The Bulgarian economy is growing at a stunning pace and exports are booming, while its business-friendly environment and well-educated local workforce are a magnet for foreign investments. More and more foreign companies are going there, making significant investments as they open new production units and branches. At the same time, a growing number of Bulgarian companies are opening their wings, conquering foreign markets and significantly increasing their exports.
Euronews journalist Apostolos Staikos explains that a growing number of investors describe Bulgaria with one phrase: "Open for Business".
The Bulgarian capital Sofia is a modern, vibrant European city and an economic metropolis of the Balkans.
In 2017, Bulgaria’s GDP amounted to 50.4 billion Euros, while economic growth reached 3.6%. At the same time investment grew by 3.8% and exports reached 25.8 billion Euros.
The European Commission is predicting economic growth for Bulgaria of just under 4% per cent for 2018, followed by a similar rise in 2019.
Bulgaria's economic achievements have come after much hard work, which has led to an investment-friendly business environment.
MAGNET FOR FOREIGN INVESTMENTS
Some companies saw an opportunity long before Bulgaria became an 'economic success story'. Ubisoft, a French video games enterprise, opened its studio in Sofia in 2006 and started with just 11 employees.
Ivan Balabanov, Ubisoft's managing director, says a combination of factors have made Bulgaria a magnet for foreign investors, including a well-educated workforce, good infrastructure and extremely attractive tax rates.
"We have good education and we have very good infrastructure when it comes to IT development and so on," Mr Balabanov told Euronews. "I’m even putting aside macroeconomic factors like [low] taxation rates and support from the government. It’s the people who matter the most when it comes to the IT industry,"he said.