InvestBulgaria Agency
April 2014 InvestBulgaria Agency issue 4 (7), year 2 Economic News - Business, Investments, Trade Analysis of Sector Investment Opportunities of Municipality Monthly Interview Electronic Publication Chambers of Commerce in Bulgaria Macroeconomic Indicators Upcoming Events
INVESTBULGARIA AGENCY
Opening statement of the Minister of Agriculture and Food Prof. Doctor of Agricultural Sciences Dimitar Grekov
Prof. Doctor of Agricultural Sciences Dimitar Grekov Minister of Agriculture and Food He graduated in 1984 at the Agricultural University, majoring agronomist. In 1988 he defended PhD at the same university and started work as an assistant in the Department of "Animal Science". From 1995 to 2010 he was an associate professor in the same department. Between 1999 and 2007 he was Dean of the Faculty of Agronomy in Agricultural University - Plovdiv. In 2010 he became Professor and Doctor of Agricultural Sciences. In 2007 he was elected Rector of the Agriculture University. Since 29 May 2013 he is Minister of Agriculture and Food. He has 125 scientific publications, 45 of which abroad in the field of cultivation technology and trade, the silkworm; genetics, breeding and feeding of farm animals. Head of five PhD candidates, three of whom have successfully defended and of 80 graduates.
Ladies and Gentlemen, Bulgaria is a country with agricultural potential, which has very good conditions for the development of environmentally friendly agricultural production, which can provide both employment for many people and a good income. Under the EU funds for the period 2014 - 2020 in the field of agriculture, our country will receive BGN 15 billion. This money is a major source not only for the development of the agricultural sector in the country, but also for its modernization and competitiveness in the conditions of a market economy. Ministry of Agriculture and Food conducts transparent policy so that the Bulgarian agricultural production can become more competitive, produce output with high added value through efficient utilization of available resources. Investment implementation of measures under the Program for rural development (2014-2020), will reveal the serious potential of competitiveness of Bulgarian agriculture amid market economy. The new program will have a special measure "Investments in tangible assets" under which you may purchase equipment. Through
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 4 (7)/ April 2013 InvestBulgaria Agency
it, farmers will facilitate their work in the field and will be able to increase the quantitative indicators of their yields. We all know that modern farming is done with modern agricultural machinery. The future vision of the Bulgarian agriculture is largely a function of the current status of the industry and the development of the CAP in the period 2014-2020. What is needed is a policy that is as simple, flexible and transparent as possible. The rules should ensure optimum utilization of available funds to show people the effectiveness of public investments in agricultural policy. For Bulgaria it is important to have strong European direct payments to farmers. Direct payments supplement income, provide economic security and can provide a fair standard of living. The introduction of the so called "Green" direct payments is yet to be introduced. Our ambition is to use it so as to bring the greatest possible environmental benefits without compromising the viability of the sector. "Green" payments aim at a high degree of political legitimacy of costs of the Common Agricultural Policy. They are a way to demonstrate the public importance of the agricultural policy is not only to provide food but also as a factor in the environmental sustainability of the area. Priority for Bulgaria in reform was bound support in certain sectors. Our country has made its priority to increase bound support as we agreed 13% bound support targeted at sensitive and important for us sectors such as livestock, fruit and vegetables. This will allow the improvement of the ratio between payments. Through this kind of direct payments we can be support sectors with special problems. Bulgaria achieved its principle priority for simple application of direct payments. The country will be entitled to a scheme based on area without introducing payment rights by 2020, thus saving the need for farmers to adapt to the new, more complex systems and significantly reducing administrative costs. The future CAP will implement simple and specific scheme for small farmers to reduce the administrative costs associated with the management and control of direct support. For additional direct support to young farmers will be set a separate budget of about 2% of the package for direct payments. The scheme provides young farmers to receive higher direct subsidy. The European Union should respond to these challenges by continuing the development of the Common Agricultural Policy in the 2014-2020 period in the direction of more competitive and market-oriented agriculture, more efficient use of public resources in order to meet the expectations of society for quality and safe food produced in environmentally friendly way. Prof. Doctor of Agricultural Sciences Dimitar Grekov
IBA - the only public institution at "Golden Apple of Success" On 24 April the Sofia University St. Kliment Ohridski, jointly with the Center for Career Development at the University and the Agency for career development and education Fortedo, organized for the second consecutive year a career forum "Golden Apple of success”. In the Aula Magna of the University and lounges in front of it students had the opportunity to meet with employers offering jobs and internship positions in various professional fields. The purpose to make such an exhibition is to find employers for students of all majors of the University. InvestBulgaria Agency (BIA) participated in the forum and was the only public institution represented at the Sofia University. Agency staff presented the internship program of IBA and the new initiative Summer Academy. Attention was drawn to internship positions such as graphic design, e- marketing, international marketing, statistics, creating databases, etc. Summer Academy is a new initiative of IBA, which was launched with the intention to offer students the opportunity to learn about its work and gain practical insight about the process of attracting foreign investors. page 2 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
The program will be held in July and the period is consistent with the academic calendar and does not hinder regular classes of students. Documents for the Summer Academy and open internship positions of the Agency will be accepted until June 10 at e-mail: [email protected]
INITIATIVES OF INVESTBULGARIA AGENCY
Open internship positions at the InvestBulgaria Summer academy of InvestBulgaria Agency for students Agency for students:
InvestBulgaria Agency (BIA) organizes Summer Academy • Administration of web site; of IBA in July 2014. The aim is to enable everyone to get acquainted with the functioning and operation of the • Analyses, statistics and databases; Agency on investment projects. • Graphic Design; Within the month of July 2014, every Thursdays will be • E-marketing held 4 different modules that will include ways of working • International Marketing; in the departments of IBA, participation in meeting with a potential investor, participation in the process of fulfilling • Philology - English, Russian, German; a task, as well as meetings - discussions with representatives of foreign chambers of commerce and managers of global companies investing in Bulgaria. For more information, please click here In case of interest in participating, please send your CV and motivational letter no later than 10 June 2014 at e- mail: [email protected]
Meeting with French business in Invest Bulgaria Agency InvestBulgaria Agency launched an initiative to hold regular meetings with representatives of foreign business in Bulgaria as part of an active campaign to attract foreign investors in the country. Thus the first workshop with representatives of the French business was held In IBA. Mr. Jean-Marie de Mange - Head of the Regional Economic Service of the Republic of France in the Republic of Bulgaria; Mr. Stefan Gyula - President of the French-Bulgarian Chamber of Commerce, Mr. Vladimir Galabov - external relations and partnerships to Francophone Institute of Administration and Management / FIAU /, as well as representatives of various French companies in the Bulgarian market were present at the meeting. Mr. Svetoslav Mladenov – IBA’s CEO, welcomed the guests and allowed each of them to share their working experience in Bulgaria. Mr De Mange made a brief overview of the status and development of the FDI flow in Bulgaria on the French side and outlined the most - attractive sectors for French business: insurance sector, industry /pharmaceutical, textile, outsourcing, etc. He pointed out that Bulgaria is a good destination for investors due to its economic stability.
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Mr. Galabov presented to the guests the activities of the Francophone Institute of Administration and Management. He paid attention on the master's programs, which offer training programs allowing employees from various companies to gain higher qualification. He told about the various personnel training and management courses, which FIAU offers. Representatives of French companies in Bulgaria shared their experience in starting a business at home and shared some of the difficulties that are experiencing. However, companies have no intention to pull out of Bulgaria. In addition, some plans for future investment were mentioned. Mr. Mladenov made the guests familiar with the changes in the Rules for the implementation of the Investment Promotion Act, published in the State Gazette on April 25. Their aim is to reduce the administrative burden on investors applying for certificate for investment class or a priority project by relaxing the requirements for the applicants, investment projects and applications. The changes are made to optimize to the maximum procedure certification process and to shorten examination of investment projects. Even at present deadline for examination is short, as compared to procedures in other countries in Central and Eastern Europe. These countries have established themselves as a successful example for attracting investments.
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MEDIA FOR INVESTBULGARIA AGENCY
Promulgated Regulations for Implementation of the Law on Investment Promotion (RILIP) on 25 April 25 April 2014 Amendments to the Regulations for Implementation of the Law on Investment Promotion (RILIP) were published in the State Gazette On April 25. RILIP adopted amendments aimed at reducing the administrative burden on investors applying for an investment class certificate or a priority project by easing the requirements for applicants, investment projects and applications: 1. Introduction of a single application, which will include details of the investor, the investment project and the required declarations at the moment. 2. Introduction of an obligation for immediate issuance of a certificate by the InvestBulgaria Agency, which serves to the executive authorities to assist the investor. 3. Reduces the investment thresholds for priority investment projects in the manufacturing industry. 4. Reduces the thresholds for priority investment projects for the construction and development of industrial zones and technology parks, relieves the requirements for applicants to build industrial zones. The introduction of these changes, aiming at the maximum optimization of the procedure for issuing investment class certificate, will accelerate the timetable of projects, which are currently already shorter compared to other countries of Central and Eastern Europe - for example the Czech Republic and Slovakia, that have established as a successful example of attracting investments.
