulgaria office.

2 AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria amcham bulgaria

Board of Directors of the American Chamber of Commerce in Bulgaria President Mr. Peter Lithgow AES Corporation Vice President Mr. Alex Nestor Individual Member Vice President Mr. Daniel Berg European Bank for Reconstruction Contents and Development (EBRD) Treasurer Ms. Petya Dimitrova Eurobank Bulgaria cover story Members Mr. Borislav Dimitrov Cisco Systems Bulgaria Mr. David Butts CMS Cameron McKenna EOOD 2014 AmCham White Paper Project Ms. Diana Pazaitova Fama Consulting Mr. George Brashnarov Nemetscheck Bulgaria Under Way ...... 4 Ms. Krassimira Chemishanska Amgen Bulgaria Mr. Sergey Koynov Forton International Mr. Solomon Passy Atlantic Club Bulgaria analysis Mr. Venislav Yotov AIG Europe Limited (Bulgaria Branch) Ex-Officio Member Mr. Thomas Bruns Senior Commercial Officer, U.S. Embassy Budget’s New Clothes ...... 6 Executive Director Mr. Valentin Georgiev

By Marina Tsvetkova 3M Bulgaria EOOD . AA KRES EOOD . Abbott Products EOOD . AbbVie EOOD . Actavis Bulgaria . Adecco Bulgaria ltd. . Advance International Transport EOOD . AES Corporation . AFA OOD . AGORA-IN Ltd. . AHNtech Branch Bulgaria . AIG Europe Limited (Bulgaria Branch) . AIMS Human Capital . Air Berlin PLC & Co. Luftverkehrs KG . Albena AD . Alfred C. Toepfer International Bulgaria EOOD . ALICO Bulgaria ZhZD EAD, a MetLife Don't be afraid of Inc. Company . All Channels Communication . Alliance One Tobacco Bulgaria . Allied Pickfords Bulgaria . Alpha Bank Bulgaria . America for Bulgaria Foundation . American College of Sofia . American English Academy . U.S.-E.U. free trade ...... 10 American Research Center in Sofia . American University in Bulgaria (AUBG) . Amgen Bulgaria EOOD . Amway Romania Marketing Srl . Anglo-American School of Sofia . AON Bulgaria . APOLO Ltd. . Arexim Engineering . Ashtrom International Ltd. . Association Srednogorie Copper Industrial Cluster . Astra Zeneca Bulgaria EOOD . By Philipp Rösler* AT Engineering 2000 Ltd. . Atlantic Club Bulgaria . Atos IT Solutions and Services EOOD . Attica Media Bulgaria Ltd. . August Research . Aurubis Bulgaria AD . Auto Bavaria Ltd. . AVON Cosmetics Bulgaria . AW-Tronics . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . Ballistic Cell Ltd. . Baxter amcham events Bulgaria EOOD . BC Serdon . Berlitz Schools of Languages . BG Radio . BICA International Ltd. . BMG Ltd. . BMW Vertiebs GmbH - Branch Bulgaria . BNP Paribas S.A. - Sofia Branch . BOYANOV & Co. . Braykov's Legal Office . British American Tobacco Bulgaria . Brown Forman Beverages Worldwide Sofia Branch LLC . bTV Six New Members Join Media Group . Bulgarian American Enterprise Fund . Bulgarian Charities Aid Foundation (BCAF) . Bulgarian Executive Search Association . Bulgarian Property Developments EOOD . BulPros Consulting JSC . Bulstrad Life Vienna AmCham Community ...... 12 Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . Carat Bulgaria . Castello Precast OOD . Center for the Study of Democracy . Cheque Dejeuner Bulgaria Ltd. . Chevron Bulgaria Exploration and Production EOOD . Cisco Systems Bulgaria . Citibank Europe Plc, Bulgaria Branch . Club 50 Plus . CMS Cameron McKenna LLP - Bulgaria Branch . Coca-Cola Enterprises Services Bulgaria EOOD . Coca-Cola HBC Bulgaria AD . U.S. Embassy Presents Coface Bulgaria Credit Management Services EOOD . COLLIERS International Bulgaria . Congress Engineering Ltd. . Construction Management Group . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Credit Agricole Bulgaria New Officers...... 16 EAD . Curtis / Balkan Ltd. . Dalkia Bulgaria EAD . Danailov, Mihaleva, Nedelchev & Co. . Delchev & Partners Law Firm . Deloitte Bulgaria EOOD . denkstatt Bulgaria OOD . Deutsche Bank AG . Devin AD . DHL Express Bulgaria Ltd. . Diamed Ltd. . Dimitrov, Petrov & Co. . Djingov, Gouginski, Kyutchukov, & Velichkov . osac events Dobrev & Lyutskanov Law Firm . Dr. I.S. Greenberg Medical Center . Drujba Glassworks SA . Dundee Precious Metals Inc. . DuPont Pioneer . EcoPack Bulgaria AD . Edenred Bulgaria . Ekoterm Proekt EAD . Ekotoi - Service Ltd. . Ekzotika EOOD . Electron Progress EAD . Elevat Ltd. Legal House . Eli Lilly and Company . Eltrak Bulgaria Ltd. . EMC Computer Systems Austria GmbH . Emerson Process Management . EnergoService Cyber Crime, Energy, AD . Engineeringservice Sofia Ltd. . Enterprise Communications Group OOD . EOS Matrix Ltd. . Ernst & Young Bulgaria EOOD . ESRI Bulgaria Ltd. . Etap Adress . Eurobank Bulgaria . Eurohold Bulgaria . European Global Politics Dominate Security Summit ...... 18 Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton International AD . Foundation Glob@l Libraries - Bulgaria . Fox International Channels member news Bulgaria EOOD . GAEA - Green Alternative Energy Assets EAD . Galardo EOOD . Gasstroymontaj Jsc . General Electric International . Georgiev, Todorov & Co. . Geostroy AD . Geotechmin OOD . Geotrading AD . Gi Group . GIFTA . GlaxoSmithKline . Grand Hotel Sofia . GTC Bulgaria . Helios . Power Hewlett-Packard Tim Kurth is the New Executive Director Bulgaria Ltd. . HILD Asset Bulgaria Jsc. . Hilton Sofia . Honeywell EOOD . IBM Bulgaria . ICAP Bulgaria JSC . Ideal Standard - Vidima AD . Incotex Group Ltd. . Industrial Holding Bulgaria . InterConsult Bulgaria Ltd. of Aurubis Bulgaria ...... 19 . Interdean Relocation Services . Interlang Ltd. . Intertek - Moody . Intracom Bulgaria EAD . Investbank JSC . Investor BG AD . IP Consulting Ltd. . ITT Exelis . Japan Tobacco International Bulgaria . Jobs.bg EOOD . JobTiger Ltd. . Johnson & Johnson Bulgaria EOOD . Johnson Controls Electronics Bulgaria . Junior Achievement Bulgaria . Kaliakra AD . Kamenitza AD . Katilin Popov Enforcement Officers . Kempinski Hotel Grand Arena Deloitte Knowledge Academy: Bansko . Kempinski Hotel Zografski Sofia . KPMG Bulgaria OOD . LANDMARK Property Management AD . Lexim Sofia Ltd . Lindner Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. A Hill AmCham Bulgaria Magazine October 2014 Bridging Academy and Business ...... 20 & Knowlton Associate . Maria Vranovska, MD, MBA . Mars Incorporated Bulgaria EOOD . Marsh EOOD . Maxi I AD . MB Communications . MBL| Part of the CBRE Affiliate Network . Megatron EAD . Mellon Bulgaria EAD . Merck Sharp & Dohme Bulgaria . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mobiltel EAD By Georgi Nalbantov, Manager Data Analytics, Deloitte . Monbat Plc. . Mondelez Bulgaria AD . Moten Sport . Moto-Pfohe Ltd. . Movex Relocations . Mr. Alex Nestor . Mr. David Hampson . Mr. Jean Talmon . Ms. Anelia Tatarova . Ms. Kalinka Kovatcheva . Ms. Margarita Radeva, CPA . Municipal Bank Plc . Musala Soft AD . NDB Ltd. . Nemetschek Bulgaria . VMware Expands Presence in Bulgaria...... 21 NEXTDOOR Ltd. . Nicholas Galabov . Novacon Bulgaria Ltd. . Novotel Sofia MHQ . Nu Boyana Film Studios . Office for Mining Industry and Metallurgy Ltd. . On Bulgaria Ltd. . Oracle East Central Europe Limited - Branch Bulgaria . Orak Group Europe Ltd. . Orbit Ltd. . Orkikem Ltd. . Panchim Ltd. . PANDA - IP Ltd. . Pedersen & Partners . Penev LLP . Penkov, Markov & Partners . Pfizer Luxembourg SARL Branch Bulgaria . travel Philip Morris Bulgaria EOOD . Philips Bulgaria Ltd. . PMB EOOD . PPD Bulgaria EOOD . Premier Luxury Mountain Resort . Premier Tours Ltd. . Prestige 96 AD . Progress CAD R&D Centre Ltd. . Provident Financial page Bulgaria Ltd. . PSG Payroll Services Ltd. . PwC Bulgaria . Quadrant Beverages JSC . Radisson Blu Grand Atlanta – The city of Coca Cola...... 22 Hotel . Red Devil Catering Plc . Regus Bulgaria Ltd. . Renault Nissan Bulgaria SRL . Right Rental Ltd. . 3 RSM BX Ltd. . S&T Bulgaria . Sanofi - Aventis Bulgaria EOOD . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Bulgaria . SECTRON . Sensata Technologies . Shell Bulgaria EAD . Sherita M Ltd. . Siemens EOOD . SIENIT Holding . Sitel Bulgaria EOOD . Sodexo Pass Bulgaria EOOD . Sofia new members ...... 24 Hotel Balkan . Sofita . Sogelife Bulgaria IJSC . Sopharma AD . Sopharma Trading JSC . St. Sofia Golf Club & SPA . Stanton Chase International Bulgaria . Steelcase International . Stefan Dimitrov, Norman Realestate Co. Ltd. . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services The Bulgarian American Credit Bank Bulgaria EOOD . Tavex EOOD . TBI Bank EAD . TechnoLogica EAD . Telelink EAD . TELUS International Europe . The Coca-Cola Company Bulgaria . Tishman Management Company EOOD . Titan Zlatna Panega Cement . TMF Services EOOD . Tocheva & Mandazhieva Law Office . Totema Engineering JSC . UniCredit Bulbank . C3i Inc UniCredit Leasing EAD . Unimasters Logistics Plc . Unique Estates . Unisys Bulgaria Branch . United Bulgarian Bank . VAPTECH Ltd. . Videolux Holding / Technopolis . VISA Europe . VIVACOM . VMware Bulgaria EOOD VSK K t IZ Di ik EOOD VUZF U i it Hi h S h l f I d Fi W llt i Ltd cover story 2014 AmCham White Paper Project Under Way Chamber meets with key figures of main political parties represented in the new Parliament before the elections

