Amcham Party Wraps up Busy Year Editorial

issue 155 december 2014

AmCham Events: Second Forum on Transatlantic Trade and Investment Partnership New Member of the Board Elected Member News: BNP Paribas, Coface and DGKV Celebrate 20 years AAS, AON News: OSAC General Assembly Meeting 2014 AmCham Party Wraps Up Busy Year editorial

Dear reader,

AmCham Bulgaria concluded a busy 2014 year marked by advocacy and transparent lobbying and continuous work towards achieving a more sustainable business climate in the country by organizing of top notch forums. We partnered with several other business organizations and bilateral chambers on a number of events and projects, to name a few - the U.S. Embassy in Bulgaria, Confindustria Bulgaria, the German-Bulgarian Chamber of Commerce and Industry, the Austrian Business Circle, and the Bulgarian Chamber of Commerce and Industry.

Among the highlights of the 2014 events calendar was the “Rule of Law: Fundamental Principle for a Sustainable Business Environment” conference.

We discussed the need to ensure implementation and maintenance of high standards in the regulatory environment, law enforcement and judiciary, open and active dialogue between business, government, and civil society.

The conference on "Regulatory Impact Assessment for Better Governance" provoked constructive dialogue on the need for regulatory impact assessment implementation in the achievement of economic prosperity and presented foreign best practices in this field.

Another major highlight of our initiatives in 2014 was the “Transatlantic Trade and Investment Partnership (TTIP): SMEs Perspective”. As a follow up on the TTIP conference from 2013, this year we focused not only on the current stage of the negotiations, but also on more tangible and specific effects of the transatlantic agreement and in particular the benefits it brings to small and medium enterprises on both sides of the Atlantic.

The Chamber succeeded to develop and present to political parties its White Paper for 2014. The document outlines the basic principles to help stimulating economic growth, investments and employment, as well as increasing competitiveness of the Bulgarian economy. The Chamber believes that Government action is needed to reassure business about the intention to maintain a welcoming, predictable, and stable political, economic and regulatory environment.

AmCham Committees were especially active during the past year in reviewing and advocating for sector specific policy and legislative issues of interest to the Chamber’s member-companies. The Committees developed and presented to the institutions a series of official positions aimed at improving the policy and legislative framework in Bulgaria.

All of the above mentioned initiatives become much more important today, when for many of you it has been another anxious year – a year of social unrest, which posed many real challenges to our membership. AmCham Bulgaria Magazine December 2014 Last but not least, we devoted more time and efforts in extending our network, within the country and abroad. We truly hope to see more active and engaged membership next year.

I would like to congratulate everyone and thank you for your support, commitment and engagement in all our activities. I wish you all happy holidays and safe travels for you, your families and your friends.

I wish you a great and successful 2015! We look forward to seeing you in the New Year when the Chamber is about to celebrate its 20th anniversary of presence in Bulgaria! page 1

Sincerely Yours,

Peter Lithgow AmCham President contents

issue 155 december 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 December 2014 December 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. Plamen Zhechev Cisco Systems Bulgaria Mr. David Butts CMS Cameron McKenna EOOD AmCham Party Wraps Up Busy Year ...... 4 Ms. Diana Pazaitova Fama Consulting Mr. George Brashnarov Nemetscheck Bulgaria Ms. Krassimira Chemishanska Amgen Bulgaria Mr. Sergey Koynov Forton International amcham events Mr. Solomon Passy Atlantic Club Bulgaria Mr. Venislav Yotov AIG Europe Limited (Bulgaria Branch) Ex-Officio Member Mr. Thomas Bruns Senior Commercial Officer, TTIP Forum Highlights the Benefits U.S. Embassy for SME-s and Consumers on both Executive Director Mr. Valentin Georgiev

Sides of the Atlantic ...... 6 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. By Irina Bacheva Luftverkehrs KG . Albena AD . Alfred C. Toepfer International Bulgaria EOOD . ALICO Bulgaria ZhZD EAD, a MetLife 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 . American Research Center in Sofia . American University in Bulgaria (AUBG) . Amgen Bulgaria EOOD . Amway Plamen Zhechev (Cisco) Joins BoD ...... 12 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 . 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 analysis . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . Ballistic Cell Ltd. . Baxter 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 Budget 2015: Reprise of 2014...... 14 Legal Office . British American Tobacco Bulgaria . Brown Forman Beverages Worldwide Sofia Branch LLC . bTV 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 By Marina Tsvetkova Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . Carat Bulgaria . Castello Precast OOD . Center for the Study of Democracy . Chaos Group . 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 communication HBC Bulgaria AD . Coface Bulgaria Credit Management Services EOOD . COLLIERS International Bulgaria . Comverse . Congress Engineering Ltd. . Construction Management Group . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Credit Agricole Bulgaria EAD . Curtis / Balkan Ltd. . Dalkia Bulgaria EAD . Danailov, Something to Ponder ...... 16 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 . Dobrev & Lyutskanov Law Firm . Dr. I.S. Greenberg Medical Center . Drujba By Jim Urquhart, AAS DIrector 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 AD . Engineeringservice Sofia Ltd. . Enterprise Communications Group OOD . member story EOS Matrix Ltd. . Ernst & Young Bulgaria EOOD . ESRI Bulgaria Ltd. . Etap Adress . Eurobank Bulgaria . Eurohold Bulgaria . European Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria Employees’ Engagement Is on the Rise Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton International AD . Foundation Glob@l Libraries - Bulgaria . Fox International Channels Bulgaria EOOD . GAEA - Green Alternative Energy Assets EAD . Galardo EOOD . Gasstroymontaj Jsc . General Electric International . Georgiev, Todorov & Co. . Geostroy AD . Geotechmin in Bulgaria ...... 18 OOD . Geotrading AD . Gi Group . GIFTA . GlaxoSmithKline . Grand Hotel Sofia . GTC Bulgaria . Helios . Power Hewlett-Packard 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. . Interdean Relocation Services . Interlang Ltd. . International Data Corporation (IDC) BNP Paribas Marks Its 20th . 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 Anniversary in Bulgaria ...... 20 EOOD . Johnson Controls Electronics Bulgaria . Junior Achievement Bulgaria . Kalamaris group Ltd. . Kaliakra AD . Kamenitza AD . Katilin Popov Enforcement Officers . Kempinski Hotel Grand Arena Bansko . Kempinski