Bulgaria and China will specify initiatives and arrangements for intensifying bilateral economic cooperation 23 Април 2014 The Council of Ministers approved the position and composition of the official Bulgarian delegation for the fifteenth session of the Bulgarian-Chinese Intergovernmental Mixed Commission for Economic Cooperation. Its meetings will be held in the period April 28 - 30 in Beijing with underlying business forums in Beijing and Shanghai. Co-chair the meetings of the Bulgarian side will be the Deputy Minister of Economy and Energy Krasin Dimitrov, and from China - Jun Shan, China Representative for International Trade and Deputy Minister of Commerce. The need for a forum was discussed at the meeting of the Prime Ministers of Bulgaria and China at the World Economic Forum in Dalian in September last year, and later during their talks in Bucharest at the end of November 2013, when a meeting of the government of China and the countries of Central and Eastern Europe was held. During the session will be discussed in detail the issues discussed within the activities conducted in the last months of meetings at the highest level - the possibilities for deepening bilateral cooperation in trade and investment, energy, agriculture, transport, infrastructure and others. Projects and mechanisms for collaboration will be specified. Today was approved the draft Memorandum of Understanding between the InvestBulgaria Agency and the China Council for the Promotion of International Trade - Shanghai. The purpose of this document is to provide additional opportunities for enhanced cooperation in the field of investment and trade. It provides for the parties to conduct mutual information exchange (in terms of investment policy and legislation, investment environment, activities promoting investment and investment projects) to assist investors in making successful business decisions.
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During the official visit in the beginning of April of the Chinese Council for Promotion of International Trade – Shanghai’s delegation that took place in IBA the possibility of signing a memorandum of cooperation was discussed. Mr. Kostadin Djatev – deputy CEO of IBA, exposed to the guests an initiative to strengthen cooperation between the Agency and its corresponding organization from foreign countries - partners of Bulgaria. http://www.government.bg/
CEO of InvestBulgaria Agency Svetoslav Mladenov took part in the third annual round table "Bulgarian ICT Watch" 23 April 2014 On 22nd of April in Sofia in Hotel Balkan the third annual round table "Bulgarian ICT Watch" under the motto "Cooperation between the ICT business and the state for successful ICT exports was held." The event was organized by ICT Media and Bulgarian Association of Software Companies / BASCOM / with the cooperation of InvestBulgaria Agency /IBA/. Svetoslav Mladenov took part in the panel discussion "The State of Bulgarian ICT exports and promoting the process of state institutions," on which possibilities of state support need to promote export of Bulgarian ICT and its role in the economic development of Bulgaria were discussed. The focus of the event was further cooperation between the state institutions and ICT business in the export of high-tech products and creation of strategies for entering foreign markets.
InvestBulgaria Agency (IBA)’s CEO took part in the World's Investment Summit Shanghai 22-23 April 2014 22 April 2014 International Investment Conference brings together to one place many government investment agencies, hundreds of potential investors from China, representatives of financial institutions and others. The event is organized by the International Investment Council with the support of the Chinese Ministry of Commerce and Ministry of Foreign Affairs of China, the Organization for Economic Cooperation and Development and the Municipality of Shanghai. The main topic of the event is free trade and transnational investment.
InvestBulgaria Agency is represented at the forum with its own stand, in which bilateral meetings are held, leaflets and information about the investment climate and attractive sectors in Bulgaria are spread. Also, a list of Bulgarian potential projects seeking funding or partners is presented.
During the visit, the IBA’s team in China will provide further meetings with potential investors, financial institutions and media.
Kostadin Djatev: There is no collapse in the investments 15 April 2014 There is no decrease in the amount of foreign direct investments in Bulgaria, Mr. Kostadin Djatev - Dep. Executive Director of InvestBulgaria Agency said this morning, on Bulgaria on Air TV. This is how he commented on the BNB’s data, released yesterday. It concerns the period January-February 2014.
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He noted the need to compare the same type of data. The Delivered yesterday figures are unrevised and therefore they should be compared with the unrevised figures from January to February 2012. When this is done, it will become clear that the data for this year is nearly three times higher than that for the previous year for the same period. Mr. Djatev shared his observation that foreign investors are interested in industrial zones in Bulgaria because of developed infrastructure. The country has good investment environment due to the attractive cost of production and the low taxes, skilled workforce, the price of electricity and gas. Thanks to these factors Bulgaria is one of the best places for investment in Europe. InvestBulgaria Agency is working hard to achieve the target, set in economy minister’s forecast - the total foreign direct investments in 2014 to become 3% of GDP. Changes are expected in the Investment Promotion Act, on which IBA is actively working upon. Reduction of administrative burden on investors in the country and facilitation of certification process are envisaged in the paper. Changes are to become effective after adoption of the new Block Exemption Regulation that is to replace the current Regulation № 800/2008 in the middle of the year, Mr. Djatev added.
Opportunities for Italian companies in Bulgaria 15 April 2014 Italian Chamber of Commerce in Bulgaria and Confindustria Umbria with the assistance of Umbria Export, organize a seminar in Perugia, Italy, which will be held later today. After the official opening, InvestBulgaria Agency’s CEO Svetoslav Mladenov will present opportunities for business and investments in Bulgaria. The seminar will give the companies in the region a chance to obtain important information about the priority sectors for investment in the Bulgarian economy. A stress on measures to promote foreign direct investment, industrial and commercial policy, and fiscal system is planned to be put. Italian companies will be notified with options for funding through Structural Funds that Bulgaria offers in terms of the new EU programme period 2014-2020.
Executive Director of the InvestBulgaria Agency was an official guest of the conference held in Plovdiv 11 April 2014 Executive Director of the InvestBulgaria Agency, Mr. Svetoslav Mladenov, was an official guest of the held today (11.04.2014) in Plovdiv conference named "Bulgarian industry: Mission Possible''. He took part in the panel discussion "Investment Opportunities and European funding." Topics of discussion were wide opportunities for growth of the Bulgarian economy, which are the key factors to achieve, as well as the measures to be taken. The focus of the event was the development of industrial zones in the country, attracting and implementation of major investment projects. Advantages of Bulgaria for attracting investment and development prospects of the industry were outlined. The conference was also attended by officials from state and local government, diplomats from the embassies of Germany, the Netherlands and Turkey, and representatives of leading Bulgarian and international companies presented their experiences and best practices. page 7 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
InvestBulgaria Agency’s CEO presented Bulgaria in the Annual Investment Meeting 2014, held in Dubai 09 April 2014 Svetoslav Mladenov, CEO of InvestBulgaria Agency (IBA) participated as a representative of Bulgaria at the Annual Investment Meeting for 2014, organized by the Ministry of Economy of the United Arab Emirates. The fourth edition of the event is organized in the period 7 - 10 April 2014 in Dubai under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Vice President of the United Arab Emirates. The topic of the international investment forum was sustainable economic growth and international regulatory framework for foreign direct investments. Emerging markets as attractive investment destinations, creating investment partnerships, new forms of foreign direct investment and strategic alliances are among the accents of the event. Mr. Mladenov presented the investment climate in Bulgaria, possibilities for realization of new projects and investments. He pointed out prospective sectors in which our country offers attractive conditions for business, highlighting intensive business relationships that Bulgaria has with partners around the world. Mr. Mladenov highlighted the role of the Agency as a structure that encourages the investment process in the country.