Members of GERB Executive Committee Rumyana Buchvarova (left) and Tomislav Dontchev, met with the AmCham Board members. Before the parliamentary elections of the areas of: 3. Investment promotion October the 5th, 2014 American 1. Economic and financial stability 4. Taxation Chamber of Commerce in Bulgaria' s 2. Regulatory transparency and pre- 5. Public procurement and public-pri- leadership had formal meetings with dictability; rule of law vate partnerships some of the political parties that are now represented in the new 43 National Assembly. Long before the political consultations of making new government which are currently on between GERB and the 7 others political parties which made it to the parliament, the Chamber presented the main points on political and business stability in Bulgaria, that should be imple- 4 mented by the new government in order the country to have a sustainable development, stable business environment and opportunities for new investments.

AmCham Bulgaria launched its White Paper project for 2014 with recom- Evgeni Uzunov, deputy chair of BSP (in the middle on left) and Roumen Gechev, economic expert, BSP AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria cover story

6. Education, entrepreneurship, and labor policy 7. Healthcare 8. Energy and mineral resources 9. International cooperation and trade partnerships 10. Banking and financial services

The current White Paper is the third project in a row; the first one was launched back in 2009. The White Paper for 2014 provides the basic principles AmCham believes will help to stimulate economic growth, investments and employment, as well as increase competitiveness of the Bulgarian economy. Core challenges facing the next government are lack of confidence in institutions, worsening business and investment climate, and slow economic growth. These challenges are not unique to Bulgaria.