Hotel Zografski Sofia . KPMG Bulgaria OOD . LANDMARK Property Management AD . Lexim Sofia Ltd . Lindner AmCham Bulgaria Magazine December 2014 Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. A Hill & Knowlton Associate . Coface Celebrated Its 20th 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 Anniversary in Bulgaria ...... 22 Bulgaria . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mobiltel EAD . 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 . NEXTDOOR Ltd. . Nicholas Djingov, Gouginski, Kyutchukov & Velichkov 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 Celebrates 20th Anniversary in Style ...... 24 Ltd. . Orbit Ltd. . Orkikem Ltd. . Panchim Ltd. . PANDA - IP Ltd. . Pedersen & Partners . Penev LLP . Penkov, Markov & Partners . Pfizer Luxembourg SARL Branch Bulgaria . 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 Bulgaria Ltd. . PSG Payroll Services Ltd. . page new members ...... 26 PwC Bulgaria . Quadrant Beverages JSC . Radisson Blu Grand Hotel . Red Devil Catering Plc . Regus Bulgaria 3 Ltd. . Renault Nissan Bulgaria SRL . Right Rental Ltd. . RSM BX Ltd. . S&T Bulgaria . Sanofi - Aventis Bulgaria EOOD . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Bulgaria . SECTRON Chaos Group . Sensata Technologies . Shell Bulgaria EAD . Sherita M Ltd. . Siemens EOOD . SIENIT Holding . Sitel Bulgaria EOOD . Sodexo Pass Bulgaria EOOD . Sofia Hotel Balkan . Sofita . Sogelife Bulgaria IJSC . Sopharma AD . Sopharma Trading JSC . St. Sofia Golf Club & SPA . Stanton Chase International Bulgaria . International Data Corporation (IDC) Steelcase International . Stefan Dimitrov, Norman Realestate Co. Ltd. . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services 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 news Law Office . Totema Engineering JSC . UniCredit Bulbank . 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 Kentavar - IZ Dinamika EOOD . VUZF U i it Hi h S h l f I d Fi W llt i Ltd Wl t Bl i Wtih cover story

AmCham Party Wraps Up Busy Year

AmCham Christmas party wound up 2014 in style as the last in series of many community events the Chamber alone or together with its partners organized this year.

Hundreds of AmCham members enjoyed the traditional gathering on Dec. 10, 2014 at the Sofia Hotel Balkan. Representatives of member companies, bilateral chambers and local business associations, partners, and media attended the event.

Wishes for a Merry Christmas and a Happy New Year by Peter Lithgow, AmCham president, and Valentin Georgiev, executive director, were met with cheers by the audience.

U.S. Embassy officials, among them Bruce Burton, U.S. Deputy chief of mission, Thomas Bruns, U.S. commercial attaché, and his team, many AmCham members and partners enjoyed the party.

AmCham thanks Johnnie Walker and Coca-Cola, who supported AmCham president Peter Lithgow addresses the numerous guests at the party. the event.

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Atanas Penev (Nasko) of B.T.R. On the right is Frederic Stierlin, Vice President, Finance Shared Services.

From left: Irina Yordanova, CEIBG, Stanislava Dimitrova, U.S. Commercial B.T.R. band Service, and Irina Tzoneva, BNT. AmCham Bulgaria Magazine December 2014

The evening started with blues, rock and roll and ended with a round dance.

page 5 amcham events TTIP Forum Highlights the Benefits for SME-s and Consumers on both Sides of the Atlantic By Irina Bacheva AmCham organized for a second year in a row a forum on the Transatlantic Trade and Investment Partnership (TTIP) to discuss the practical aspects of the agreement once it is reached. Government and diplomatic officials, business leaders and economic experts talked about food safety, reducing red tape for the business, particularly for SME-s, lifting of non-tariff barriers, and other trade aspects – all of that to facilitate further opening of the markets on both sides of the Atlantic. Economic experts assessed that the Transatlantic Trade and Investment Partnership (TTIP) will Marco Felisati, Deputy Director, International Affairs, Confindustria. boost the EU economic growth up to 119 billion EUR annually and the transatlantic economy’s GDP by between 1.5 and 3.5%.

On December 2, 2014 the American Chamber of Commerce in Bulgaria and Confindustria Bulgaria organized a conference entitled “The Transatlantic Trade and Investment Partnership (TTIP): Small and Medium-Sized Businesses Perspective”. Our partners were: U.S. Embassy in Bulgaria, the Embassy of Italy in Bulgaria and the Bulgarian Chamber of Commerce and Industry (BCCI). From left: Peter Ganev, EME, Andrea Rigoni, President of Rigoni di Asiago, Plamen Dilkov, Bulgaria Peter Lithgow, President of AmCham Engineering and Luca Donelli, Gruppo Donelli. opened the forum that was attended by the Deputy Prime Minister Meglena Kuneva, Bozhidar Loukarski, Minister of Economy, U.S. Ambassador to Bulgaria Marcie B. Ries, Italy's Ambassador to Bulgaria Marco Conticelli, and Pietro Ghia, President, Confindustria Bulgaria. Bulgaria will not 6 compromise on food safety standards

