investbulgaria agency - government.bg · investbulgaria agency (iba), 31 aksakov str., sofia 1000...

InvestBulgaria Agency (IBA), 31 Aksakov Str., Sofia 1000

tel.: (+359 2) 985-5500, Fax: (+359 2) 980-1320

e-mail: [email protected], http://www.investbg.government.bg

InvestBulgaria Agency

May 2014

issue 5 (8), year 2

Monthly Electronic Publication

InvestBulgaria Agency

Economic News - Business, Investments, Trade

Headlines from the European institutions

Analysis of Sector

Investment Opportunities of Municipality

Interview

Chambers of Commerce in Bulgaria

Macroeconomic Indicators

Upcoming Events

INVESTBULGARIA AGENCY

Ministry of investment planning works for sustainability of legal acts, for equality and clear definition of responsibilities of all participants in investment process

Prof. Doctor Architect Ivan Evgeni Danov

Minister of Investment Planning

Minister Ivan Danov was born on June 6, 1957. He graduated from French Language School "Alphonse de Lamartine", Sofia. He is a Master of Architecture (Higher Institute of Architecture and Civil Engineering, Sofia) and PhD in Architecture (University of Architecture, Civil Engineering and Geodesy, Sofia). Associate Professor in Architecture of Residential Buildings, Structures, Equipment and Details (Residential Buildings), Higher Attestation Commission, Professor in Architecture, Civil Engineering and Geodesy, University of

Architecture, Civil Engineering and Geodesy, Sofia. He has a one-year specialization in the field of reconstruction of buildings and CAD technology at the School of Architecture in Leicester, UK. He has been a visiting researcher and lecturer at the School of design technology at the University of Huddersfield, UK; architect, chief architect, project manager, technical director and head of design in the UK, Germany and France (1992-2005); Deputy Dean of the Faculty of Architecture of the University of Architecture, Civil Engineering and Geodesy (2008-2011). Since May 2013 he is Head of the residential Buildings Department at the Faculty of Architecture of the University of Architecture, Civil Engineering and Geodesy.

Co-founder and member of the Bulgarian Chamber of Architects, a member of the Chamber of Architects in Berlin and the Chamber of Craft of Germany.

Fluent in English, German, French and Russian.

Sustainability of legal acts, equality and clear definition of responsibilities of all participants in investment process, alleviation of administrative burden, stability of economic environment. These are the most important requirements so that Bulgarian becomes attractive destination for investment intentions.

Ministry of investment planning works for a sustainable system of laws throughout the entire process of investment planning. We are preparing clear and strategically planned vision for legislative reform, which touches upon the whole construction cycle-planning, design and construction. We have handed out for discussion and adoption a system of laws, regulations and standards that harmonize Bulgarian construction practice with

http://www.investbg.government.bg/

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Issue 5 (8)/ May 2014 InvestBulgaria Agency

European one. These are laws on urban planning, construction, new Law on Cadastre, ordinances and other regulations to them, new regulations for fire safety, regulation for energy efficiency, ordinance for computerization of the design process, introduction of a national standard for sustainable construction and sustainable architecture.

Ministry of investment planning proposes package of papers that are to create a system and organization in the entire process of construction and planning so that it is transparent and easy to forecast.

Philosophy that stands behind these laws is at fist related to the idea for omitting disadvantages of the actual legislation. The most important law is that for alleviation of administrative process of planning and construction- in terms of deadlines, time, organization and transparency. It is one of the essential pre-requisites for attracting investors-both foreign and local. They all want one thing-easy and fast realization of their ideas.

Ministry of investment planning proposes introduction of a standardized forms for obtaining permits for construction and of a template for construction statistics. We are working for affirmation of the principle of equal treatment of all participants in the investment process and for transparency of public procurement and projects.

Important element of the philosophy of this legal package, essentially in the part of urban planning papers is that it has to utilize potential of the entire population. Citizens of a concrete village have to define by themselves the vision for development of their own village. Urban planning should not protect only unilateral interests; everyone should feel involved in it.

Part of the philosophy of the new legislation is absolutely new quality of the very projects, including of construction papers, too. Construction process has to start with complete project papers and to be finished within preliminary defined financial framework and deadline. Every leading architect, despite being leading personality in terms of the creativity process is also a leader in responsibilities. He has to be responsible for quality, completeness and legality of a project, its coordination and to carry the financial and legal liability to investors.