Bulgaria needs to do more, however, and do it urgently to address these problems in order to ensure a stable and satisfactory quality of life for the current and next generation. Perhaps most importantly, government action is needed to reassure business about the intention to maintain a welcoming, Bozhidar Lukarski and Meglena Kuneva from the Reformist Block discussed with AmCham representatives predictable, and stable political, eco- ways of making business environment in Bulgaria better. nomic and regulatory environment. need of a structured and sustainable Partnership (TTIP) for Bulgaria. The chamber had a series of meetings form of interaction between the gov- in September with representatives of ernment, business, and civil society On Sep. 30, AmCham Board members the following political parties: GERB, organizations in order to improve deci- met with representatives of BSP. The Reformist Block; and the Bulgarian sion-making processes in the country. party was represented by Evgeni Socialist Party to present the White Uzunov, deputy chair of BSP, Roumen Paper. On Sep. 26, AmCham Board members Gechev, economic expert, Atanas met with representatives of the Merdzhanov, member of the Executive On Sep. 23, AmCham Board members Reformist Block. The alliance was rep- Committee, Boris Ivanov, chief of staff to met with representatives of the politi- resented by Meglena Kuneva, chair of the BSP chair, and Denitsa Karadjova, cal party GERB. The party was repre- Bulgaria for Its Citizens Movement, member of Executive Committee. AmCham Bulgaria Magazine October 2014 sented by Rumyana Bachvarova and and Bozhidar Lukarski, chair of the Tomislav Dontchev, members of GERB Union of the Democratic Forces. “BSP agrees with the majority of the Executive Committee. AmCham White Paper recommenda- During the meeting, Kuneva stressed tions as they coincide to a large extent GERB’s Dontchev stated that there the importance of regulatory predict- with our political program,” Gechev said. are no conceptual differences between ability for the business, as well as the He stressed that the party would like to the party’s political program and the need of a comprehensive administra- keep the currency board for the time AmCham White Paper policy recom- tive reform in order to ensure adminis- being. Moreover, the party would like to mendations. He shared some of the tration’s effectiveness, professional- speed up the entry of Bulgaria into the page 5 key priorities and measures for eco- ism, and impartiality. Euro zone and the EU Banking Union. nomic growth and institutional reforms outlined in the GERB political plat- Among the topics discussed were the BSP representatives were adamant for form. Both Dontchev and Bachvarova need of judicial and healthcare reforms, the introduction of progressive taxa- agreed that a lot has to be done in the worsening investment climate, the tion for physical persons but preserv- order to improve the investment cli- preparation for the upcoming Bulgarian ing the 10-percent corporate tax, as mate in the country. Further to these Presidency of the European Union in the party believes that the flat tax is no statements, GERB representatives 2018, as well as the importance of the longer applicable for the current eco- analysis Budget’s New Clothes The new parliament will decide the fate of Bulgaria’s revised 2014 budget By Marina Tsvetkova

Financial Minister of the caretaker government Rumen Porozhanov (second from right) during a meeting with Labor Unions and Employers’ organization about the revision of the state budget 2014. Bulgaria will certainly have to raise for- caretaker cabinet is doing is just telling ing, given the unrealistic revenue, he eign debt, because the budget gap is people the truth about revenue, added. widening. It is now more than clear that Plevneliev said. Revenue was deliber- revenue will be 1 billion Leva less than ately overestimated by 2 billion Leva, so Nevertheless, in his words, spending projected by the end of the year. At the it could not be fulfilled, nor could spend- has been fulfilled. He underscored that same time spending is higher than planned. Bulgaria will also have to chan- nel 750 million Leva into European proj- One to one ects and hope that the European Union The revised 2014 budget draft provides for a deficit reaching 4 percent on a cash (EU) will refund it. Thus deficit will jump accounting basis, exceeding the 3 percent of GDP permitted by the EU, which neces- by nearly 2 billion Leva. Besides, the sitates increasing debt by another 4.5 billion Leva. The government deficit alone is government will have to find another 1.5 expected to stand at 2.846 billion Leva, i.e. 3.6 percent of GDP. billion Leva to return the money it urgently borrowed in summer to rescue The budget of the National Health Insurance Fund is also planned to be revised. The the banking system. It is not yet clear new debt plans also provide for debt financing worth up to 700 million Leva by the whether Corporate Commercial Bank Bulgarian Deposit Insurance Fund. A part of the debt may be used for liquidity sup- (KTB) will be bailed out or not. At the port for the banking system within the framework of the 2.9 billion Leva state aid end of the day it may turn out that deficit already approved by the European Commission. will exceed the 3-percent ceiling allowed by the EU. That means Bulgaria may 6 The circumstances require raising the allowable state debt ceiling by the end of the suffer a penalty for the overrun. year to 22.5 billion Leva (28.4 percent of the GDP forecast), the finance ministry says. The revised budget forecast shows that revenue will be 1.061 billion Leva (1.3 The budget was deliberately miscalcu- percent of the GDP forecast) below projections. lated, which makes its revision all the more necessary, president Rossen Lower-than-planned revenue in 2014 is expected from VAT on imports, excise duties, Plevneliev said. The truth about num- corporate taxes etc. At the same time the budget for structural and additional fiscal bers in the country was not spoken out measures of several ministries is proposed to be raised by 448.5 million Leva (0.6 in the beginning of the year, they were

AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria percent of the GDP forecast) due to unforeseen expenditure. analysis

the caretaker government was only committed to “being fair and telling people the truth about numbers and facts.”