Bulgaria will not compromise on food safety standards, said Ms. Kuneva while addressing some public fears, associated with the TTIP agreement. She further talked about GMO-s, shale gas explora- AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria amcham events

Deputy Prime Minister explained that trust in the judicial system is low. She Council, 99% of all businesses in Europe the tariff and non-tariff barriers add stated our country has a task - to reform and the US are small and medium-sized between 10 and 20 percent to the value its judiciary and announced that con- enterprizes. Moreover, SME-s in Europe of goods traded between the EU and the crete steps in this regard will be pre- helped creating 85% of all new jobs in U.S., which affects market prices for sented soon by the government. the period 2002-2010. Yet only 13% of consumers. In connection with the EU SMEs export beyond Europe. investor-state dispute settlement (ISDS) U.S. Ambassador Ries stated that mechanism, Kuneva pointed out that SME-s and consumers would benefit “Improving access to the U.S. market for Bulgarians are hesitant to allow disputes most from the agreement once it is final- Bulgarian goods and services, will contribute substantially to stimulating economic growth, innovation, and employment in Bulgaria, as well as to enhanced protection of intellectual property rights” stated Minister Bozhidar Lukarski.

Christina Sevilla, Deputy Assistant U.S. Trade Representative for Small Business and Marco Felisati, Deputy Director, International Affairs, Confindustria elaborated in detail on the TTIP benefits and concerns, both in the EU and the US. TTIP will increase Bulgarian exports by 7.7%

Christina Sevilla, Deputy Assistant U.S. Trade Representative for Small Business. In her speech, the U.S. ambassador mentioned that the trade between the U.S. and Bulgaria is not large, but on pace to break a record by the end of the year with growth of almost 25% compared to 2013. In the context of TTIP and its impact on SMEs, Ambassador Ries quoted a recent study by the Atlantic Council according to which the share of exporting SMEs to total exporting enterprises is 86%. Preliminary research conducted by the Bulgarian Academy of Sciences estimates TTIP will increase Bulgarian exports by 7.7%, and likewise will increase domestic labor productivity (measured as GDP per capita) by 6.8%.

More than 200 business reps attended the forum. TTIP will improve the market access AmCham Bulgaria Magazine December 2014 to be settled in arbitration because the ized. According to a study of the Atlantic significantly. Small businesses do not have the staff to follow the constantly changing rules and regulations – and yet they need the same information as larger companies to be successful. Streamlining customs procedures would allow products to get to market more quickly and more cheaply. Promoting regulatory cooperation and harmoniza- page 7 tion will allow small businesses to avoid costs associated with “tweaking” a prod- uct to ensure it complies with EU or U.S. regulations.

The European Union and the United States are the world’s two largest econ- omies, which together represent a com- amcham events

$2.5 billion in goods and services are exchanged between the two markets each day, and over thirteen million American and European jobs are direct- ly tied to transatlantic trade and investment. TTIP is all about evolution – it will broaden and deepen what is already a deep and mutually beneficial economic relationship, concluded the ambassador.

The agreement will make a big differ- ence for the regulatory mechanisms and ease the processes for SME-s, said Christina Sevilla, Deputy Assistant U.S. Trade Representative for Small Business. She elaborated on easing trade regimes by less paper work, elimi- Peter Lithgow, AmCham President addresses the audience. nation of unnecessary fees, more online information. The United States currently has 23 million small and medium-sized enterprises, which have provided over half of all jobs and two-thirds of all new jobs in recent decades.

Marco Conticelli, Ambassador of Italy to Bulgaria encouraged all of the parties not to refrain from discussing openly the facts and fears regarding TTIP.

In conclusion, Mr. Conticelli said that “the Italian Presidency of the EU sup- ports a deep, balanced and mutually beneficial TTIP agreement”. 2015 is realistic for TTIP to be concluded From left: Andrea Rigoni, President of Rigoni di Asiago, Nikolay Kamov, Nextdoor and Milena Videnova, Coface Bulgaria.

In his speech, Marco Felisati, Deputy Director, International Affairs, Confindustria stressed that TTIP will reduce costs for companies, facilitate innovations and foster competition worldwide.

“Seven rounds of TTIP negotiations have taken place so far and the main message from us is: use more business in the process and take our suggestions. Since the start of negotiations 2 years ago, the business provided strategic expertise in key industrial areas. Let’s continue to be more pragmatic 8 when solving problems in this complicated arena”, Felisati advocated. From left: Peter Lithgow, AmCham President, Marcie B. Ries, the U.S. ambassador to Bulgaria and Italy's Ambassador to Bulgaria Marco Conticelli. “As the Italian presidency of the EU is approaching its end, we urge the nego- cial to set up an effective cooperative can be done. Felisati dubbed as “giant” tiators to start delivering what will be framework. the issue of regulatory convergence. possible in 2015. We have to give posi- Lifting of non-tariff barriers and access tive signals to the public and civil society In his words, TTIP is a complex and to public procurement will open markets AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria

amcham events

large scale competition.

Customs’ harmonization, reduction of red tape and bureaucracy, as well as e-customs development are very important for cooperation between SME-s. Supply chains will function better without the non-tariff barriers that currently exist.

