Bulgaria Exported BGN 2B of Automotive Parts in Five Years
Bulgaria's trade in automotive parts has marked considerable success since 2009, with its exported production valued at roughly BGN 400 M (EUR 200 M) a year.
The number of factories producing parts is also on the rise across Bulgaria, with a total of 50 companies from the field operating here, according to the governments' InvestBulgaria agency as cited by the daily 24 Chasa.
Twenty-seven foreign-based companies prevail on the auto-parts market, compared to 22 local ones. Foreign enterprises from countries like Germany, France, Belgium, Japan, Turkey, the UK and the US are often attracted by low taxation and labor expenses, traditions in the field of electronics and the stable national currency tied to the euro.
Bureaucracy and poorly developed infrastructure, however, are still hindering a further expansion in the field.
Parts for a number of car brands are being produced in Bulgaria, such as BMW, Mercedes, Audi, Ford, Volvo, Peugeot, Renault, Dacia and many others.
About 20 000 people are employed by the industry.
- » Sofia Negotiates with Baku on Additional Quantities of Gas
- » Regional Development Ministry Committed to Sustainable Urban Mobility
- » NSI: In April 2017, Industrial Production Index Drops 1.2% MoM
- » European Comission Approves EUR 86.6M for Sofia Subway Line 3
- » Govt to disburse BGN 28M for National Palace of Culture Capital Increase
- » After Bulgaria's EU Accession, Agricultural Export Has Tripled