Despite the common appeal of employers and trade unions in the tripartite council, the revised government budget is now a fact and its fate will be decided by the new parliament. According to the draft deficit will exceed the 3-percent ceiling and reach 4 percent; economic growth will be 1.5 percent instead of 1.8 percent; inflation will stand at 1.1 percent instead of 1.8 percent. Government spending will jump by another 449 million Leva. The gap is proposed to be financed with a new government debt for 4.5 billion Leva and state guarantees Bulgaria`s interim Prime Minister Georgi Bliznashki has prepared an actualization of the state budget, which for 2 billion Leva, that is, the state will has to be debated by the new parliament. raise 6.5 billion Leva in additional debt Capital Association. In his words the about the approaching deadline for in 2014. The caretaker government budget is the financial expression of the adoption of the 2015 budget. Public should have cut on spending instead of policies conducted and its revision comments on the issue so far have increasing it, economist Georgi Angelov should be proposed by the next govern- been quite sparing. What is certain for commented. ment together with the 2015 draft bud- now is that government spending next get. Experts are mainly concerned about year will be predetermined by the revised In principle, all ministries complain of the envisaged excessive deficit (3.6 macroeconomic framework that has shortages and say they will have to percent of GDP), which will be formed been prepared for the 2014 budget close down if they do not get extra by the issuing of another 4.5 billion Leva update. There is no delay in the 2015 money. Spending additional resources of debt and 2 billion Leva state guaran- budget procedure, the Finance Ministry from the current budget is also criticized, tees for the banking sector. Budget defi- said. because it is clear that the projected cit is one of the indicators that determine revenue is only on paper. Bulgaria’s way to the Euro area and, Additional spending being such an important ceiling, it should When such serious figures are con- not be exceeded, trade unions and The proposed 2014 budget revision cerned, the calculations should not be employers say. pumps more money into the Interior made precipitately, said Vasil Velev, Ministry and in Agriculture. An additional chairman of the Bulgarian Industrial Trade unions have also raised the alarm resource of 449 million Leva will be allocated to these sectors, as approved by the “Bliznashki” cabinet. As much as 126 million Leva will be provided to the Interior Ministry, which will increase its overall budget for the year to 1 billion Leva. The additional money will cover AmCham Bulgaria Magazine October 2014 the salary increase in the system from July 1. Another 60 million will be used for national top-up payments to stock- breeders. A total of 22.1 million Leva will be distributed among municipalities for VAT on projects under the Rural Region Development Program and some 10 million Leva will be used for measures to combat bluetongue and for payment page 7 of de minimis aid to fruit and vegetable producers. The revised budget provides for an additional 50 million Leva to the social ministry, including 36 million Leva for support for low-income households, for various employment programs and securing the payment of social benefits. The ministry will receive another 14 mil- analysis

The justice ministry will get 5 million Leva for prison maintenance and for Revised projections for wage legal assistance in cases filed by the state. The culture ministry will use its and pension rise additional 4 million Leva to subsidize The minimum wage in 2015 may be 360 Leva per month instead of 380 Leva as theaters and operas and refurbish the expected and in 2016 it may reach 430 Leva, rather than 450 Leva, the govern- building of the National High School for ment’s calculations show. The reason is the lower-than-projected economic Ancient Languages and Culture. The growth and the adverse budget forecast. The maximum social security income foreign ministry will receive up to 3 mil- will rise to 2,600 Leva next year and to 3,000 Leva in 2017. lion Leva intended for payment of its officers’ business trips abroad. The last The pension changes are not yet clear, because no decision has been taken item on the revised budget is 77 million whether the so-called Swiss rule for indexation of the pensions for age will be Leva for financing of European projects observed, as provided for by the law. In this case a large part of the pensions will and for contingency costs. have to be reduced, because of the expected deflation at the end of 2014. The social ministry has said that it is looking for options to update pensions by a Resource budgeted for certain percent next year. For the time being the calculations are based on a banks minimum pension of 160 Leva next year and some 15 or 20 Leva more in 2016. The revised budget forecast is based on keeping tax rates at 10 percent for The updated state budget in practice companies and individuals and 15 percent for sole proprietors. provides resource for two options for rescuing KTB, experts say. One of them No drop in unemployment is projected for now. Unemployment will stay at envisages raising 2.9 billion debt as part around 11 or 12 percent, which explains the need for allocating substantial finan- of the 3.3 billion Leva state aid for the cial resource for social support and employment programs: some 500 million banking system that was approved in Leva a year. June. Alternatively, the Bulgarian Deposit Insurance Fund may issue up to 2 billion Besides reinforcing the National Health for consumables and medication sup- Leva of debt and borrow 700 million Leva Security Fund’s budget with another 100 plies. from the budget. Until the end of the year million Leva, the revised budget also First Investment Bank (FIBank) will con- allocates additional money to the health As much as 10 million Leva is budgeted tinue receiving liquidity support from the ministry – a total of 24.2 million Leva – for the Supreme Judicial Council for state worth up to 1 billion Leva. This is which will be used for emergency and payment of late remunerations to jury envisaged in FIBank’s restructuring plan, psychiatric aid, as well as for subsidies members and compensations to dis- which has been sent for approval to the to hospitals in remote and less accessi- missed or retired officers. European Commission. ble areas.

The regional ministry will receive a total Government to borrow 500 of 16.4 million Leva, which will be added to its current 250 million Leva budget. It million Euro for construction of will use 13 million Leva of the amount to guarantee road cleaning in winter. The motorways, railroads remainder will be spent on compulsory The caretaker cabinet is speeding up a 500 million Euro lending agreement between purchases of land for construction or Bulgaria and the European Investment Bank. The loan is expected to be used for repair of motorways or on infrastructure refinancing and co-financing of infrastructure projects under the Cohesion Fund of projects. the European Commission in the period 2014-20. The agreement was prepared by Plamen Oresharski’s government last year but it was never ratified. According to the The Agriculture Ministry will receive the draft the agreement had to be signed in 2013, the documents of the regional ministry same additional amount, 16.4 million show. The loan is expected to be used for increasing the resource Bulgaria will pro- Leva. As much as 5.4 million Leva of it vide for construction of motorways, railroads and water supply and sewerage proj- will be allocated to the Bulgarian Food ects. During his term as prime minister Boyko Borisov also talked about a loan from Safety Agency; 5 million Leva to the the European Investment Bank but the agreement failed to be approved by two gov- Agricultural Academy; 4 million Leva to ernments. Now the new parliament is expected to ratify it. A memorandum of coop- Executive Forest Agency; and 2 million 8 eration between Bulgaria and the European Bank for Reconstruction and Development Leva to the Executive Agency for is also expected to be prepared in the near future. It will provide financial support for Fisheries and Agriculture. enhancing the competitiveness of small and medium-sized businesses, improving energy efficiency and helping municipalities develop European projects. The The Transport Ministry will receive 14.7 European Bank for Reconstruction and Development has supported for years small million Leva to pay for the construction businesses through various schemes that have often involved the ministry of econo- works on Danube Bridge 2 at Vidin – my and energy. The same ministry allocates the funds under the Kozloduy Calafat. The revision will add 10 million International Fund which is administered by the European Bank for Reconstruction to the Defense Ministry’s budget, which

AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria and Development.

analysis Don't be afraid of U.S.-E.U. free trade Lowering business barriers between United States and Europe would open opportunities for all. By Philipp Rösler*

to their country.

Where does the skepticism come from in an export-driven economy such as Germany, or in a champion of free markets like the United States? Is it a text- book case of German angst? Is it a sign of isolationist tendencies in the United States?