Felisati reminded the audience that none of the current trade agreements worldwide succeeded to cover all areas of interest to business on both sides of the Atlantic, as TTIP is trying to do. None of the existing agreements is as comprehensive having, for example, a specific chapter on SME-s. At its traditional annual award ceremony the Bulgarian Chamber of Commerce and Industry award- ed Thomas Bruns, U.S. Commercial Attachе' in the category “Foreign trade representative” for his sig- The ultimate goal is to open the distribu- nificant contribution to better economic cooperation between USA and Bulgaria. tion market and provide Europe and the U.S. with most efficient access to each A positive feedback on the TTIP devel- foods that cannot be exported from other by reducing the standards’ gap. In opments has been received from EU Europe to the U.S. TTIP will signifi- that sense TTIP may be the beginning of member states, the U.S. Department of cantly ease trade on both sides of the a new era, Felisati concluded. Commerce, and SME-s during a num- Atlantic for a number of products. ber of trade shows and best practices Currently there is a 6% tariff on export- According to the Minister of Economy exchange programs throughout Europe ed foods. Among the foods that cannot Bozhidar Lukarski, Bulgaria expects and in the U.S., said Lori Cooper, exit Europe Zlatev mentioned Bulgarian TTIP to help boost trade with the U.S. by Senior Policy Advisor, Office of yoghurt and spread cheese. “improving access to the U.S. market for European Union, U.S. Department of Bulgarian goods, services, and public Commerce. The dialogue included: Moreover, there is an additional tariff procurement (which) will contribute sub- government-to-government, govern- burden and delayed permits on the pro- stantially to stimulating economic ment-to-business and business-to- duction of beer, electric equipment, growth, innovation, and employment in business sessions with representatives wooden products, production of piano Bulgaria, as well as the protection of of the European Commission and the instruments, spectacles and rims. intellectual property rights.”. He under- U.S. Government. scored that Bulgaria expected TTIP to Mr. Zlatev stressed the importance of have a positive impact on sectoral com- Export of European foods access to public procurement in both petitiveness and productivity. Mr. to U.S. to expand the EU and the U.S. that TTIP will facili- Lukarski emphasized that the EU would tate. not allow a lowering of standards in the Mr. Ognian Zlatev, Head of the area of environmental protection, labor, Representation of the European Mr. Petar Ganev, Senior Researcher, or health and safety. Commission in Bulgaria talked about Institute for Market Economy predicted the Bulgarian pharmaceutical industry, rubber and plastic products, machinery, transportation devices, and automotive industry will benefit the most from a TTIP agreement.

CEOs presented their personal hopes for TTIP with presentations by Andrea Rigoni, President of Rigoni di Asiago, Luca Donelli, Gruppo Donelli, International and European Relations, 10 Confindustria Young Entrepreneurs, and Plamen Dilkov, Shareholder, Bulgaria Engineering.

AmCham thanks the main sponsors of the event: AES Corporation and UniCredit Bulbank, as well as to Bulgaria Engineering and Dundee Precious AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria

amcham events Plamen Zhechev (Cisco) Joins BoD

The General Assembly elected Plamen Zhechev of Cisco Systems Bulgaria at its meeting on Dec. 8, 2014, held at the Novotel Sofia.

Zhechev has more than 10 years of experience in the field of information technologies and high-tech industry. Most of his professional career was in a multinational corporate environment with focus on developing the business for top American high-tech giants in the country. Zhechev expressed his belief in the importance of business and community associations and their role to facilitate an open dialog between the business and the state. The newly elected board member vowed to contribute Plamen Zhechev, Cisco Systems Bulgaria. to the major initiatives of AmCham in At the meeting Peter Lithgow, AmCham Paper for 2014. The document outlines Bulgaria. president, addressed the members on a the basic principles to help stimulating number of initiatives and projects the economic growth, investments and The other candidates who run for the chamber developed throughout this employment, as well as increasing com- BoD were: Ioakeim Kalamaris, man- year. AmCham committees were espe- petitiveness of the Bulgarian economy. aging owner, Kalamaris Group; Petar cially active in advocating for members’ Ivanov, general manager for Microsoft interests in sector-specific policy and The General Assembly gathered to vote Bulgaria and Macedonia; George legislative issues. for the AmCham BoD and to approve Dimitrov, partner, Dimitrov, Petrov & the audit report and the budget. Co.; Iva Todorova, governmental pro- The Chamber succeeded to develop grams executive, IBM Bulgaria. and present to political parties its White Among the most prominent position

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(TTIP): SMEs Perspective,” which the Chamber organized jointly with Confindustria Bulgaria and in partnership with the U.S. Embassy, the Embassy of the Republic of Italy and the Bulgarian Chamber of Commerce and Industry.

President Lithgow assured AmCham members in his address that the Chamber will continue to work hard in 2015 to fulfill its mission and goals.

The Chamber will strive more than ever to maintain a high level of engagement within the membership and to focus our Iravan Hira, Hewlett-Packard Bulgaria. activities on matters of importance, papers was the Energy Sector Position ber is particularly proud is the “100 based on members’ input and construc- Paper. The Labor Code Amendments Jobs” project, initiated by Board mem- tive feedback. 2015 will be of signifi- Position Paper, developed by the ber Sergei Koynov and the CSR cance, as the Chamber celebrates its AmCham HR Committee, called for Committee. 20th anniversary. more flexible regulations for trainee- ships, in order to stimulate employers to Among the highlights of the 2014 events Over this period, the Chamber has hire young people as trainees. calendar was the conference “Rule of established itself as a reputable and Law: Fundamental Principle for a trusted network of leaders of the Public Procurement and Public-Private Sustainable Business Environment,” American, Bulgarian and international Partnerships have also been a topic of which took place in July. business communities. Their mutual great interest. In May, Richard Norment, efforts have created tangible building former executive director of the U.S. In September, AmCham, in partnership blocks for numerous milestones, which National Council for Public-Private with the US Embassy in Sofia and the have contributed significantly to improv- Partnerships, joined a roundtable dis- Bulgarian Chamber of Commerce and ing the country’s economic and busi- cussion on the topic, alongside high- Industry, organized the conference ness climate over the past 20 years. level experts from public institutions and "Regulatory Impact Assessment for The Chamber’s achievements would not the business community in order to Better Governance." have been possible without the continu- share experiences and best practices ous support and trust shown by its from Bulgaria and abroad. Another major highlight among the 2014 members over the years, the partner- initiatives became the “Transatlantic ships with the U.S. Embassy and U.S. One of the initiatives of which the cham- Trade and Investment Partnership Commercial Service. AmCham Bulgaria Magazine December 2014

page 13 analysis Budget 2015: Reprise of 2014 Reforms will be seen in the government’s actions next year, the finance minister says By Marina Tsvetkova