Bulgarian forum for Turkish - Bulgarian business 04 April 2014 The CEO of InvestBulgaria Agency Mr. Svetoslav Mladenov was a guest - lecturer at Bulgarian forum for Turkish - Bulgarian business. The event put a stress on best practices and investment opportunities, focused on the collaboration and partnership between Bulgaria and Turkey. The forum was held on 3 - 4 April in Burgas. Bilateral meetings were aimed at contributing to the creation of new and strengthening of existing business contacts between the two countries. Mr. Mladenov presented data and analysis of the investment climate in Bulgaria, the main advantages and macroeconomic indicators of the country as a good business partner. The opportunities for the development of economic relations between the two countries and tools to attract new investment were also discussed.
page 8 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
STUDY GERMAN-BULGARIAN CHAMBER OF COMMERCE
82% of the surveyed company-members of GBCIC would invest again in Bulgaria German-Bulgarian Chamber of Industry and Commerce presented the results of the survey German-Bulgarian Chamber of Industry and Commerce (GBCIC) organized a press conference on April 29, which presented the results of a survey "The business environment in Bulgaria." GBCIC this year for the first time presents the results on factors of the business environment in Bulgaria in comparison with the overall results of all German foreign chambers in Central and Eastern Europe. In 2014 99 company-members of GBCIC were involved in the study. 77% of them are small and medium-sized businesses with up to 250 employees, 23% fall into the category of large enterprises. According to the report, 47% of the surveyed companies assess the current economic situation in Bulgaria as satisfactory. Improvement in the economic situation of their own company in the current year compared to the previous is expected by 41% of them, while 6% fear worst results. Estimates of enterprises in Bulgaria are - rather optimistic with 49% of respondents believing that their exports will increase this year (only 5% fear decrease). 31% believe that investment costs in 2014 will increase, while 45% do not expect change. 14% of respondents believe that they will part with some of the staff in 2014, while 41% anticipate opening new jobs. To the question "Would you invest again in Bulgaria", 82% of surveyed companies respond positively. The relatively large share of companies would choose Bulgaria as their business destination again reflects in the investment statistics of Bulgarian National Bank: after in 2011 was first reported outflow of German direct investment (EUR -45.7 million), German direct investment in 2013 amounted to EUR 135.5 million. This is 12% of the total foreign direct investment in the country. For the first time Bulgarian exports exceed the imports from Germany Last year, Bulgaria's exports to Germany is worth EUR 2.683 billion - more than exports to any other country to which Bulgaria exported goods and services. German import in Bulgaria in 2013 equals to EUR 2.642 billion. According to the Federal Ministry of Economy and Energy, Germany, trade between Bulgaria and Germany in 2013 reached a new record of EUR 5.3 billion (up 11.3% yoy). For the first time Bulgarian exports exceed the imports from Germany. Certain contributions in this regard have German investors in Bulgaria. Expectedly large is the satisfaction in the "tax burden" where Bulgaria ranks first, and in the “tax system” (4th position). Low rates of corporation tax and income tax from 10% allow investors to generate capital relatively quickly. Since 2005 GBCIC participates each year in the study of the business environment of German Chambers of Central and Eastern Europe. The study clarifies the strengths and problematic countries in the region and is the basis for forecasts on future economic trends. All 16 mixed German Chambers conducted in parallel in February this year the survey with similar questions. Participants in the regional surveys in Central and Eastern Europe are a total of 1435 companies.
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Results
How will your exports develop this year How will the number of your employees compared to last one? develop this year compared to last one?
5% 14% 41% 48% Will increase Will increase 47% Will remain the same Will remain the same 45% Will decrease Will decrease
Would you invest in Bulgaria again? Assessment of the overall business environment
82% very satisfied satisfied average rather dissatisfied very dissatisfied 100% 50% 45% 45% 80% 40% 36% 34% 35% 29% 60% 30% 25% 20% 40% 18% 20% 14% 15% 9% 20% 10% 4% 5% 5% 3% 0% 0% Yes No Tax burden Tax System Assessment of the overall business environment
very satisfied satisfied average rather dissatisfied very dissatisfied
60% 56%
50% 45%
40% 27% 30% 24% 25%
20% 14% 10% 4% 3% 2% 0% 0% Membership in the European Union Public Administration Source: German-Bulgarian Chamber of Industry and Commerce (GBCIC)
page 10 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
ECONOMIC NEWS - BUSINESS, INVESTMENTS, TRADE
Bulgaria exports USD 1 billion of IT services ECONOMIC INDICATORS Bulgarian software industry exported goods and services worth over Foreign Direct Investments
USD 1 billion last year, the whole sector generates about 6% of the 500 country's GDP. This is indicated by the White Paper on a New High-Tech 400 300
Industrialization 2015-2025 which will be released within a week. The 200 41.3 authors are leading economists, financiers, engineers, scientists and 100 0 experts from Bulgaria and abroad. 50% of native IT industry is export -100 oriented, with more than 90% of exports going to Western Europe, the -200 USA and Canada. According to the authors of the book, the annual -300 -400 growth of the software industry is 10% and three quarters of all software companies in the country are owned by the Bulgarians. Source: BNB
3e-news.net BNB exchange rates 22 000 Bulgarians are working in outsourcing 3.00 2.50 2.00 companies 1.50 1.00 For the past four years the revenue from outsourcing in Bulgaria has 0.50 increased by 60%. The Growth in the sector is 40 % in 2011 compared 0.00 to 2010 and 13% in 2012 compared to 2011. The number of employees in the outsourcing companies in the country is currently over 22 000, GBP/BGN USD/BGN EUR/BGN said The Deputy Prime Minister on Economic Development Daniela Source: BNB Bobeva at the opening of the round table "Development of Bulgaria as an outsourcing destination - a partnership between the public and Main Interest Rate private sectors . 0.04% - 01.04.2014 0.04% " Although the government relies on the export of products with high 0.05% 0.04% added value and on the development of high-tech industries as a key 0.04% factors for economic growth, creating new job places in the services 0.03% 0.03% sector is of a major importance, especially in a period of economic 0.02% 0.02% stagnation " said Bobeva. 0.01% She encouraged the Bulgarian Outsourcing Association to give 0.01% 0.00% suggestions about the industrialization program of Bulgaria. novinite.bg Source: BNB The winter season in Bulgaria was very good Our country "sends" a very good winter season. Although there was a Unemployment Rate little snow this season, the tourists were more as compared to the 12.2% - March 2014 previous season, The Deputy Minister of Economy and Energy Branimir 13.0%
Botev said for BNT. He stressed on the fact that Bulgarian resorts were 12.0% 12.2% exceptionally well prepared for the season despite lack of snow. 11.0% The report shows 2.3% growth, as compared to the previous winter 10.0% season. Moreover it is expected to go up even more, as the winter 9.0% 8.0% season in resorts will continue for nearly two weeks. 7.0%
Bulgaria has a big tourism potential with its 146 mountain peaks over 6.0% 2,000 meters. More than half of the municipalities in the country are located in mountainous and hilly areas commented Botev. The Deputy Source: NSI Minister's expectations for the summer season are growth above the average for Europe. economy.bg.