It has been easy to classify some of those who oppose the TTIP as irratio- nal and uninformed. For example, German anti-globalization groups, who need the popular outrage to recruit activists and raise funds, called the TTIP a "free trade trap" or even a "dan- ger to democracy."Some Americans (Wisconsinites, really) feared for their Oktoberfest beer or Black Forest ham, as some regional European products must actually come from the region that they carry in name. As funny or outright ridiculous as some of these claims US Trade Representative Michael Froman (R) and EU Trade Negotiator Ignacio Garcia Becerra (L) attend might sound, most of these concerns a stakeholder presentation at the free trade negotiations for the Transatlantic Trade and Investment Partnership (TTIP) at the National 4-H Youth Conference Center in Chevy Chase, Maryland, USA, 01 October 2014. have to be taken seriously. This is the seventh round of free trade talks between the European Union and the USA. I have always been a fervent supporter Trade is good. Trade between Europe agreement are manifold. Careful esti- of a transatlantic free trade agreement. and the United States is even better. In mates put the number of jobs that could Retrospectively, I declare myself guilty a nutshell, these are the results of a be created on both sides of the Atlantic of having been so enthusiastic that I recent survey by the Pew Research as a result of the agreement at several might not have given enough attention Center and the German Bertelsmann hundred thousand. A bold deal would to the doubts and concerns that exist Foundation. Of the American respon- mean more than $300 billion added to about the TTIP. In fact, the Pew num- dents, 72% support increased trade the greater region's economy. With the bers question whether proponents of with the European Union and 79% with successful conclusion of negotiations, the agreement, especially responsible Germany. In Germany, whose economy more than one-third of international politicians on both sides, have done traditionally relies on exports, 75% trade and almost 40% of global indus- enough to explain the benefits, listen would welcome more trade with the trial output would suddenly be free of and respond to the questions of their United States. red tape, customs duties or tariffs. constituents, and design the negotiations in as transparent a way as possi- There is good news for those support- Despite those impressive opportuni- ble. 10 ive of a closer transatlantic trade rela- ties, a look at the fine print of the Pew/ tionship: the next round of negotiations Bertelsmann survey reveals a paradox. So what are the biggest concerns? for the Transatlantic Trade and While a clear majority sees the benefits Investment Partnership (TTIP) will of additional trade, almost every sec- Recurring themes are weaker stan- begin on May in Washington DC. The ond German and American does not dards in consumer and environmental goal is nothing less than creating the think that the TTIP would be beneficial protection, an erosion of workers' rights world's largest free trade zone. *The article is written by Philipp Rösler for the USA TODAY. Rösler is Managing Director of the World

AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria Economic Forum in Geneva, Switzerland and former vice-chancellor and minister for economic affairs of analysis

and a lack of data protection. I find it will not be easily resolved. Those lead- proven time and again that it is worth interesting and to an extent reassuring ing the negotiations would be well the effort to invite even the harshest that citizens on both sides of the Atlantic advised to keep in mind that the nego- critics to the table. This requires time share similar doubts about the impact tiations can only be successful if they and resources. But by including as of the TTIP on their life. Take for exam- earn the trust of their constituents. The many different voices as possible, both ple negotiations on agricultural prod- best way to do that is to explain the the quality and the result of the process ucts and food. While Americans do not benefits and to make the process as will benefit. generally share the European fear of transparent and inclusive as possible. chlorine-washed chickens, it is very The opportunities of unhindered trade hard to explain to a European why How this can be done is one of the across the Atlantic are huge. Let's not cheese made from raw milk is banned things I have learned in my new role at endanger the success of the negotia- in several states. the World Economic Forum in Geneva, tions by keeping doors and minds Switzerland. The Forum, with its trade- closed to the concerns of European But friends of chicken wings and mark multi-stakeholder approach, has and American citizens. Camembert need not despair, as there is one important point that is often left 10 Reasons to Support the out of the discussion and might help to alleviate many of those concerns: what Transatlantic Trade and Investment the TTIP tries to achieve is mutual acceptance of standards, not the com- Partnership (TTIP) plete harmonization thereof. For example, a drug that had to undergo the 1. Economic Growth costly and time-consuming process to According to estimates, TTIP could boost the transatlantic economy’s GDP between gain market access twice could, under 1.5 and 3.5 percent. the TTIP, be accepted under one set of regulations and would hence be avail- 2. Increase in Foreign Trade able to patients throughout the whole TTIP would significantly increase foreign trade between the EU and the US. free trade zone. 3. Chance to Set Global Standards in Industry and Services This principle of mutual acceptance of Common standards would improve the position of the transatlantic partners in regard American versus European standards to global trade. is in fact already a time-tested and established practice in many areas. A 4. Strengthening Innovation Potential German car is tested along different, Innovation is a key driver for growth. A comprehensive TTIP would further strengthen albeit similar, criteria as an American innovation, research and development. car. Nobody would ban a car from market access because the indicator is 5. More Labor Mobility orange instead of red. Likewise, it A comprehensive agreement could significantly influence the mobility of skilled and wouldn't make any sense not to accept specialized professionals, thereby counteracting the shortage of skilled workers on airplanes by Boeing in European air- both sides of the Atlantic. space. The rationale is: despite the 6. Sustainable Job Creation different approach and differences in Research has shown that increases in exports and new investment opportunities detail, we trust your standards enough would create roughly 400,000 new jobs in the EU and 750,000 new jobs in the US. to accept them in our market. AmCham Bulgaria Magazine October 2014 7. Investment Boost This idea would be applied to additional TTIP would create new opportunities and incentives for companies to invest in the sectors and industries as the transat- transatlantic marketplace. lantic free trade zone takes shape, without watering down any existing 8. Prosperity Gains for Everyone standards, labor regulations or rules for Existing free trade agreements show that comprehensive trade liberalization gener- data protection. Over time, the free ates long term economic prosperity for partner states. trade zone could become the nucleus for new, evolved standards that help to page 9. Increase in Competitiveness 11 set global benchmarks and best prac- The EU and the US could expand their position in international trade as the driving tices, thus replacing different sets of forces of the global economy. global standards that might not currently fulfill the criteria we envision for a 10. Deepening of Transatlantic Values socially and environmentally sustain- The transatlantic relationship that is based on trust, transparency and common prin- able future. ciples would be further strengthened.

Having said that, there are a number of Source: ©copyright American Chamber of Commerce in Germany e.V. amcham events Six New Members Join AmCham Community

More than 100 guests listened to the presentations of the new members.

AmCham President Peter Lithgow, board member Solomon Passy and Executive Director Valentin Georgiev introduced six new members during the traditional Meet New Members party on Oct 14, 2014, held at the Radisson Blu Grand Hotel.