There is no room for expanding budget spending, because its excess over revenue has reached the ceiling allowed by the European legislation, that is, 3 percent of the GDP, Minister Goranov said. In his words, the budget gives priority to social policy, healthcare reform and achieving quality high-school and university education.

At the same time, an analysis of the 2015 budget prepared by the Institute for Market Economics (IME) shows that in the next 12 months the government will take an average of 4,579 Leva from each taxpayer in the form of taxes, fines and interest to secure its spending. In addi- tion, by the end of 2015 each Bulgarian The Minister of Finance Vladislav Goranov and chairperson of the Budget and Finance Committee in the will assume another 3,418 Leva of state Parliament Menda Stoyanova during a meeting for the state budget 2015. debt that will have to be repaid in the Only a day after the national budget for and the slashing of 10 percent of the coming years. This makes a total of the current year was revised, the finan- money for remuneration in the public 8,000 Leva per capita for maintenance of cial experts of Boyko Borissov’s cabinet administration. All that could hardly thrill the administration, IME calculated. Also, presented their government spending the trade unions, who even threatened it seems that in 2015 the state will spend forecast for 2015. The budget will provide with strikes. The more so that the govern- more money on interest payments than reassurance and stability in the state, ment’s experts expect neither a substan- on science, culture and sports taken finance minister Vladislav Goranov said. tial recovery in the labor market, nor a together. It is too conservative, too pessimistic and noticeable drop in unemployment. The it lacks reforms, economic experts, trade 2015 budget deepens poverty and unem- Savings attempt unions and employers countered. ployment and cuts down on incomes, Socialist MP Kornelia Ninova stated. She The discontent with the 2015 budget is As a matter of fact, the main parameters criticized the government for projecting widespread, judging by the comments of the macroeconomic framework give 0.8-percent economic growth, given that from ministries, trade unions and profes- ground for both opinions – it all depends the IMF had forecasted 1.4 percent, the sional organizations. According to the on the perspective one takes on the European Central Bank, 1.5 percent, and teachers union, the budget lays down a planned figures and indicators. the interim cabinet, 2.4 percent. 23-million-Leva deficit in high-school education. The union even calculated The indicator that is more or less decisive While government spending is almost that the budget per teacher is 0.65 per- for all other indicators is the planned frozen, public debt will increase by more cent of the budget per police officer. The GDP growth. For 2015, than 4 billion Euro. Budget deficit, though, average salary of teachers now is 779 will be reduced to the healthy 3-percent Leva per month. It is 20 Leva below the economic growth will ceiling allowed by Brussels. Inflation is average wage in the country and 18 per- 14 shrink by half expected to be about 1 percent, which cent below the average salary in budget- means no more disheartening deflation. subsidized organizations. The money for and will be practically just the bare-bones the Research Fund is also smaller: its minimum; it will have no tangible effect The 2015 budget is not a reformist one; it budget for 2015 is 18.7 million Leva, or on the standard of living and state reve- is not oriented to growth and will not help 4.3 million Leva less than in 2014. nue. That is confirmed by the hard-to- the state get off the ground. Striving to notice rise in government spending by reduce the budget deficit at all costs may The medical association warned that the just 50 million Euro, the token increase cost Bulgaria its economic growth, former deficit in the healthcare system would AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria analysis