There are four main participants in construction process: contracting authority-investor- designer (lead designer) - contractor (builder) and technical department of the municipality. Each of them has to carry their own responsibility. At present these roles and responsibilities are highly blurred between all stakeholders.

Other directions in the work of Ministry of investment planning, related to support of investment process are rehabilitation of presence of Bulgarian companies on traditional markets of construction and planning via activation of Bulgarian project management companies; introduction of the so called green public tenders for protected territories, draft of the so called touristic routes aimed at inclusion of maximum part of the country in the tourist industry, development of a concept for renovation of production of construction materials, elements and systems in the country; support for small investors by providing them with direct access to an entire order or individual lots of it.

Summer academy of InvestBulgaria Agency for students InvestBulgaria Agency (BIA) organizes Summer Academy of IBA in July 2014. The aim is to enable everyone to get

acquainted with the functioning and operation of the Agency on investment projects.

Within the month of July 2014, every Thursdays will be held 4 different modules that will include ways of working in the departments of IBA, participation in meeting with a potential investor, participation in the process of fulfilling a task, as well as meetings - discussions with representatives of foreign chambers of commerce and managers of global companies investing in Bulgaria.

In case of interest in participating, please send your CV and motivational letter no later than 10 June 2014 at e-mail: [email protected]


mailto:[email protected]

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INITIATIVES OF INVESTBULGARIA AGENCY

Open internship positions at the InvestBulgaria Agency for students:

Administration of web site;

Analyses, statistics and databases;

Graphic Design;

E-marketing

International Marketing;

Philology - English, Russian, German;

For more information, please click here

IBA meeting with the Hungarian business

Today (27.05.2014) was held the second meeting - discussion with representatives of the Hungarian business in Bulgaria. It is part of the initiation by the InvestBulgaria Agency (IBA) initiative to organize regular meetings with foreign investors in Bulgaria. The

first such meeting was held in April with French business.

Besides representatives of leading Hungarian companies, the meeting was attended by Hon. Andrew Klein - Ambassador of Hungary to the Republic of Bulgaria, Mr. Tibor Nemeth - Commercial Counselor at the Embassy of the Republic of Hungary, Ms. Liana Petrova Chairman of the Bulgarian - Hungarian Chamber of Commerce. Hon. Klein pointed traditionally good relations between the two countries and expressed the support of the Hungarian Embassy for the contacts with IBA. Representatives of companies, one of the largest Hungarian investors, shared their experiences and made specific recommendations to improve the business environment in Bulgaria.

IBA Executive Director Svetoslav Mladenov, at whose invitation was held the meeting, presented the changes in the Implementing Regulations of the Law on Investment Promotion adopted on April 25, they are a step towards reducing the administrative burden on business, which proved a serious obstacle to foreign investors. The purpose of the introduced changes is to simplify the procedure for issuing the investment class certificate to a maximum by introducing a single simple application form, thresholds for investment in priority investment projects in the manufacturing industry were reduced. Some of the changes were associated with lowering thresholds for priority investment projects for the construction and development of

industrial zones and technology parks.


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MEDIA FOR INVESTBULGARIA AGENCY

BULGARIA - gateway to developing markets in Southeast Europe "Day of Bulgaria" in the Lombardy region - economic symposium organized by the Italian Chamber of Commerce in Bulgaria

Official delegation led by Mrs. Anna Yaneva - Deputy Minister of Economy and Energy, along with Mr. Marco Montecchi - President of the Italian Chamber of Commerce in Bulgaria, as well as representatives of the Chamber visited Milan to present Bulgaria as a destination for investments and the investment climate in the country as a crossroads between East and West, Europe and Asia. After accession to the European Union because of its geographical proximity to Italy, its favorable tax conditions and other advantages, Bulgaria registered EUR 1.403 billion of Italian investments. Italy is the third biggest trade partner after Germany and Russia and affirms the primary role in bilateral economic relations with Bulgaria by around EUR 4 billion.