Some 100 guests attended the cocktail to find more about AbbVie, Atos IT Solutions and Services, BNP Paribas S.A. - Sofia 12 Branch, Castello Precast, Panchim, and Provident Financial Bulgaria.

The global biopharmaceutical AbbVie Inc. was created in 2013 by separation from Abbott; it is performing scientific research activity, said Kiril Nikolchev, country manager. Orlin Dimitrov, AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria amcham events

Hans Broucke, Country Head of BNP Paribas. Kiril Nikolchev, Country Manager of AbbVie Inc.

Solutions and Services, explained the company delivers hi-tech transactional, consulting and technology services, systems integration and managed services. Atos has 76,400 employees in 47 countries.

BNP Paribas S.A. - Sofia Branch has been present in Bulgaria since 1994; the branch offers a full range of products and services in corporate and investment banking, as well as online deposits for individuals, said Hans Broucke, Country Head.

Castello Precast is an engineering and In the middle is Yordan Radoev, Business Development Manager, Castello Precast. AmCham Bulgaria Magazine October 2014

page 13

From left: Iva Todorova, IBM, Plamena Georgieva, Dimitrov, Petrov&Co., Zlatina Ruseva-Savova, MP, Ruseva-Savova Law Office, and Iftach Shacham, CEO, amcham events

building company, specializing in the design, manufacture and assembly of precast concrete elements with 30 years European experience, explained Yordan Radoev, business development manager.

Panchim is the biggest producer in Bulgaria of plastic sheets and one of the leading manufacturers in Europe, said CEO Jerry Schleider. As part of Plazit-Polygal Group, Panchim Ltd. offers a total portfolio of plastic products.

Provident Financial Bulgaria, is a Jerry Schleider, CEO of Panchim confers with Solomon Passy, Atlantic Club Bulgaria. non-banking financial institution and is part of the UK-based group International Personal Finance, said Tanya Obushtarova, corporate affairs coordinator. The company is a leading international provider of consumer credit in growth markets across Central and Eastern Europe, as well as in Mexico.

At the new members’ presentation, the chamber’s leadership emphasized its role in the improvement of business environment in the country. “AmCham Bulgaria is among the best chambers in Europe,” President Orlin Dimitrov (second from left), Telecom, Media and Utilities at Atos IT Solutions and Services at the

Lithgow said. company boot.

14 AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria

amcham events

Dan Milstein, Director European Regional Office, U.S. Department of Energy Many members attended the business cocktail and had a chance to meet with (right) talks with lawyers from Borislav Boyanov's law office. partners. U.S. Embassy Presents New Officers

The American Chamber of Commerce in Bulgaria and the U.S. Embassy had the traditional networking reception on Oct. 2, 2014, to present the key officers and members of the U.S. Mission in Bulgaria. The event took place at the Grand Hotel Sofia where close to 80 members attended the event.

In their opening remarks Peter Lithgow, AmCham president, and Marcie B. Ries, U.S. ambassador to Bulgaria, recognized the importance of the relationship between the Chamber and the Embassy.

The ambassador introduced several new officers at the embassy: Bruce G. Berton, deputy chief of mission, Sally Behrhorst, deputy chief of political/economic section, and Tammy Paltchikov, cultural affairs officer and Dan Milstein, Director European Regional Office, U. S. Department of Energy.

Valentin Georgiev, AmCham executive director, elaborated on the recent progress of the AmCham White Paper and Chamber’s Peter Lithgow, AmCham president and Marcie B. Ries, U.S. ambassador to series of meetings with political parties. Bulgaria welcome the audience.

The networking cocktail was kindly supported by Maker’s Mark, AES Bulgaria, AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria

osac events Cyber Crime, Energy, Global Politics Dominate Security Summit

Bulgaria’s President Rosen Plevneliev presents an overview of the security situation in Eastern and Southeastern Europe.

The International Security Management were discussed during the conference, tions located worldwide. ISMA’s mis- Association (ISMA) and the Overseas including cyber crime and the European sion is to provide and support an Security Advisory Council (OSAC) held approach, what does the Syrian and international forum of selected security a three-day conference on Sep. 7-9, Iraqi crises mean for the region, impact executives whose combined expertise 2014 for ISMA members and OSAC and trends in corruption and organized will be utilized in a synergistic manner constituents at Sofia Balkan Hotel in crime in the region, energy security in in developing, organizing, assimilat- Sofia. Mike Howard, president of the Southeast Europe, cyber security edu- ing, and sharing knowledge within ISMA board of directors and chief secu- cation in a corporate world, how the security disciplines for the ultimate rity officer of Microsoft Global Security, World Customs Organization helps purpose of enhancing professional and Stephen Brunette, executive direc- brand owners protect intellectual prop- and business standards. tor of OSAC, made welcoming remarks erty, global and regional implications to the participants, followed by exclusive from the crisis in Ukraine, among others. The OSAC was established in 1985 keynote speeches from President Rosen Speakers included representatives of under the Federal Advisory Committee Plevneliev and U.S. Ambassador Marcie the U.S. Department of State, European Act to promote security cooperation Ries. Cybercrime Center, BulgarianMinistry of between American private sector inter- the Interior, HIS, Coca Cola Enterprises, est worldwide and the U.S. Department Some 160 participants from 23 coun- World Customs Organization, Sibylline, of State. The OSAC Council is com- tries representing companies from a etc. prised of 30 private-sector and four variety of industries, NGOs, faith-based public-sector member organizations that organization and academic institutions There is currently one upcoming event represent specific industries or agen- had the unique chance to hear from planned in 2014 by OSAC Bulgaria cies. Today, the OSAC partnership President Plevneliev an overview of the Country Council: the Fourth SEE encompasses ten federal agencies and current security situation in Eastern and Regional Forum on Cybersecurity and over 4,600 private organizations, from 18 Southeastern Europe, as well as an Cybercrime, co-organized with State the business and academic communi- opportunity to directly ask questions on Agency for National Security and the ties to non-governmental and faith- hot topics. Ambassador Ries touched on ICT Academy. based organizations. the global threats and risks we face today, highlighting the critical role that The International Security Management The OSAC Bulgaria Country Council, integration and information sharing Association (ISMA), founded in 1983, launched in November 2012, is one of play. is a premier international security the 141 OSAC chapters around the association of senior security execu- globe attached to U.S. Embassies and AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria member news Tim Kurth is the New Executive Director of Aurubis Bulgaria Tim Kurth, 46, took over the position of Executive Director of Aurubis Bulgaria from Nicolas Treand. “Aurubis Bulgaria, which has about 800 sible for logistics in the Group as Vice employees, is the second largest site in President Corporate Logistics. Previously, the Group and is therefore very impor- the logistics specialist gathered interna- tant to us. I’m especially glad that we’ve tional experience in companies such as found a competent successor within our Unilever and Numico, including a two- Group, Tim Kurth,” said Peter Willbrandt, year stay in Poland. “I’m truly looking Executive Board Chairman of the forward to this new, challenging task. Aurubis Group. Aurubis Bulgaria has developed excep- tionally well in the past several years, “At the same time, I’d like to offer and I’m proud to be able to continue this Nicolas Treand my sincerest thanks for process together with the employees,” all he has achieved for the company in Tim Kurth commented. his seven years there. In particular, I’d like to emphasize the considerable “In the past few years I’ve worked inten- improvements in environmental protec- sively with different departments at tion and the significant increases in Aurubis Bulgaria on a number of proj- capacity and productivity. I wish him all Tim Kurth, 46, has worked for the Aurubis ects, which is a good basis for me to the best for the future.” Group since 2006 and is currently respon- start with.” AmCham Bulgaria Magazine October 2014