of the year. The budget portends a financial crisis in the interior ministry: its money has been reduced by 8.31 per- Budget in figures cent, or 93.5 million Leva, interior minister Vesselin Vuchkov pointed out. Another The 2015 budget bill provides for a deficit of up to 3 percent of the GDP, slower of his colleagues was also critical. The economic growth of 0.8 percent, minimum consumer price inflation of 0.1 percent staffing budget has been cut by 77 million and a slight drop in unemployment to 11.7 percent. Pensions are planned to rise Leva, said Defense Minister Nikolay by 1.9 percent from July in line with the Swiss rule and the maximum social-se- Nenchev and warned that “understaffing curity income will reach 2,600 Leva per month. No changes are envisaged in leads to inability to perform tasks related taxation. The minimum working wage will rise gradually, starting from Jan. 1, to combat readiness, the defense of the 2015. From the beginning of next year the minimum wage will increase by 20 sovereignty and territorial integrity of the Leva to 360 Leva per month and from July it will rise by another 20 Leva to 380 country, the training of military entities as Leva. In 2015 the government will borrow 8.1 billion Leva. The debt will rise to agreed with NATO.” 24.5 billion Leva or nearly 30 percent of the GDP. In the middle term, the deficit is planned to be reduced by 0.5 percent a year: 3 percent of GDP in 2015; 2.5 Other ministries also warned of money percent of GDP in 2016; and 2 percent of GDP in 2017. Budget revenue in 2015 shortage. The Regional Ministry will have will be less than spending: revenue is expected to stand at 36.8 percent of GDP problems with the energy efficiency fund, and spending will reach 39.8 percent of GDP. the Hemus motorway and the government investment loans for ministries. Minister of taxation system, which had not been salaries in the state administration, i.e. Culture Vezhdi Rashidov asked for an changed in the 2015 budget. Besides, ministries, institutions, certain activities additional amount of more than 25 million Bulgaria would add just another 2 billion of municipalities, schools and health- Leva for the repair of schools adminis- Leva of new debt, which was less than the care. tered by his institution. Minister of Social deficit. The main task of the budget is to Policy Ivaylo Kalfin in turn recalled that the stop the state from sinking into the spiral By all estimates, the changes in taxation budget for social security was not approved of financial deficits. This is a difficult task are far from revolutionary. The 2015 bud- by either the supervisory board of the because of the poor economic situation in get provides for raising the rate on income National Social Security Institute or the Bulgaria and in Europe, said Menda from deposits from 8 to 10 percent and Council for Tripartite Cooperation. Stoyanova, chairwoman of the parliamen- expanding the taxation base. The tax Nevertheless, there is a small problem in tary budget and finance committee. incentives for people with incomes not the social area: no money has been bud- exceeding 12 times the minimum work- geted for the social inclusion project The taxation and social-security policies ing wage will be revoked and new incen- financed by the World Bank. will be aimed at supporting economic tives for families with children will be growth, improving the business environ- introduced. Another priority is reaching Nothing new ment, curbing tax fraud and enhancing the minimum levels of excise duty rates fiscal sustainability in the long term, said by increasing the excise on cigarettes Finance minister Vladislav Goranov said the authors of Bulgaria’s new financial between 2015 and 2017. that the 2015 budget bill provided for a lot constitution. They expect criticism of the of reforms but they would be seen in the budget and its policies in all areas, On the other hand, the social and health actions of the government, because the because one of the key measures is the insurance contributions will remain fiscal framework itself depended on the reduction by 10 percent of the money for unchanged in 2015; the share paid by employers and employees will also stay the same. The flat tax will be preserved. The maximum social-security income AmCham Bulgaria Magazine December 2014 next year will be 2,600 Leva and will be preserved until the end of 2017. The minimum social-security income of farm- ers will be raised from 2015 to reach the level of the minimum social-security income for the rest of the self-employed: from 240 to 420 Leva per month. The public sector wage bill, excluding the delegated budgets, will be reduced by 10 page 15 percent. After a one-year freeze in 2014, the required retirement age will increase by four months a year between 2015 and 2017. The government will press on with efforts to overcome the disproportions between regions. The implementation of Ivailo Kalfin, Deputy Prime Minister for Demographic and Social Policies and Minister of Labor and Social Policy (left) during a meeting with the labor’s union leader Konstantin Trenchev (center) and Bojidar Danev, operational projects aimed at generating representing employers organizations met in the Council of Ministers to discuss the possibilities of prolonging employment and incomes in the regions communication Something to Ponder By Jim Urquhart, AAS DIrector 3) MOOCs – MOOCs are Massive Open Online Courses. It was not long ago that you had to be physically present at university and certain courses and schools were only available to a select few. With MOOCs one can have access to an incredible array of courses from universi- ties around the world. Oh, I forgot to mention, too – it is often free.

2) Accessible Programming Languages – If you happen to come by our school you may see students engaged in robotics, problem solving, creativity and teamwork. It was not long ago that to control a robot required exten- sive, and perhaps mind numbing, facility “Understanding technology- those parts and manipulate incomprehensible with convoluted programming languages. of the system that you can hit with a ham- amounts of data, and are world chess Now people can learn to program with mer (not advised) are called hardware; champions. Computing power in con- much greater ease, thus allowing more those instructions that you can only shout junction with the cloud provides us time for creativity and problem solving – at are called software.” – Anonymous with great opportunities as well as allowing time to solve even more com- great challenges. plex problems. 21st Century Learning / 3rd Millennium Skills / Enhanced authentic learning is clearly 1) The Magazine – I include this to be a “Teach”nology / one of the great opportunities. Learning bit cheeky but also to point out the mar- Ubiquitous Learning to learn – or even perhaps learning to vels of magazines and other print media. unlearn what we have learned before – For example, a magazine holds pages of There are many names, such as the The Anglo-American School of Sofia information and allows you to save where words used in the above title, to describe works / aims to help our students safely you are (i.e. by folding the corner of a how learning has / is / and will continue and wisely leverage the above - to safely page or using a book mark). A magazine to / change in light of the growth of the and wisely be “Ubiquitous Learners.” also can be used if the power goes out internet and online opportunities in con- – electricity or elaborate batteries are not junction with the technologies that sup- What are five modes of needed to interact with a magazine. The port further growth of the internet and technology students can magazine is durable (albeit not as dura- cloud. leverage to become ble as a hardcover book), if you drop it in “Ubiquitous Learners?” water it still works and can be read. It is Early cell phones sold to the public portable – you can carry it in your pocket. (circa 1973) weighed over one kilo- 5) E-Reading and Online Books – It is Finally, if you are traveling by airplane gram and cost close to the equivalent estimated that a tablet can hold the you do not need to turn a magazine off in of 4000 Euros. These phones allowed equivalent of about 1500 books. An aver- flight or take it out of your carry-on when you to make phone calls. Today, you age sized paperback novel has the mass going through security. can purchase a smart phone that of about 400 grams. Thus a typical tablet weighs about 150 grams for about which has the mass of about 300 grams A Reflection three hundred Euros. These phones can hold the equivalent of about 600000 allow you to do pretty much anything grams (600 kilograms) of books. It is no doubt that new and emerging – today’s smart phones have more technologies allow us to do many things computing power than all of NASA in 4) Skype – Do you wish to talk to an more efficiently, provide us with unprec- 16 1969, when they put people on the expert on crocodiles in Australia? Do you edented access to information, and afford Moon. The earliest computers could want to collaborate with students in India opportunities to be better connected with do about 400 multiplications per sec- who are working on the same project as the world around us. As schools serve to ond. Today’s smart phones can do well you? Does your child want to show a engage, support and prepare young peo- over 2,000,000,000 multiplications per project, read a poem, or sing a song to ple for today and tomorrow - it is very second. Today’s computers dwarf the grandparents (who live a continent important to note that attributes such as power of all of the above – today’s away)? This and much more is possible enthusiasm, teamwork, problem solving, computers build complex machines, via Skype or like modes of communica- perseverance and creativity still remain AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria