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Yazaki opens new 200 jobs in Bulgaria in 2014 BSE-Sofia “800 people are employed at the company's factory in Sliven. We 03.2013-03.2014 expect this number to reach 1000 in 2014. Goods produced in Sliven 250 000 BGN thousand will be exported mainly to Turkey and Great Britain", Tsvetan 200 000
Dimitrov, Yazaki’s Production manager, said during a press conference 150 000 of the municipal government. 100 000
He recalled that in March 2012 the company bought the production 50 000 base in Sliven and began its reconstruction. The building has an area 0
of 13,800 square meters and is reimbursed in accordance with legal
03.2013 10.2013 04.2013 05.2013 06.2013 07.2013 08.2013 09.2013 11.2013 12.2013 01.2014 02.2014 03.2014 requirements and internal standards of the company. Premium Standart REIT
Yazaki is one of the leading companies in the Sliven municipality and thus in order to respond to investor’s interest we have made many Source: BSE-Sofia improvements, said Mayor Nikola Milev. He made an example with BGREIT: 28.03.2014 – 28.04.2014 construction of the parking before the factory that is realized with 100 99 municipal funds. 98 sliven.bg 97 96 95 Increased industrial production in the EU in February 94
with strong output growth in Bulgaria 93
09.04 01.04 05.04 13.04 17.04 21.04 25.04 Industrial production in the 28 countries - members of the European 28.03
Union rose in February by 0.4 % on a monthly basis after rising 0.2% in Source: Investor.bg the first month of the year (upward revision from an increase of 0.1%) BGBX40: 28.03.2014 – 28.04.2014 Eurostat’s data shows today. 126 On an annual basis, industrial production in the EU rose in February 125 124 by 2.1 % (as compared to February 2013) after rising 1.9% in the 123 122 previous month (a downward revision of previous estimate to jump 121 by 2.4 %). 120 119 According to the European statistics, industrial production in Bulgaria 118 117
rose in February by 0.7% on a monthly basis after rising 1.8% in
09.04 01.04 05.04 13.04 17.04 21.04 25.04 January (revised upward from an increase of 1.4%), confirming the 28.03 renewed this year positive growth trend production in Bulgaria. Source Investor.bg On an annual basis, industrial production in Bulgaria in February rose by 6.5% targets ( compared to February 2013 year) after rising 2.5% in SOFIX: 28.03.2014 – 28.04.2014 625 the first month of the year ( an upward revision from an increase of 620 2.3%) and this indicator our country significantly exceeded the 615 610 average level of industrial growth in the EU. 605 The biggest drop in industrial production on an annual basis is 600 595 reported in the Netherlands (a drop by 8.9%), followed by Finland (- 590 585 5.4%) and Lithuania (-2.1%). At the same time the highest increase is 580
registered for Slovakia (by 9.0%), Romania (by 8.9%), Hungary (by
09.04 25.04 28.03 01.04 05.04 13.04 17.04 21.04 8.2%) and Czech Republic (growth by 6.7%). Bulgaria takes the prestigious fifth place out of all 28th member-states with growth in Source Investor.bg industrial production by 6.5%. bnr.bg
Austria Bio Garantie opened subsidiary in Bulgaria The largest company for certification of bio foods and products in Austria called Austria Bio Garantie opened a commercial representation in Sofia. In that way there are 13 companies, specialized in the activity on the domestic market. Zhivko Dzhamynov, who represents the foreign investors, says that there is work for anybody in the sector. Sector of biological agriculture is expanding dynamically in the country. More than 4 thousand
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produces, some of whom have their own farms of more than 100 acres Selected Decisions of the area, are registered in Bulgaria, now. Traders in bio foods also have Government registered annual increase of 80-100%, they are multiplying any other of the Republic of Bulgaria for the period 02.04.2014-23.04.2014 year now. With the stepping of the Austrian certifying authority on the Bulgarian market local producers will have one more opportunity to 23.04.2014 export bigger quantities abroad, including Japan and the US. Despite Provided BGN 4.35 million to coming from small farms their production is demanded for but only in promote innovation of small and the presence of guarantees that not only production, but also packing, medium-sized enterprises shipping and transportation processes are made without contamination Convention for the avoidance of from unwanted chemicals. double taxation will promote capital.bg, 27.03.2014 business contacts between Bulgaria and Romania Huawei interested in developing the economic zone in Defined forms of cooperation Bulgaria’s Plovdiv between Bulgaria and Croatia in the field of culture Chinese technological giant Huawei is interested in taking part in the technological renovation of Trakia Economic Zone, comprising of the six Transport infrastructure projects will be a priority in regional cooperation industrial zones surrounding Bulgaria’s second biggest city of Plovdiv, between Bulgaria and Serbia Bulgarian Capital Daily newspaper writes. The envisaged projects regard Bulgaria and China will specify the establishment of an intelligent transportation system between projects and mechanisms for residential areas and plants, the improvement of communication strengthening bilateral economic between companies and their inclusion in a system for resource sharing cooperation and energy efficiency, as well as setting up data centres. This would BGN 7,2 million is granted to provide attract even more investors to the zone. For the last 15 years it has subsidized employment attracted more than EUR 1 billion via entrance of more than 100 foreign and the similar number of Bulgarian companies. Sienit Holding and KCM 16.04.2014 2000 are developing a mega project via specially developed cluster. In 2015 Bulgaria will host regular Several days ago Sienit Holding and Huawei signed a memorandum for meetings of the group of countries in the IMF and in the organizations of cooperation during a Bulgarian-Chinese business forum in Plovdiv. It sets the World Bank Group the legal framework of the negotiated between them business Enhanced cooperation with the partnership. United States in the fight against tax capital.bg, 30.03.2014 evasion Decreasing budget deficit to 0.9 FairPlay properties sold properties for BGN 17.6 million percent in 2017, the medium-term FairPlay properties REIT, a company that invests in construction of budget forecast luxurious residential, holiday and commercial sites, sold properties for BGN 17.6 million last year. The result is weaker as compared to last 09.04.2014 year’s. Yet this is not the reason why the company ended 2013 with a 26 projects with the support of loss to the amount of BGN 10.3 million. It is a book loss and is explained JASPERS in 2013 by revaluation of investment properties that FairPlay Properties is ready Bulgaria and Croatia specify the to separate with at a price lower than that at which it acquired or forms of cooperation in science and constructed them. Expectations for the present year are conservative as education there are less ready constructed properties for sale. Still the company Approved results of the second forecasts that a stable year on the real estate market is pending that may session of the Bulgarian-Qatar Joint Committee for Economic and result in unfreezing of some of the company’s low-risk projects. In Technical Cooperation addition the company will distribute dividend to the amount of BGN 218 thousand. It is so because the company is a special purpose vehicle and Opportunities for production of industrial materials near Asenоvgrad its profit for distribution is taken without impairment. At least 90% of it explored has to be distributed among shareholders. capital.bg, 31.03.2014
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Bulgarian Walltopia will invest BGN 4 mln in research 02.04.2014 and development center in Sofia Tech Park Planned training of 16 000 students The R & D center aims to create unique research and development unit, in vocational education and training and the provision of service in 2367 which will support the business of Walltopia - architectural and unemployed youth engineering activities, technical testing, test climbing hall and analysis. In the second half of 2013 are The company will develop specific technologies in the production of implemented 21 measures of a plan climbing walls and thus will strengthen its position in the international to reduce the administrative burden market as a leader of innovative products. of legislation containing European "Successful people are active people, those who enjoy the movement requirements and the new opportunities, said Ivaylo Penchev, Executive director of Creation of a Bulgarian-Vietnamese Walltopia. We decided to change the place of "Activist Collider Center" working group on tourism is because we believe that Sofia Tech Park will concentrate on yourself provided in the plan for cooperation between the ministries of the two energy, innovation and "collisions" of active people with ideas as we countries are", he added. On the 27th of July 2013 the company world-leader in making of artificial Optimized procedures for the issuance of an investment class climbing walls- Walltopia Ltd was awarded with a certificate for investor certificate Class A in the field of high technologies and innovations. The certificate was awarded because of the construction of R&D center, part of Collider Activity center within the Scientific-technological parl. BGN 4 million of the investment is envisaged for completion of the R&D center. The investment total value is BGN 15 million. The joint project is expected to create about 100 new jobs. sofiatech.bg, 01.04.2014
New forms of economic cooperation discussed with Vietnam Vietnamese companies want to buy Bulgarian land and to launch high- tech production in Bulgaria. On the other hand Bulgarian businessmen are ready to invest in joint ventures in Vietnam with the aim to step on the markets in the region. This is what became clear during the bilateral business forum that took place in the fourth largest Vietnamese town of Da Nang. Bulgaria is putting huge importance on the development and deepening of our relations with Vietnam, Bulgarian Prime minister Plamen Oresharski said. He stressed on the importance of commercial and economic partnership between the two countries. Mr. Oresharski pointed out that Bulgaria maintains good macro-economic and financial stability, as well as that the country has one of the lowest budget deficits and state debts in the whole European Union. Our country’s GDP has registered a growth of approximately 1% for last year, which quite good achievement among other member-states at present, the prime minister emphasized. He also stressed on the fact that in condition of economic recession, our country aims at keeping economic and financial stability. At the same time Bulgaria renders various advantages as compared to the other countries of the region. bnr.bg, 08.04.2014
