Bulgaria Advertised as Investment Destination in London

Business | December 6, 2012, Thursday // 17:03| Views: 1397 | Comments: 4
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Bulgaria: Bulgaria Advertised as Investment Destination in London Delyan Dobrev, Minister of Economy, Energy, and Tourism, has presented the benefits of investing in Bulgaria to representatives of over 120 companies at a forum in London. Photo by Sofia Photo Agency

A number of companies voiced plans to invest in Bulgaria after a forum held in London on the benefits of the country as an investment destination.

Delyan Dobrev, Bulgaria's Minister of Economy, Energy, and Tourism, met with potential investors during the forum "Investing in Bulgaria – The strategic business destination in Central and Eastern Europe", according to a media statement of the Ministry of Economy, energy, and Tourism (MIET).

The event was attended by representatives of over 120 companies in the sectors of outsourcing, IT, electronics and electrotechnology, financial services, furniture, and textile.

A large international company in the sphere of port concessions is weighing up the opportunity to participate in the procedure for granting Port Varna under concession, according to the media statement of MIET.

A company which has a logistics center in Bulgaria will expand its presence through the construction of two other centers.

Two companies in the sphere of outsourcing plan to create jobs in Bulgaria, with one of them aiming at up to 3000 new jobs.

Participants in the forum also showed interest in franchise for an apparel retailer.

According to MIET's media statement, importers of wine, furniture, metal products, textile, and clothing for the British market expressed interest in Bulgarian production.

During the forum, foreign investors shared their experience in Bulgaria.

Max Hughes, Managing Director at William Hughes, said that the company had registered a 7-fold increase since 2004 when they set foot on the Bulgarian market.

He added that the investment in Bulgaria had helped increase their overall competitiveness.

Zoya Paunova, Country Manager at AstraZeneca Bulgaria, announced that the company had been registering 30% growth each year after setting foot on the local market.

Jon Gladwish, CEO of outsourcing company 60K, emphasized the excellent staff training and qualification.

During the forum, Delyan Dobrev presented the favorable investment climate in Bulgaria.

He emphasized that Bulgaria was the only EU country boasting a credit rating upgrade.

Dobrev went on to argue that Bulgaria was one of the three EU Member States observing the Maastricht stability criteria and ranked second in the EU by debt-to-GDP ratio, at 15%.

Bulgaria's Economy and Energy Minister suggested that the structure of foreign investments in Bulgaria had switched away from sectors with unsustainable growth like real estate and financial services to sectors with a high added value and sustainable growth.

Dobrev also gave interviews for the morning broadcasts of CNBS and the Financial Times.

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Tags: Delyan Dobrev, Economy and Energy Minister, foreign investments, Foreign investors, outsourcing, electronics, IT, real estate, added value, credit rating, debt-to-GDP ratio, Maastricht criteria, financial stability, AstraZeneca, 60k, Port Varna, concession
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» To the forumComments (4)
#4
Jerry - 8 Dec 2012 // 21:20:53

This morning I got out of bed really pissed-off, doesn't one Bulgarian politician see the Bulgarian population is small and concise with hidden tradition.

This tradition must be protected whereby its citizens have jobs and an increase in Bulgarian dignity with quality of life.

All I see that the Bulgarian politician is not working in "Good Faith" for the protection of the workers which includes women, young adults and the rural poor migration into the cities without infrastructure.

#3
Jerry - 7 Dec 2012 // 20:27:22

Phillippe,

Your point is well taken but export oriented economy leads to foreign inter-company transactions leaving profits offshore and not taxable income in Bulgaria.

The Bulgarian Consumer or Industrial complex should lead the sustainabity toward national consumerism and jobs, foreign exports is the second fase to growth.

To learn how to run, one must learn to walk first.

#2
Philippe - 6 Dec 2012 // 19:04:54

Jerry, you have it wrong. Most of the foreign investments have nothing to do with the BG consumer.

There are 2 types of foreign investments in BG: Those who produce goods/services that are sold outside BG (they come for the cheap labor and cheap raw material costs), and those who want to establish a place on the BG consumer market (they want to assure their market share).

The first type of investor - and this is the majority - has nothing to do with the BG consumer.

Look at today's news, the announcement of the new ABB investment in Rakovski. Not one of these products is directly sold in BG. The same for the copper from Pirdop, the fertilizers from Agropolichim, the freezers from Liebherr, the electronics from ABB and Schneider, the software from HP, the services from several call centers, the cloths from numerous apparel companies, etc. etc.

#1
Jerry - 6 Dec 2012 // 17:23:39

Bulgaria has defined the Investment but has not defined the Consumer or the Capacitation that leads to sustainability.

We have to Educate the Bulgarian Consumer and its Capacitation that will lead to viability and profit.