Greek Firms Moving to Bulgaria Could Create 20 000 Jobs - BICA

Business | July 21, 2015, Tuesday // 14:22
Bulgaria: Greek Firms Moving to Bulgaria Could Create 20 000 Jobs - BICA

Due to the introduction of bank holiday and capital controls, 60 000 Greek firms have readiness to redirect their business to Bulgaria.

Although Greek banks re-opened on Monday after remaining closed for three weeks, the funds of firms remain blocked in banks, leaving them unable to make payments to foreign suppliers.

The Bulgarian Industrial Capital Association (BICA) estimates that a possible redirection of Greek firms to Bulgaria would provide employment to at least 20 000 people, private bTV station informs.

Such a redirection will be the easiest for firms operating in the sector of trade, while it will take more time for companies dealing with the export of produce.

Greek firms are no longer choosing to locate themselves only close to the border in Petrich and Sandanski, but also in other Bulgarian towns.

Greeks are increasingly purchasing properties suitable for offices and attempting to open accounts in Bulgarian banks to be able to make payments to their suppliers.

Another reason for their redirection from Greece is the increase of corporate income tax to 29 %, while the corresponding figure in Bulgaria is only 10 %.

Greek business provides employment to 70 000 Bulgarians and according to estimates this number is to soon surpass the figure of 90 000.

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Tags: Bulgaria, greece, business, tax, bank, bank holiday, capital controls, employment
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