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Over 140 companies from 16 countries to the 28th of February 28 companies of the sector participated in the first international have expressed desire to engage in insurance mediation in other countries of the EU. investment forum in Pomorie novinar.bg, 10.04.2014 Over 140 companies from 16 countries took part in the first international investment forum "The Economy of Gorubso Kardzhali acquired a new gold Bulgaria - the way to the east" in the Bulgarian city Pomorie. Ambassadors and businessmen from the mine UAE, Russia, Turkey and other countries discussed About 800 tons of silver and 3 tons of gold are the opportunities for joint investments. expected yields of the new mine Sedefche of the “The need for such forum is to regain lost markets and company Gorubso Kardzhali. The metal content in to find new investors”, governor of Burgas Pavel some samples is up to 1243 grams per tonne silver and Marinov said. 62.5 grams gold per tonne. The average content is "Two of the biggest companies from Saudi Arabia that 57.68 grams per tonne silver and 1.55 grams per tonne started investments, are registered in Burgas. They are gold in the central area of the field. In the southern with capital of EUR 20 million", Ziad El Masri, Chairman part of the field, the content of the precious metals is of the Bulgarian-Arab Business Association said. lower. The intentions of the company are to yield a 800,000 tons of ore per year. bnr.bg, 09.04.2014 Till the mid-May EIA is expected to give an opinion and Diavena plans construction of a new to start procedures for obtaining concession for extraction of metals. The investment for starting the factory for fish cans extraction of ore is BGN 5.2 million, the executive Diavena is to build entirely new factory for fish cans in director of the company said. Research of the new Shumen. The news became clear from the investment deposit started back in 2002, as the commercial intention of the company, sent to the regional invention was registered in 2007. Gold and silver- inspection of environment and waters in the town. containing ores will be extracted in an outdoors Plans are an enterprise with a capacity of 8 tons ready method. The mine’s exploitation will continue for 15 products per day to be constructed. The area of the years. The ore will be processed in Gorubso’s flotation site for construction is 7.5 acres. The production part plant in Kardzhali. will be complemented by a warehouse, too. Shumen pressadaily.bg, 16.04.2014 municipality announced that development plan has been prepared, as well as construction permits have Company opens 55 new jobs in Burgas’ been issued. Industrial park capital.bg, 09.04.2014 55 new jobs will be opened in the new Industrial park European insurance companies move to in Burgas. The company in question is Thermal engineering LTD. It will invest a total of BGN 2.5 million Bulgaria in completion of its project for a new production and Increasing number of insurance companies, registered warehouse base. in the other EU member states are coming to make The future building is designed in line with all European business in Bulgaria. requirements. A showroom hall, production That is what Commission for financial supervision has warehouse, repair part and warehouses are envisaged. informed. A total of 1745 enterprises have declared The company’s main field of activity is design, delivery, that they want to develop insurance activity on the installation and repair of heating, air-conditioning, territory of the country, data towards March points ventilation, sun and gas facilities, research and out. Each month at least a single foreign company of certification of buildings and building facilities for the branch redirects to Bulgaria. In March two energy efficiency. companies expressed their intention to work in burgasinfo.com, 17.04.2014 Bulgaria, while in February their number was 14. At the same time there is interest from Bulgarian H&M to open another four stores in insurance companies to step on the foreign market. As Bulgaria by end-2014 page 15 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
Swedish fashion retailer Hennes & Mauritz (H&M) said Sharp shrinkage of budget deficits in the on Thursday it intends to open four new stores by the EU in 2013 in parallel with growth of state end of this year in different parts of Bulgaria. The company will increase the number of its stores in the debt; Bulgaria second in lowest debt capital Sofia and will open stores in Veliko Tarnovo, in Governmental budget deficits in the EU, more north central Bulgaria, and in southeastern specifically in the Eurozone have reported significant Blagoevgrad in the second half of the year. Earlier this increase in 2013. Still, level of state debts has year, the company opened a store in Pleven’s continues to go up, European commission’s report Panorama Mall. H&M operates 12 stores in Bulgaria in shows. six cities. The brand in presented on the Bulgarian According to Eurostat’s data budget deficit in the Euro market till March 2012. zone last year has shrunk to 3.0 % from GDP, as economy.bg, 22.04.2014 compared to deficit to the amount of 3.7% of GDP in 2012. It has been the smallest in value budget deficit in Weak increase of construction in the EU; the region of the common European currency since 2008. with better increase in Bulgaria in At the same time state debt of the 18th member-states February of the Euro zone have increased to a record high of Construction in the EU has gone up in February for a 95.6% from GDP towards the end of 2013, as third month in a row, but at a slower pace as compared compared to 90.7%, registered in the end of 2012. to the registered growth in December and January, Moreover total state debt in the EU has grown to data of Eurostat shows. Construction in the 28th 87.1% from 85.2 %, European commission’s report member-states has increased in February by hardly points out. 0.1% on an annual basis after a growth of 1.4% in Eurostat’s data also show that there is huge in December and in January. On an annual base dimension fragmentation that exists in Europe. construction in the EU has gone up by 5.5% (as Countries, such as Luxembourg, Germany, Estonia, compared to February 2013) after an increase by 7.1% Denmark, Latvia and Sweden register either budget during the first month of the year. The same weak excess or quite weak state deficit, while others like growth of 0.1% on a monthly basis is registered in Slovenia, Greece, Ireland, Spain, Great Britain, Cyprus, construction in the Eurozone in February (after a Poland, France and Portugal account for deficits above growth by 1.6% in the next two months), as annually the EU limit of 3% of GDP. an increase of 6.7 % was reported, following an 8%- At the same time state debt of Bulgaria has increase to growth in January. Eurostat has announced 18.9% of GDP as to the end of 2013, as compared to comparatively good data for constriction in Bulgaria, as 18.4% during the previous year. It also remains far compared to the overall stall in this important sector in under the European limit to the amount of 60% of the rest of Europe. According to the European statistics GDP. construction in Bulgaria has increase in February by 0.5 The debt of Bulgaria amounted to BGN 14.733 B last % on a monthly basis, following a solid growth of 3.7% year, as the latest statistics show. The account deficit in the first month of the year. The reported data are in 2013 was BGN 1.178 B, or 1.5% of the country's comparable to the levels, registered in the end of 2013 economy, according to data by the National Statistical (growth by 0.6% in December). On an annual basis Institute (NSI) cited by Expert.bg and confirmed by construction in our country registered growth of 5.4% Eurostat. NSI numbers also show that have been in February (as compared to February) after a growth accumulated in the budget's Central Governance (BGN of 5 % in January. This is actually to confirm that during 1.42 B) and Insurance Funds (BGN 81 M) subsectors, the first two months of the year Bulgarian construction whereas the Local Governance subsector has sector has succeeded in breaking the negative trend of registered a surplus of BGN 327 M. According to the deterioration that was in effect during 2013. fresh data, Bulgaria ranked as the EU country with the bnr.bg. 24.04.2014 second-lowest GDP in 2013, lagging only behind Estonia, which had a debt amounting to 10% the size of its economy. The country was also among those with lowest current account deficit. Luxemburg, on the
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other hand, was the only state with a budget surplus. new offices in Sofia. New space will be located in According to this indicator our country occupies the Infinity Tower – a business center, situated next to prestigious second place among all EU member-states. Bulgaria mall, Colliers International that provides for It is outrun only by Estonia that has a debt of only 10% the deal has announced. TELUS will create 188 new of GDP. jobs, as the company plans to employ between 4000 bnr.bg, 23.04.2014 and 5000 people both in Bulgaria and Romania by the end of 2017. At present, 1200 people work for the TELUS International expand its business in company in the two neighboring countries. the country economy.bg, 24.04.2014 International company TELUS International, specialized in outsourcing, plans to expand its activity by hiring
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INVESTMENT PROJECTS IN A PROCESS OF REALIZATION
Biovet will invest EUR 2 million in new facilities Biovet will invest EUR 2 million in expanding facilities for veterinary products of its factory in Peshtera. The project will be executed within 18 months. Biovet will use the money to build a new building and to buy new machineries and equipment. As a result production capacity of these medicines will go up by 20%. In 2013 Biovet’s total investment is assessed to EUR 4 million. The money was invested in new production capacities, energy efficiency and improvement of working conditions. In 2012, Biovet purchased a new factory in Razgrad via a loan from Citibank. That its last huge investment, too. Invested money was EUR 30 million, which made production capacity of the company double. Expectations are that invested money will repay in 5 to 7 years’ time. Biovet has three production sites- in Razgrad, Peshtera and Botevgrad. Basic part of its production is exported.
Source: www.capital.bg
Triza LTD starts a project for construction of a logistics center Bulgarian company Triza Ltd, in which TRISA HOLDING AG owns a majority share, starts construction of a new logistics center, located close to the capital city. Via the logistics center Triza Ltd will add new activities to its portfolio that are related to warehousing, assembling, packaging and preparation for export products of the Swiss parent company. This it will become the basis for implementing the planned commercial expansion of the mother company in Eastern Europe and Russia. The logistics center will be used for warehousing, assembling, storage, distribution to markets and shipping of other products. Construction of buildings with initial built-up area of about 3000 square meters on its own sites of about 27 000 square meters is envisaged. More than BGN 6 million is planned investment for the first three years. About 30 new jobs are expected to be created, too.
Source: Triza ltd Bulmat plans to build a factory in Dobrich Dobrich-based company Bulmat plans to construct a new factory and warehouses for flexible joints and accessories for sanitary ware in the former military base in the city. The company produces flexible joints for water and gas. Under the data of the company, 90% of the goods are exported to foreign markets. The export is directed to countries all over Europe, South America, Australia, part of Asia, Russia. Planning of bigger volumes of products and their extension by new types imposes construction of additional production facility. More than EUR 10 million is the value of the envisaged investment in the new base. Its first stage, related to construction of industrial premises on an area of 10-12 acres has to be completed in a year’s time. The entire project has to be terminated for about five years, between 100 and 150 jobs are expected to be created when the new plant become operational.