Before the work part of the seminar organized by Promos - Chamber of Commerce of Milan, Foundation Euro-Mediterranean Centre for Development of micro, small and medium enterprises, the Italian Association for Foreign Trade and the Italian Chamber of Commerce in Bulgaria, our delegation, now with participation of HE Marin Raykov - Ambassador of the Republic of Bulgaria in Rome, was accepted by Mr. Amato Luigi Molinari - Advisor to the Chamber of Commerce of Milan. In his speech on behalf of the Italian Chamber, he

stressed out that the borders of all countries are actually the borders of Europe and keywords for Europe should be "solidarity" and "assistance" - without selfishness and grasping difficulties. Mrs. Yaneva agreed that countries should not be divided into "important" and "less important" and emphasized that the trade and economic and political relations between Bulgaria and Italy have a long history - more than 135 years and that Italy is in eighth place as a party investor in Bulgaria. However, there are opportunities for better cooperation, a change in the criteria for micro, small and medium enterprises is needed as well. Upcoming six-month presidency of the EU of Italy will allow the solution of many issues related to the harmonization of the principles of business in different countries.

Ambassador Raykov thanked Mr. Molinari that he addressed several important topics, such as the unification of standards, but pointed out that the most important thing in the bilateral relation has to be mutual knowledge. Italian entrepreneurs are still not sufficiently aware of Bulgaria and the business that it provides. He spoke about the need to focus on capital to the eastern part of Europe, that before economic levels between Eastern and Western Europe are equalized it is very difficult to unify fiscal levels. It was noted that delocalisation, albeit a bad word in the political vocabulary, has no alternative. Without solidarity the overall economy of the European Union cannot be built.

President of the Italian Chamber of Commerce in Bulgaria Marco Montecchi stressed that he believes in the Italian entrepreneurs in Bulgaria, Mr. Beta of Promos welcomed the finalization of the relationship with the Agency for the promotion of small and medium enterprises in Bulgaria. Mrs. Anna Yaneva with Mr. M.Raykov gave statements to the press agencies of Lombardy - Italpresse on the great interest of Italian entrepreneurs in Bulgaria and on the readiness of our country to support their investment. Estimates for 2015 are for exclusive trade growth of 3%. The forum was also reflected in the newspaper "Il giorno" - the article quoted Mr. Marco Montecchi as he pointed out the favorable conditions for business in Bulgaria and the corporate tax rate of 10%,


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which acts as a magnet for businessmen. Newspaper "Giornale di Brescia" begins its material for bilateral relations, highlighting the fact that exports of Lombardy has achieved a growth of 17% a year.

Mr. A. Molinari opened the symposium and presented the authoritative speakers in the presidium representing government agencies, banking and economic system in Lombardy and Bulgaria. In the course of his speech Mr. A. Molinari talked on bilateral relations and Expo 2015 in Italy, in which 143 countries will participate besides Bulgaria. It is a good opportunity for Bulgaria to be seen by the whole world. The need for a common plan for growth between the two countries was stressed. The statement of Mr. Claudio Roti - President of AICE, Lombard focused on entrepreneurship and the presence of about 800 Italian companies in Bulgaria, which employ 25,000 people. He said it was very important in the upcoming six-month presidency of Italy in the EU to have a strong lobby to pass a law for the brand "Made in Italy" so that all may know that it is really addressed to the products of the utmost importance. Ambassador Raykov thanked for the meeting and the opportunity to meet Italian entrepreneurs with the development of various sectors of the Bulgarian economy and stressed out that Milan is part of the economic engine that will lead Europe out of economic stagnation. He gave an answer to the critical question of why we invite Italians to come to Bulgaria – because of the political stability and economic predictability, because Bulgaria has made steady rates of economic growth and the presence of continuity in the policy of attracting foreign investment. Favorable investment climate has always been a priority for Bulgaria. He stressed that the cooperation in the field of culture is stronger than the economic and therefore the increase in trade between the two countries is of particular importance in the coming years. After the speeches of Mrs. Yaneva and Mr. Montecchi, who stressed that the Bulgarian market provides interesting opportunities for entrepreneurs from Lombardy, began the technical part of the seminar.