member news Employees’ Engagement Is on the Rise in Bulgaria

Krassimira Chemishanksa, AmCham BoD member gives out an award to SAP Labs Bulgaria, N1 in the category of medium and large companies.

10% increase in employees’ engagement is reported this Half of the participating companies are from the Middle year compared to 2013 and in 2014 in Bulgaria the scale companies with 250 and 1000 permanent employees engagement is 64%. The best companies sustain high on a full working day, followed by the category of Small engagement levels of their employees at 83% for 2014 (1% (38%) up to 250 employees and large companies (12%) increase compared to 2013). with more than 1000 employees. The level of the employees’ engagement is inversely related to the size of their 18 For 8 consecutive year AON Bulgaria had been presenting companies, show the 2014 results. Small companies show the companies honored as the Best Employers for 2014 an average engagement level of 66%. Medium companies according to its internationally recognized methodology to – 64% and Large companies – 44%. measure employees’ engagement. The most engaged employees are in the Pharma sector 56 companies from 12 economy sectors took part in this followed by the ones in IT and Production Industry year’s edition of the survey. Approximately 14,500 employees shared their opinions about their employers and 384 More than half of the employees in these companies speak AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria member news for the same company on the long run and invest much The Best Employers Bulgaria 2014: more additional efforts in their daily work which is contrib- uting to the business success. Small Scale Companies Category

Generation differences and their management are a Place Company Segment central issue for the top managers in 2014. 1 Tavex EOOD Finance

Japan Tobacco International Tobacco Products The most disengaged employees in Bulgaria are the ones 2 Bulgaria Trade between 25 and 29 (60%), compared to others. Their low- est ranks are about the remuneration and the recognition Tobacco Products 3 Imperial Tobacco in Bulgaria that they receive from their employer. These are two of the Trade motivating drivers which affect the engagement levels of Medium and Large Scale companies Category the employees. On the other hand, the relationship with the colleagues at the work place and the support from the Place Company Segment direct managers are among the factors which receive high- Information est reward. The expectations toward the top managers are 1 SAP Labs Bulgaria Technologies to be open and honest and their decisions are judged con- tinuously. Hence the critical attitudes towards them – only 2 Actavis EAD Pharmacy 41% see evidence for effective management on behalf of Schneider Electric Bulgaria, the top management of the companies. 3 Production Plovdiv FDM Plant

At the same time only 38% of the respondents completely 4 AES Bulgaria Production agree that “The top management treats employees as the most value asset in the company.” their contribution and to what extent they consider the remuneration system is clear and transparent. The employees of the Best Employers and the rest are dissatisfied with the career opportunities and with the Information and communication in these areas have big remuneration factor. potential effect on the increase of the engagement level. Efforts and consistent support on behalf of the employers Career opportunities which employers offer to their must be directed towards the development of a fair remu- employees appear to be a decisive factor for the talent neration policy through a transparent, performance-based retention and for the employee engagement. It turns out system. though that every other employee in Bulgaria is not aware of the career opportunities which he is given to grow The benefits offered by the employers are crucial for the within his current employer. At present, it is a daily employees’ engagement in 2014. requirement for the top managers to respond to the ques- tion: “What my development opportunities are in this According to every other employee the additional benefits company?”. If they do not have clear and exact answer which the employers are providing, do not respond to and do not provide information about the career path of employees’ needs. An increasing number of employees their employees they risk losing talent and the motivation believe that it is not the quantity and the type of the ben- of the employees to contribute for the success of the efits provided that are important, but the match with their company. particular needs. Against that background, it is important for the employers to ask their employees and take into Often the existing career development systems are good consideration their suggestions for concrete benefits and AmCham Bulgaria Magazine December 2014 only on paper and as processes. Only half of the asked HR their introduction in the company. Health insurance, addi- Managers shares that their company have an established tional pension security, food vouchers and transport costs career path for freshly joined employees. Regardless of are among the most required benefits by the employees. the reason though, when employees see no development prospects within the company their engagement is more Ranking: Ranking is done in two categories – Small scale likely to decrease. Only 52% think that the company dis- companies (up to 250 employees), and Medium and Large covers and develops its talents and 50% agree that the scale companies (from 250 to 1,000 and above 1,000 company promotes those who contribute for its success. employees). This is how the employees get the impression that a job page 19 well done and the goals’ achievement are not criteria for The result is objective, based on statistical formula. career growth or better remuneration. Employees are those that can determine if a company is a good employer. Their engagement is the key factor, influ- Disengagement with remuneration is linked to the employ- encing the business results of the company. There is no ees’ contribution – only 46% of the researched employees only one way to become best employer. Every company agree that their remuneration matches their contribution in needs to determine for itself the appropriate synchroniza- the company. This perception is highly influenced by how tion between a few factors: needs of employees, business much informed the employees are about how the remu- strategy, management style, HR development practices member news BNP Paribas Marks Its 20th Anniversary in Bulgaria