page 19 member news

Deloitte Analytics: your data, inside out

Turning everyday information into useful and actionable insights.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. Please see www.deloitte.com/bg/about for a more detailed description of DTTL and its member firms.

© 2014 Deloitte Bulgaria Deloitte Knowledge Academy: Bridging Academy and Business By Georgi Nalbantov, Manager Data Analytics, Deloitte In a two-week period in the end of July this year Deloitte organized a Knowledge Academy in the field of Data Analytics (a new line that set off this May). The aim of the academy was twofold. Firstly, to train the participants how to apply academic knowledge in practice, which is in effect a step towards bridging the gap between university education and business, and secondly, to build relationship with local universities. Next to the main organizer from Bulgaria, Georgi Nalbantov, Manager of Data Analytics at Deloitte, there were four guest lecturers, two of whom from Sofia University, the Faculty of Economics and Business Administration: Prof. Ivanov and Dr. Bogdanova. Another guest lecturer was Filip Trojan, Manager of Deloitte’s Data Analytics team in the Czech Republic, as well as Ivo Penev, software client architect at IBM. The participants had a unique opportunity to apply their existing knowledge as well as managers. In reality, managers would like to “see” reports for newly learned techniques to solve real-life business tasks and next month, rather than for the current month, which is only case studies. possible with predictive data analytics. 20 The plan for the future is to continue to organize such data- Our plans for partnerships with universities go even further. We analytics knowledge academies biannually together with uni- plan for the end of next year to start cooperation on common versity partners and to offer specialized training workshops in PhD projects and to organize and participate in scientific com- specific industrial sectors, such as banking, telecoms, health- munities and seminars. In this way high-level experts and care, retail, and others. We believe that such public-private future holders of PhD titles will be trained to apply advanced partnership will be beneficial both to the academic and busi- data-analysis techniques and participate in complex business ness parties, as it will better prepare university graduates, as projects in high demand of such advanced skills. Clearly in the well as existing staff in companies, to extract knowledge and current trends in a variety of industrial and service sectors AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria member news VMware Expands Presence in Bulgaria Skills and Expertise a Key to Expanding R&D hub in Sofia

ment and automation. Building on the success of the current facility, the new site will allow VMware to expand its utilisation and development of the talent available in the region, as it continues to build innovative software-defined technologies that allow IT leaders to be bold in the pursuit of opportunity and decisive in the face of uncertainty.

In addition, VMware is announcing it will create a new Professional Services Center of Excellence, with plans to have close to 150 employees in place by the end of 2015. Closely linked to the R&D facility, the centre is a first of its kind for VMware, and is aimed at addressing the company’s customer and partner needs across Europe, Middle East, Africa, Asia, and Americas, and will transform VMware Bulgaria from a R&D facility to a multifunctional hub with product, revenue generating professional services and business operations teams.

Commenting during his visit to the region, Pat Gelsinger, Chief Executive Office of VMware said: “Just walking around the site gives me a sense of excitement. This team in Bulgaria is going to play a crucial role in helping to rede- fine what’s possible in the Software-Defined era. We’re continuing to make investments like this here because this region has the skills and expertise to help customers and partners understand how the new Software-Defined approach is opening up new possibilities from the enterprise to the data center, and from a unified user environment to the hybrid cloud.”

In connection with its expansion plan in Bulgaria, VMware will continue hiring for both its Product and Professional Services teams – from front and backend software engineers with development and quality assurance expertise, along with product managers, release managers, technical communications and infrastructure experts. AmCham Bulgaria Magazine October 2014 VMware building in Sofia at G.M. Dimitrov Blvd.

VMware, Inc. (NYSE: VMW), the global leader in virtualiza- tion and cloud infrastructure, has announced in October the expansion of its Research & Development facility in Sofia and the creation of a new Professional Services Center of Excellence. To support this growth, VMware is adding a new 6,000 square meter office space that will allow the organisation to gradually expand from 480 page 21 employees at present, to close to 1,000 over the next several years.

The current facility, already the largest Research & Development site for VMware in Europe, Middle East, & Africa (EMEA), boasts some of the best software develop- ers, quality engineers, technical writers and product man- From left: Matthew Stepanski, Vice President, VMware, Diana Stefanova, managers in the world who have been at the forefront in devel- aging Site Director, Bulgaria&EMEA R&D, VMware, and Pat Gelsinger, CEO, travel

Atlanta Skyline

Atlanta – The city of Coca Cola

Atlanta has been dubbed everything from the "capital of the time it's a good thing. From world-class restaurants and a new South" and "the next international city" to "the best place myriad of cultural attractions to a hip nightlife and sporting to do business." It's also a great place to visit. Fueled by the events galore, the city is cosmopolitan in every sense of the prosperity of local mega companies like Coca Cola and word. But Atlanta has also managed to maintain its historic Holiday Inn, the prestige of hosting the 1996 Summer Olympic character. Stop by the Atlanta History Center or visit the Martin Games and the energy of young upwardly mobile types who Luther King Jr. Historical Site, a moving tribute to an American have migrated to the city in droves - Atlanta is on fire. And this icon. Browse through the former home of famous author

22 AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria travel

Margaret Mitchell or pop into the Jimmy Carter Library and Trade Center in 2001. Zoo leaders embarked on a crucial Museum for details on the life and times of the former presi- period of evaluation, aligning the Zoo’s mission of conserva- dent and his family. Whether you choose modern urban tion, education and family fun with a new strategic plan that endeavors or old southern pleasures, Atlanta will not disap- would guide the institution in a growing and changing city and point. state.