Source: www.capital.bg
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ANALYSIS OF SECTOR INFORMATION TECHNOLOGIES Sector Information Technologies Number of companies, number of employees in the sector „Computer programming, consultancy and related activities“ (NACE 62) Top companies in the sector by number of employees Number of employees employees, companies, Company number number 2010 2011 2012 32000 7400
6700 Sector Computer programming, consultancy and related activities 28000 28 152 6000 (NACE 62) 24000 26 178 24 887 5300 Hewlett-Packard Global Delivery
20000 4600 Bulgaria Center SPLTD - Sofia 2 199 3 255 3 402 21 118 4 516 3900 Adecco Bulgaria SPLTD - Sofia 982 1 334 1 570 16000 4 001 4 138 3200 Telerik JSC - Sofia 282 430 582 12000 3 065 2500 Johnson Controls Electronics Bulgaria SPLTD - Sofia 501 536 570 8000 1800 2008 2009 2010 2011 Sap Labs Bulgaria SPLTD - Sofia 474 493 525 Number of employees Number of companies Sector Information service activities (NACE 63) Number of companies, number of employees in the sector Sixty K SPJSC - Sofia 305 406 565 „Information service activities“ (NACE 63) Bwin.Party Services SPLTD - Sofia 350 351 369 AII Data Processing LTD- Sofia 310 273 288 employees, companies, Outsource Partners International number number SPJSC - Sofia 214 274 265 7000 2000 WHG Services (Bulgaria) Limited 6400 1800 5800 SPLTD - Sofia 133 157 186 6 039 1600 5200 5 774 5 527 1400 4600 Source: Bulgarian Enterprises Information System (BEIS) www.beis.bia- 1 266 1200 4000 4 624 bg.com 1 073 1000 3400 972 800 2800 Top companies in the sector by sales income 713 2200 600 Sales (BGN mln) 1600 400 Company 1000 200 2010 2011 2012 2008 2009 2010 2011 Sector Computer programming, consultancy and related activities Number of employees Number of companies (NACE 62) Turnover and production volume 2008-2011, BGN mln Hewlett-Packard Global Delivery Bulgaria Center SPLTD - Sofia 131.4 214.5 228.9 mln € 2 000 Huawei Technologies Bulgaria 1 800 SPLTD - Sofia 42.6 57.4 95.2 1 600 Telerik JSC - Sofia 38.2 47.5 63.3 1 400 1 200 Johnson Controls Electronics 1 000 Bulgaria SPLTD - Sofia 32.9 37.5 49.8 800 Sap Labs Bulgaria SPLTD - Sofia 38.7 41.2 46.7 600 Sector Information service activities (NACE 63) 400 Bwin.Party Services SPLTD - Sofia 18.3 21.7 21.2 200
0 Emerchantpay LTD - Sofia 2.1 2.6 18.4
2009 2010 2011 2008 2009 2010 2011 2008 ADD Bulgaria LTD - Plovdiv 10.0 15.5 14.2 Computer programming, consultancy and related activities Information service activities (NACE 63) (NACE 62) Sixty K SPJSC - Sofia 7.6 9.1 12.8
Turnover (or gross written premiums) Production volume Outsource Partners International SPJSC - Sofia 7.2 9.0 10.3
Investments in tangible assets 2008-2011, BGN mln Source: Bulgarian Enterprises Information System (BEIS) www.beis.bia- bg.com mln €
100 Data in graphics are taken from Eurostat and include the following sectors 90 Computer programming, consultancy and related activities (NACE 62) and 80 Information service activities (NACE 63). 70 60 50 40 30 20 10
0
2011 2008 2009 2010 2008 2009 2010 2011 Computer programming, consultancy and related Information service activities (NACE 63) activities (NACE 62)
page 19 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
Investments in sector Information Technologies IT industry is characterized by high added value, dynamical development accompanied by incessant high-tech change. Fast spread of mobile communication and improved international connectivity facilitate inclusive development of the sector. Thus it’s a way to open new niches and chances for IT enterprises, as well as to extend scope of inclusion of Internet technologies in very essential fields like health, education, utilities, management of private and public sectors, etc. IT industry is a typical knowledge industry- highly qualified people apply in productive way knowledge and skills for development of quite complicated systems. IT industry in the EU has been developing dynamically in 2012. According to Eurostat’s data the sector has registered growth of about 6%, as compared to 2011 (in line with qualification of economic activities sector IT includes “Activities in the field of Information technologies” (Classification of Economic Activities 62) and “Information technologies” (Classification of Economic Activities 63). Achieved medium level of indices of the industry from the time before the crisis for the EU has not still been reached. Yet some countries have registered significant growth of revenues: Estonia, republic of Ireland, Latvia, Slovakia, Bulgaria, and Germany. The IT sector is one of the most dynamically developing ones. It remains one of the few fields that have not been severely affected by the crisis, both worldwide and in Bulgaria. IT is a leader in reported growth, too. The sector is considered by experts as the most perspective field for taking Bulgarian economy through financial recession of the recent years. After the crisis began tangible in the country, it has become clear that lots of Bulgarian companies in the IT sector are ready to avoid difficulties and limitations on the domestic market by realizing successful partnerships and projects abroad. Many Bulgarian companies are turning from outsourcing partners that render services for development at comparably low cost into interesting and successful developers of their own services and products that have place on various foreign markets. There are mainly Western European countries and the US, as long as the Middle and the Far East, Africa, Russian federation, South America, Australia. Upward trend in the sector can be explained to a great extent by technological innovations and improvements worldwide, too. Various options for communication are appearing. Usage of mobile phones with extended functionality and new generation of mobile devices has increased. If we are to look at the basic economic indices it became clear that IT sector has been generating constant growth of revenues and employees for the period 2008-2011. Number of employed people in the sector has gone up by 30%. Although their share is scarcely 1% of all employed people in the country, the sector generates 3% of Bulgaria’s GDP. This is to prove its high added value and productivity. Local representatives with their innovative products and successful business models rank among significant companies in the branch that are mainly foreign outsourcing companies. This is to say that local IT business is stepping forward on the chain of added value. Huge number of local small and medium sized enterprises has great contribution and may be considered as example for success and good practice. IT sector is expected to continue to develop dynamically under the influence of globalization, incessant technological change and necessity of integration of knowledge from various fields. Cloud technologies, combined with inner applications for public and private clouds will prove to be engine for business growth. They are to continue to facilitate work of private users and to alternate image of computer technologies. Source: "Sectoral analysis of the IT sector, part of the project" Development and implementation of an information system for assessing competence of the workforce in sectors and regions (MyCompetence) of the Bulgarian Industrial Association (2013)
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INVESTMENT OPPORTUNITIES OF MUNICIPALITY
Stara Zagora Municipality Area: 1 019.4 sq. km Mayor: Zhivko Veselinov Todorov Tel: +35942/ 614 652, 918 652, 600105 Fax: +35942/ 601 103 e-mail: [email protected] Web site: http://www.starazagora.bg/
Stara Zagora Municipality Population Total for Stara Zagora Municipality 2010 2011 2012 Population (number) 163 420 159 219 159 516 Birth rate, (number) -435 -531 -547 Mechanical growth - total (number) -617 -420 844 Working-age population, number 106 029 100 626 101 001 Foreign direct investment by 2010 2011 2012 non-financial sector (EUR FDI thousand) n.d. 159 597.3 170 469.5
