German Company to Make Car Air Conditioning Systems in Bulgaria

A German manufacturer of automotive air conditioning systems is said to be about to create over 1500 jobs in Bulgaria.

According to reports of Bulgarian Standard daily, the investment will be announced in a few weeks' time and it involves the production of automotive electronic equipment and not just outsourcing administration functions.

The name of the investor remains undisclosed at this stage.

According to Standard daily, the German investor is likely to have chosen Bulgaria due to the latest amendments to the Investment Promotion Act, which passed second reading Tuesday at the Economic Policy, Energy and Tourism Committee.

The amendments are yet to pass second reading in Parliament.

The legal changes stipulate additional investment incentives and are aimed at supporting job creation in the country.

The most significant new provisions envisage a reimbursement of employers' expenses for social security contributions for a period of two years for Class A and Class B investors.

The idea that a donation of BGN 200 000 to the National Innovation Fund should entitle foreign investors to permanent residence status in Bulgaria is to be revised.

Borislav Stefanov, InvestBulgaria Agency CEO, announced Tuesday that a large Western company would create up to 2000 jobs in Bulgaria, vowing to disclose the details in a few weeks' time.