the economy. ”The Branch has supported throughout all these years the local economy In 2014 BNP Paribas S.A. – Sofia Branch is celebrating its 20 and all its play- years of presence on the Bulgarian market. On the 26th of ers, our internation- November clients, partners and friends of the bank shared al corporate and insti- pleasant moments and memories from the last 20 years at an tutional clients, large exquisite cocktail in the Central Military Club in Sofia. The road Bulgarian groups”, highlighted Mr. Hans to a successful partnership is paved with great stories and it is Broucke, CEO of BNP Paribas S.A. – Sofia Branch, on the marked by a number of key milestones, which were highlighted occasion of the anniversary. BNP Paribas is also present on during the event, emphasizing once again on the stable long- the Bulgarian market with its insurance activity through BNP term commitment of BNP Paribas to the local market. Paribas Cardif – Bulgaria Branch and BNP Paribas Personal Finance, leader in the consumer lending. Recently the Bank The history of BNP Paribas in Bulgaria begins with the estab- launched a new online platform for deposits from individuals: lishment of BNP-Dresdner Bank Bulgaria AD in the late 1994 www.deposits.bnpparibas.bg. as a joint venture between Banque Nationale de Paris, Dresdner Bank and EBRD. BNP Paribas is committed to a number of corporate social responsibility projects, out of which the landmark project “Soup BNP Paribas S.A. – Sofia Branch serves large and medium- Kitchen” realized in cooperation with Sofia Municipality, which sized corporates and institutional clients in various sectors of runs already for 13 consecutive years.

20 AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria

member news

Coface Celebrated Its 20th Anniversary in Bulgaria

Coface Bulgaria celebrated the twenti- of the event was Katarzyna Kompovska, Delahaye, Chairman of French-Bulgarian eth anniversary in the country with a Manager of the company for Central Chamber of Commerce. special celebration in the end of and Eastern Europe, and welcoming November. The party was attended by words were raised by the special guests Milena Videnova, Manager of Coface representatives of the diplomatic mis- Daniela Vezieva, Deputy Minister of Bulgaria, welcomed the guests and paid sions, executives of leading Bulgarian Economy, Jean-Marie Demange, special attention to the sustainability. She and international companies, partners Chairman of the French Treasury noted: "Sustainability is a result of our and leading journalists. The official guest Regional Office, and Stéphane work over all these years, together with our clients and partners. We worked together to ensure financial stability and the opportunity for long-term planning of the business of any company that strives for more growth and competitiveness. For us this approach is natural, it is not effort, but part of our philosophy. What we want is every client to be convinced that works with the most trusted partner and receives full support at any 22 moment."

The celebration marked the upcoming holidays, as attendees wished them- selves a Merry Christmas and a pros- perous 2015. The evening continued under the notes of a flute, cello and vio- lin, and guests left their best wishes to AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria

member news Djingov, Gouginski, Kyutchukov & Velichkov Celebrates 20th Anniversary in Style Djingov, Gougunski, Kyutchukov & Velichkov (DGKV) one of the biggest and most prominent law firms in Bulgaria- celebrated its 20th anniversary on November 6th, 2014. The event took place at the Military Club in Sofia, where close to 220 guests- partners, clients and employees of the firm- gathered to celebrate this signifi- cant milestone. The entire DGKV team first met at Black Label Club for a wel- come drink with the four name partners- Mr. Assen Djingov, Mr. Georgi Gouginski, Mr. Stephan Kyutchukov and Mr. Marius Velichkov, welcoming guests and colleagues at the door.

The official dinner reception at the Military club featured a lot of memo- Members of the DGKV family.

Mr. and Mrs. Bruns (US Embassy); On the right are: Mr. Georgi Gouginski of DGKV with Mr & Mrs Passy ; Mr. Youlian Gikov & Mr. Richard Golden of Raiffeisen AmCham Bulgaria Magazine December 2014 December Magazine AmCham Bulgaria

member news

and chambers of commerce.

Amongst the guests were Mr. Daniel Berg from EBRD, Mr. Peter Lithgow of AES and AmCham, Mr. Solomon Passy and his wife Gergana, Mr. Thomas Bruns of the US Embassy, accompa- nied by his wife Patricia Bruns, Mr Kiril Nikolchev of AbbVie, Mr. Robert Golden and Mr. Youlian Gikov of Raiffeisen Bank, Mr. Thomas Pfanne from the German Embassy, Mr. & Mrs Marcenac from Telus, Mr. Schwartz from Michigan Magnetics and many more.

Representatives from partnering firms included Mr. Christian Dorda from Dorda, Brugger, Jordis, Mr Alex Doughty from Eversheds, Mr. Glenn Flannery from Nabaro Nathanson, Mr. Thierry Lauriol of Jeantet Associes, Dejan Nikolic, Patricia Gannon and Milos Vuckovic from Karanovic & Nikolic and others. Teodisii Spassov, kaval player.

ries, laughs, lawyers’ jokes, great food DGKV’s guest list featured clients from The party was such a great success and even a magician. The amazing various areas of business, as well as and fun for everyone present that Teodosii Spassov and his band per- representatives from partnering law DGKV’s partners are considering mak- formed live to everyone’s delight. firms, different countries trade offices ing it an annual event.

new members

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news OSAC General Assembly Meeting 2014

On December 10, 2014, the OSAC Bulgaria Country Council held its annual general assembly meeting at the Holiday Inn, Sofia. Two years after Ambassador Ries launched OSAC in Sofia, Charge d’Affairs Bruce Berton provided the keynote address to the membership, stating that the challenges, global threats and risks we face today are serious, complicated and unpredictable – highlighting the critical role OSAC plays.

More than 50 participants from 35 companies were briefed and had the chance to discuss today’s hot topics with experts like the Ukraine-Russia conflict, ISIS and the threat bey