Leading companies by sales Company 2010 2011 2012 income (BGN mln) Zara E LTD 182.4 159.4 162.8 Zagorka JSC 143.8 135.1 148.8 Ritam-4-TB LTD 164.4 197.2 121.8 PSI JSC 120.9 173.3 91.6 GU Faraday SPLTD 61.9 74.0 78.9 Leading companies by profit Company 2010 2011 2012 (BGN mln) Zagorka JSC 22.1 16.9 20.6 Peshtostroy SPLTD 7.1 7.3 6.3 Milenium 2000 LTD 1.7 6.9 5.2 Zlatex LTD 1.3 3.5 5.1 Kremak SPLTD 2.5 3.1 4.3 Projects carried out in the Expansion of the central square and an observatory with planetarium in the Stara Zagora Municipality area of public functions Renewal and energy efficiency of the administrative and public buildings. Modernising education and social infrastructure. Integrated Urban Transport of Stara Zagora New Technical University and park in the area of social character Social impact area, including a major project on the territory of the former artillery barracks in the Kazanski district Modernising 171 multifamily buildings Logistics center for cargo flights in the economic zone Construction of streets Voivoda Stoicho Chernogorski and Promishlena that are still under design Today Stara Zagora is a modern and dynamically developing industrial town, university center with rich historical past and various scientific and cultural institutes. According to data of National statistical institute in the third quarter of 2013 Stara Zagora region is second in terms of wage after Sofia region page 21 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
(capital city). Stara Zagora municipality’s budgetary framework for 2014 goes beyond BGN 86 million. Local taxes and fees are among the lowest in the country. Standard and Poor’s (S&P) has confirmed Stara Zagora municipality’s accredited long-term rating of BB+. It has increased prospects from stable to positive. Municipal administration has implemented system for quality management in line with ISO 9001:2008 standard. The system has been applied in the last eight years. From the start of 2012 the municipality has launched ISO 14001:2004 standard for administrative, legal and information services to natural and legal entities. Successful presence of well-known retailers and development of commercial centers is a good example of friendly investment climate and living standard in Stara Zagora. From November 2011 the municipality is working on projects for nearly BGN 200 million. Most of them are related to development of infrastructure and are subject to the idea of development of modern European vision of the city. In 2014 construction of a regional system for waste management in the region of Stara Zagora has been initiated. Total value of the project is BGN 52 million. The municipality is working under integrated water cycle projects of Stara Zagora, assessed to more than BGN 40 million. Wholesome renovation of the city’s public transport is envisaged, too. It is funded under European project for nearly BGN 29 million. In 2014 procedures for construction of a 4-lane road that connects Stara Zagora with a junction of Trakia highway are due to start, too. Reconstruction of street lighting has been completed in 2013. The municipality got funding under a project, named “Green and accessible urban environment for Stara Zagora’s citizens” to the amount of almost BGN 10 million. Funds were used for repair of main streets in the city and for cultivation of inter-block spaces. Buildings of more than 17 municipal schools and kindergartens have been repaired with more than BGN 11 million under both European projects and budget of the municipality. Measures for increase of energy efficiency have also been implemented. In the beginning of 2014 a project under the name of “Turning Stara Zagora’s cultural-historical monuments of the Antiquity into a tourist attraction” has come to an end. Funding of the project is to the amount of BGN 4.3 million. Ancient forum Augusta Trayana and Ancient Romanian street before the building of the State Opera-Stara Zagora has turned into an attractive place for both locals and quests of the city. An integrated plan for recovery and development that includes vision and main strategic aim for development of the town till 2020 has also been adopted. Stara Zagora is envisaged to turn into a prospering cultural, administrative, transport and entertainment center with a competitive economy. Development of education and improvement of urban environment are focused directly on achieving higher quality of life. Three zones of interaction have been approved of. Completion of projects to the amount of more than BGN 750 million is set in these three zones. Stara Zagora is a center of lots of festivals and cultural events. In June 2014 the second edition of the International festival for modern European cinema of the name Golden lime will take place in the regional center. The third edition of the festival of wine and cultural heritage of the name Augustiada is to be organized in the town in October. Complete rehabilitation of the running track at the stadium "Beroe" was finished last year. A new modern sports hall was opened, too.
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Stara Zagora Province Area 5 151.1 sq. km Population Total for Province Stara Zagora 2010 2011 2012 Population (number) 347 412 331 135 329 832 Natural increase - from 1000, ‰ -5 -6 -6 Economic Total for Province Stara Zagora 2010 2011 2012 indicators and Employees under labor contracts (number) 108 244 106 133 103 120 labor market Average annual salary of employees under labor contracts 8 080 8 512 9 117 (BGN) Economic activity rate - 15-64 years (%) 68 67 68 Employment rate - 15-64 years (%) 64 62 63 Unemployment rate (%) 7 6 7 Registered unemployed as to 31.12. (number) 11 986 13 182 15 609
GDP (BGN thousand) 3 371 3 345 n.d. GDP per capita (BGN) 9 654 10 067 n.d. Foreign direct investment in non-financial enterprises, as to 573 532.9 562 142.6 668 907.3 31.12. (USD thousand to 2006 - incl./ EUR thousand - after 2007)
Cost of acquisition of long-term tangible assets (BGN 880 638 643 480 973 730 thousand)1) Turnover (BGN thousand) * 7 443 024 7 948 568 8 626 342 Produced output (BGN thousand) * 5 028 935 5 606 782 5 861 246 Value added at factor cost (BGN thousand) * 1 827 483 2 056 278 2 292 309 1) Incl. purchase of land * Data are calculated by the methodology of Structural Business Statistics Source: NSI
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Trakia University
Trakia University is among the five universities in Bulgaria, accredited with a very high score of 9, 27 (at maximum of 10) by the National evaluation and accreditation agency in Bulgaria. The following units are included in the university structure: Faculty of Agriculture with Experimental Station, Faculty of Veterinary Medicine with clinics, Faculty of Medicine with University Hospital, Faculty of Education, Faculty of Economics, Technical College, Yambol, Medical College, Stara Zagora, Department for Information and In-Service Teacher Training, Teaching practice base – Haskovo. Trakia University-Stara Zagora is founded in 1995. Almost 8000 students from Bulgaria and abroad are studying there. There are more than 600 high-quality teachers, as well as guest lecturers from other universities in the country and abroad that are teaching in the university. The university offers training in more than 60 bachelor and master’s degrees. Trakia University organizes more than 70 Doctor’s degrees. More than 12 thousands certificates for qualification and post-graduate training has been issued. Training and scientific research are realized in 20 academic premises with up-to-date equipped training and computer halls, halls for workshops and practical training, specialized cabinets, language labs. There are a total of 44 research, teaching and diagnostic laboratories in the relevant scientific fields. The academic council is consistently working on various international projects, as well as under programmes for bilateral cooperation with partner universities and scientific organizations from the USA, Russia, Japan, India, China, Norway, Switzerland, Turkey, Germany and so on. The university is working on activities under several European projects under Operational programme Development of human resources and Operational programme Regional development. Trakia University-Stara Zagora is a member of the European association of universities and International association of universities (IAU). More than 60 international contracts with foreign universities have been concluded. Extended university charter Erasmus 2007/2008 - 2013/2014 allows the university to apply for funding under various grants. Students have the opportunity to study and conduct practical training in the Erasmus program of the EU, Germany, Czech Republic, Spain, Poland, Italy, Turkey, France, Portugal and many others countries and to participate in international scientific projects. Trakia university’s departments dispose with their own sports bases. Conditions for practice of more than 15 types of sports have been created. These are namely: football, basketball, volleyball, tennis, athletics, aerobics, martial arts, body-building, orientation, etc. Students’ teams of football, rugby, swimming, volleyball present themselves quite successful in students’ tournaments. Basketball team won the 2013 Cup in group A men of Bulgaria and the rugby team is second in the National Championship of the country.