The Georgia capitol is a great place to visit for those with an If you are planning a long week-end visit to Atlanta to shop, interest in Georgia history, politics, or buildings with gold on here are some suggestions. The North Georgia Premium them. The building itself and its surroundings are gorgeous Outlets, the Ballard Designs Backroom, Frontgate, Phipps with several memorials to distinguished Georgians and impor- Plaza and Lenox Square should be on your list. Where else tant historic events. The interior is majestic as well with por- should you go? traits, statues, and miles o' marble.The upstairs "museum" is a great way to waste an afternoon learning about all things Step into a world of magic and serenity at the Atlanta Botanical Georgia. Too bad they didn't have free peanuts and Billy Garden, where features like the Fuqua Orchid Center treat Beer. visitors to a rare collection of high-elevation orchids never before grown in the southeast.

Georgia Aquarium is the world's most magical aquarium. Situated near Centennial Olympic Park and World of Coca- Cola in downtown Atlanta, Georgia. Georgia Aquarium offers its guests an experience like no other. Across six separate gal- leries, with more than 70 amazing habitats, 10 million gallons of water and thousands of species of marine animals, guests will marvel at, learn about and come to better understand such majestic aquatic animals as whale sharks, manta rays, dol- phins, beluga whales, sea otters, African penguins and thousands of species of exotic fish and other animals. The spec- tacular AT&T Dolphin Tales show combines incredible natural animal behaviors with dynamic theatrics, a Broadway-inspired musical score and a compelling story, which together under- score the connection between humans and the animal world. The animated "Deepo's Undersea 3D Wondershow," for all ages, tells an entertaining but important story about conserving and protecting animals and their natural environment.

Atlanta has some very charismatic and arty neighborhoods – you may consider visit to Uptown’s art district, Buckhead, Little Five Points or Decatur. In 2013 Decatur has been awarded the Great American Neighborhoods and its charm comes from the gentle blending of traditional and historic buildings with vibrant contemporary and artistic buildings and places.

At the end, here is our advice and recommendation: If you have never been in Atlanta, do your best to visit it. You can AmCham Bulgaria Magazine October 2014 easily revisit the city because Atlanta has always something more to offer and surprise you!

Bronze replica of the Statue of Liberty located on the northwest corner of Georgia's state capitol grounds.

1999 was an unforgettable year for the Zoo with the arrival of LunLun and Yang Yang, a pair of giant pandas on loan from China. Even as the city celebrated the beloved bears, Atlanta joined the Zoo in mourning Willie B., who passed away in 2000 page 23 at the age of 42. The gorilla who had become the symbol of the Zoo’s resurgence was eulogized by Ambassador Andrew young, memorialized by a crowd of over 5,000 people, and remembered by media throughout the U.S., including ”Time” magazine.

The early years of the 21st century were challenging ones for Zoo Atlanta. Like many of the nation’s cultural attractions, the new members

The Bulgarian American ness, covering all the major cities in Bulgaria. In 2013, BACB Credit Bank was founded launched BACB Plus - the first Virtual Bank in this country. In in 1996 by the Bulgarian 2014, BACB introduced the first VISA CodeSure cards, as one of American Enterprise Fund. the most innovative card products in Bulgaria. BACB proudly calls In 2008, Allied Irish Banks (AIB) acquired 49.99% of the bank.In itself “Bulgaria’s green bank” and has earned the prestigious “The 2011, their shares were acquiredby CSIF AD, a Bulgarian private 2013 Greenest Bank in Bulgaria” award in the 4th Annual b2b investment company, 100% owned by Mrs. Tzvetelina Borislavova. Magazine National Competition. The current shareholders are CSIF (62%), Gramercy USA (35%), and a number of smaller investors. Contacts: Vassil Simov BACB focuses on sectors such as agriculture and a wide variety Chairman of the Board of Directors and CEO of bio and eco-friendly projects, and actively supports projects Tel.: +359 2 9658 358 under the EU programs. BACB is a strong supporter of SME’s in Address: 2, Slavyanska Str. Bulgaria. Recently, the bank also started extending its retail busi- 1000 Sofia

C3i Inc., a Telerx company, is a leading pro- wide. As part of its strategic business development C3i will add vider of specialty support services for life new service lines such as Pharmacovigilance & Drug Safety and sciences companies, health care providers Medical Information in its solutions portfolio. For more information, and patients leveraging digital health tech- please visit C3i’s website at www.c3i-inc.com. nology. Headquartered in Morristown, New Jersey, C3i has global operations in North Contacts: America, Europe, India, and China. Company’s global customer Joel Morse contact centers support 9 of the top 10 pharmaceutical companies President and has supported more than 1,000,000 life sciences and users. Tel.: +359 2 809 8126 Its 1,500 employees provide patient and site technology training, Address: Business Park Sofia. Build. 7, Entr. B, Fl. 1, 24x7 multilingual service desk, hardware provisioning and break/ Mladost 4 Area fix, asset management, and user application administration ser- 1766 Sofia vices for pharmaceutical sales and clinical professionals world-

EVS Translations Bulgaria is part of the completes over 30,000 individual projects in over100 language successful EVS Translations Group, an combinations every year, including financial, technical and legal international translation company that spe- texts. In addition, all workflows at EVS Translations are certified cializes in providing language solutions for by the German company TUV in line with ISO9001:2008 and the 24 global corporations for more than 20 years. special certification for translation companies EN15038. In Bulgaria the company supported the Vick Prize for the best novel of the year. As the Contacts: only company in Bulgaria with highly specialized in-house transla- Nikolay Yamaliev tor teams in the United States, UK and Germany, EVS Translations General Manager Bulgaria guarantees consistent and cost-effective solutions for Tel.: +359 (2) 980 52 54 single-and multilingual projects of every size. EVS Translations http://www.evs-translations.bg/ works in global partnership with over 200 listed companies and Address: 47, Alexander Stamboliyski Blvd., fl. 3, apt. 9

AmCham Bulgaria Magazine October 2014 October Magazine AmCham Bulgaria processes projects of 2,000corporate clients. EVS Translations 1303 Sofia