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INTERVIEW Stoian Boev Managing Director of InterConsult Bulgaria-ICB, Deputy Chairman of the Board of the Bulgarian Association of Information Technologies, member of the Board of the ICT Cluster Mr. Boev, what is your opinion about the recently launched idea that Bulgaria has the potential to become the Balkan and even European Silicon Valley? Is this a dream or an attainable goal? It is both a widely discussed idea and a challenge on it is own. I guess you will agree that to an investor the Silicon Valley is a place where the demand meets the supply. I think it will be fair enough to say that this comparison unites to an extent both the dreams and the ambitions of the Bulgarian IT sector. More often than not, the public discussions in the country witness the idea that our sector development perspectives should allow Bulgaria to transform itself from “an outsourcing to a sourcing” destination, which is capable of providing innovative solutions, attracting and retaining highly qualified staff, and entering new markets. It has often been pointed out that we need to make purposeful efforts in this direction. Thus, if I am supposed to answer your question in a word, my answer would be “yes” - we have the potential; nevertheless, we still have to – and by saying “we” I mean all of us – both the business and its branch organizations, the universities and the academia as well as the state – we still have to sustain our efforts in order to ensure the environment which to allow us this line of development. Simultaneously, we need to be recognized as such destination as well. What is the main message you would like to convey to the ICT investors who have an interest in Bulgaria. Do you think Bulgaria has competitive advantages in the region? Presently, it is important that we focus on creating the conditions which will make us attractive for investors, who will not only launch their business and create employment here but will also create value added in the country. The major advantage of our country in the region is our culture which is open to new challenges and is willing to transform a general business idea to an accomplished product. Thus, in purely comparative terms, if there are cultures which have managed to self-assert themselves as capable of performing well on detailed assignments, there are other communities, to which I think we may be seen belonging, which could try promoting themselves as hubs for more creative work approaches and places where business dreams may come true. You have recently taken part in a conference, dedicated to the cooperation among ICT clusters in the Black Sea region. In what way does the international cooperation among business organizations of neighboring countries change the domestic investment climate? These meetings are really useful to know our neighbors better, as well as to identify our points of common interest. I doubt it will be a surprise for you to learn that if we disregard the national specifics in which we develop, the challenges we face are pretty much the same. Thus, it is the partnership among us that may lead to more mature decisions. How do you see the issue on European level? How could BAIT’s international relations for example influence business attitudes? On European level BAIT has been partnering Digital Europe. This partnership has been manifested both in the implementation of specific projects, and in our cooperation for formulating the European policies which have a relation to the ICT sector. In this way we try to address common European problems such as the skills deficit in
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the European ICT sector, or the so called „skills shortage“. Similar topic, although aiming at the general public rather, has been considered by the eSkills Project for example. Through it we try to emphasize the need for e-skill development on a larger scale. As to the second part of your question, Digital Europe helps us be timely informed about relevant European decisions in the pipeline so that the Bulgarian IT companies may also have their say in them. What are the distinctive features of the Bulgarian ICT companies and how do they partner foreign investors entering the country? Generally speaking, the Bulgarian ICT companies have been flexible, cooperative and open to different partnership models. As already discussed, most of the IT companies have been trying to self-assert themselves as providers of products, but it seems to me that the partnership models are largely dependent on the long-term investor attitudes as well. Having mentioned this, we have already observed a number of IT investors, who launched partnerships with Bulgarian companies, managed to build reliable teams and know-how over time, and later acquired the Bulgarian partner as a natural consequence. This behavior is quite different from the one in which you enter a country and start building your company there from scratch. Even more, I think it could be defined as a successful partnership model. In order to illustrate this type of investor I could name companies such as VMWare and SAP Labs. Yet another type of behavior for example has been manifested by a partner of ours, who was so impressed by the level of skills he encountered here that decided to open its local office in Bulgaria, no matter that the country was not part of his initial investment plans. In what way a company such as ICB could be useful for a foreign investor willing to enter the country? It is not that much in my capacity of a company representative but as a deputy chairman of the Bulgarian Association of Information Technologies (BAIT) rather that I can help with sharing experience about the Bulgarian business environment. I can always support or facilitate contact and network building. Last but not least, of course, I can promote the services of our business organizations – BAIT and BASSCOM. And how could you cooperate with a big investor in particular? Considering our company experience and cooperation with companies such as Software AG for example, we proved that when we know the investor’s technology we could cover the commercial activities in the country, we could conduct joint trainings or support the investor with specialized technological applications which are not part of his portfolio yet. An example for this type of application is our product agileMode, which can automatically generate software portals without the need for coding based on ARIS Platform. With respect to the investors who enter the country with the clear intention to buy an existing enterprise for example, we could always support the process of change management when the ownership is transferred, and we can also model the business process, analyze it against the new set of requirements and possibly automate it to complete the cycle. This can facilitate the initial adaptation period for the investor and its transition towards launching its full-fledged business activity.
page 26 of 29 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 4 (7)/ April 2013 InvestBulgaria Agency
CHAMBERS OF COMMERCE IN BULGARIA
Bulgarian-Chinese Chamber of Commerce and Industry (BCCCI)
58 Bulgaria Blvd, ent. С, fl. 9, office 30 Sofia 1680, Bulgaria Tel: +359 2 865 88 99 Fax: +359 2 865 88 99
е-mail: [email protected] http://www.bulgariachina.com
The Beginning The Chamber is a transparent and open to the public institution, which acts as a bridge between the The Bulgarian-Chinese Chamber of Commerce and Republic of Bulgaria and the People's Republic of Industry (BCCCI) was established in 2010 by a group China. of Bulgarian and Chinese businessmen, engaging in active commercial and investment activity in the Goals Republic of Bulgaria and in the People's Republic of The main goal of BCCCI is to support the business China. The partnership among the founders' group activities and economic relations between individuals began in 2005 and the mutual trust among them has and legal entities from both countries. grown a lot over the next 8 years. The Chamber assists in the development of the BCCCI was established as a natural response to the commercial trade between Bulgaria and China, as a growing interest among businessmen from both standing point not only for business initiatives, but Bulgaria and China, who have already realised the also for cultural dialogue between different abundance of opportunities for bilateral partnership. institutions. In order to achieve optimal results in a Thanks to its partnership with chambers and transcontinental business venture, it is vital to companies in different parts of the world, the possess knowledge of the other country's ways and operative capacity of the Chamber is increasing. Data traditions. This is the reason BCCCI created a platform sharing networks, experience and opportunities are to assist Bulgarian and Chinese organisations in also created. achieving mutual understanding. The Chamber also works as an information system for the companies, BCCCI offers an eventful annual schedule of events, engaging in business activities in the Republic of including conferences and business forums, b2b Bulgaria and in the People's Republic of China. meetings in Bulgaria and China, etc. Today BCCCI assists in the popularization of its' members' activities. The Bulgarian-Chinese Chamber of Commerce and Industry has offices in Sofia (Bulgaria) and Shanghai BCCCI offers advice and assistance to investors and (China). We are also currently in the process of trading partners. establishing offices in Beijing and Guangzhou. BCCCI publishes a periodic newsletter. BCCCI's members are companies from all sectors, as well as public organisations. We offer our members adequate service in order to improve the trade Source: http://www.bulgariachina.com relations between them and the respective country.
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MACROECONOMIC INDICATORS
Foreign Direct Investments in Bulgaria EUR mln Net cash flow - annual data Years 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 980 1850.5 2735.9 3152.1 6221.6 9051.8 6727.8 2436.9 1151.2 1330.2 1070.3 1092.4 Net cash flow – quarterly data 2013 2013'Q1 2013'Q2 2013'Q3 2013'Q4 Quarters 372.9 263.5 454.8 1.2 Net cash flow – monthly data 2013 2014 III IV V VI VII VIII IX X XI XII I* II* Months 149.6 -67.8 456.9 179.5 298.2 119.4 37.2 41.2 256.3 -296.3 72.8 41.3 * Data is updated (as to 28.04.2014) Source: BNB
Main economic indicators EU – Bulgaria – China European Union Bulgaria China GDP (purchasing power parity) 15 830 000 [2012 est.] 104 600 [2013 est.] 13 370 000 [2013 est.] $ mln GDP - real growth rate 0 [2013 est.] 0.5 [2013 est.] 7.6 [2013 est.] % GDP - per capita (PPP) 34.5 [2013 est.] 14.4 [2013 est.] 9.8 [2013 est.] $ thousand Industrial production growth rate -0.2 [2013 est.] 1 [2013 est.] 7.7 [2013 est.] % Labor force 231 [2013 est.] 2.551 [2013 est.] 797.6 [2013 est.] Mln Unemployment rate 10.8 [2013 est.] 11.6 [2013 est.] 6.4 [2013 est.] % Budget surplus (+) or deficit (-) n.d. -2.4 [2013 est.] -2.1 [2013 est.] % of GDP Public debt n.d. 18.4 [2013 est.] 31.7 [2012 est.] % of GDP Inflation rate (consumer prices) 1.5 [2013 est.] 1.5 [2013 est.] 2.6 [2013 est.] % Current account balance -34 490 [2011 est.] -182.3 [2013 est.] 176 600 [2013 est.] $ mln Export 2 173 000 [2011 est.] 27 900 [2013 est.] 2 210 000 [2013 est.] $ mln Import 2 312 000 [2011 est.] 32 880 [2013 est.] 1 772 000 [2013 est.] $ mln Reserves of foreign exchange and gold 863 800 [12m 2011] 20 690 [12m 2013] 3 820 000 [12m 2013] $ mln Debt - external 15 950 000 [12m 2012] 37 850 [12m 2013] 784 800 [12m 2013] $ mln Stock of direct foreign investment - at home n.d. 54 210 [12m 2013] 1 344 000 [12m 2012] $ mln Stock of direct foreign investment - abroad n.d. 1 939 [12m 2013] 644 200 [12m 2013] $ mln Source: CIA /www.cia.gov
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UPCOMING EVENTS
14-15 Brussels, Belgium European Business Summit 2014 May 2014
15 The Dorchester Bellwether Europe 2014 May London, United 2014 Kingdom
13-15 Istanbul, Turkey WAIPA World Investment Conference May Four Seasons Bosphorus – Atik Pasha Ballroom A 2014
14 Geneva, Switzerland Economic Forum May Embassy of the Republic of Bulgaria to 2014 Switzerland together with the Chamber of Commerce of Geneva
9 5ABCD Meeting Japan-Bulgaria Business Forum June Room, JETRO Organizers: InvestBulgaria Agency, Small and 2014 Headquarters Tokyo Medium Enterprise Agency, JETRO, Bulgarian Small and Medium Size Enterprises Promotion Agency, Embassy of the Republic of Bulgaria in Japan
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