Ms. Petya Zheleva - manager of Diakron Consultants LTD, reviewed the corporate law and fiscal aspects in Bulgaria, the structure of different types of companies in Bulgaria and tax conditions. After several presentations on the Italian side, Mr. Montecchi said that the Italian Chamber of Commerce in Sofia always assists the large number of Italian companies operating on the Bulgarian market. It has a team of professionals who are always ready to advise the Italian entrepreneur. Mr. Caporossi - Head of International Cooperation of the Italian Chamber of Commerce talked about the possibilities of operational programs and how Italian entrepreneurs in the country absorbed 60% of EU funds in Bulgaria. Mr. Mark Campanari - Honorary Consul of Bulgaria in Lombardy, spoke about the great potential of the Bulgarian market and the attention the Bulgarian government pays to the trade relations with Italy. Mr. Evgeni Ivanov - Executive Director of the Executive Agency for Promotion of Small and Medium Enterprises presented Bulgaria as an opportunity to do business, stressing the fact that SMEs are the backbone of any economy. He presented various aspects of the activities of the Agency, which is the link between government and small and medium businesses in the country, an export information portal and not least Bulgaria as a tourist destination.

The technical part of the seminar ended with a presentation by Mr. Christo Etropolski - Director of Sector Investment Services at IBA. He reviewed the investment climate and business opportunities in the various sectors of the Bulgarian industry. He elaborated the question of participants before him - "Why Bulgaria?" and once again pointed out Bulgaria’s political and economic stability.


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Over 100 Italian entrepreneurs were present and were ready to ask questions and face to face meetings, which allowed to conduct several in a separate room. Interest was shown mainly in trade, opening a factory for the production of aluminum products, the possibilities for creation of architectural offices in the country and the tourism sector.

Even closer cooperation was agreed with the colleagues from the Italian Chamber, useful contacts were made and Ambassador M. Raykov

declared his readiness to assist IBA whenever it needs.

Ruzha Mihalylova

Vietnamese interest in Bulgaria Svetoslav Mladenov presented potential spheres of cooperation

Today (May 23), InvestBulgaria Agency’s CEO Mr. Svetoslav Mladenov made a presentation at the Bulgarian - Vietnamese business forum, held in Grand Hotel Sofia. The focus of the event was "Restoring traditional markets and new opportunities for business cooperation". Besides honored guests at the event were the Ambassador of Vietnam in the Republic of Bulgaria Hon. Mr. Le Duc Lu, Deputy Minister of Economy and Energy Mr. Krasin Dimitrov and Deputy Minister of Industry and Trade of Vietnam Mrs. Ho Thi Kim Thoa. Svetoslav Mladenov

presented the trade relations between the two countries, the potential areas of cooperation and the recent changes in the Regulations for application of Investment Promotion Act. Attention was paid to the current investment climate and business opportunities, aimed at closer future cooperation between the two countries.

Svetoslav Mladenov presented measures to attract investments in Ruse

On May 9, InvestBulgaria Agency’s CEO- Mr. Svetoslav Mladenov visited the city of Ruse. He was accompanied by Deputy Prime Minister for Economic Development Daniela Bobeva. The occasion for the visit was the initiative of Mrs. Bobeva to get acquainted with the local situation, achievement and problems in the economic area in different regions of Bulgaria.

Meetings with representatives of the regional administration, mayors, representatives of the business and banking sector were held. Specific ideas


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and suggestions for improving business environment in the region and incentives for economic growth were discussed there. Mr. Mladenov presented the investment climate and measures for attracting investments in Bulgaria. Business meetings with representatives of local businesses were held in industrial areas Ruse – East, too. One of the objectives was getting acquainted with their production activity. On the IBA’s initiative inquiries to all regions related to providing information about available municipal or state land, not working or closed factories were sent so that they are presented to potential investors for opening of new production facilities.

IBA participated in the annual conference of the World Association of Investment Promotion Agencies (WAIPA)

In the period 13-15 May 2014 in Istanbul, Turkey the annual conference of the World Association of Investment Promotion Agencies (WAIPA) was held. The focus of the event was to determine where the headquarters of WAIPA will be localized. The choice was between the current - Geneva, Switzerland and Istanbul, Turkey.

The congress was attended by only 86 of the total 170 member of WAIPA. Participants from Central and Eastern Europe - Serbia, Greece, Macedonia, Slovakia, Hungary, Czech Republic and Poland were missing. However, the presence of the members from Africa and Latin America was very significant. They represented a substantial part of the delegation. George Alipiev, Chief Expert "Sectoral Investment Services", attended the forum as a representative of InvestBulgaria Agency (IBA).

At the beginning of the Congress the participants were introduced to the agenda of the event. It envisaged a panel devoted mainly to two issues. In the first part of the event activities of the Turkish Investment Agency were presented. Secondly Istanbul was promoted as a possible future headquarters for WAIPA. After the interesting presentations of the Minister of Finance of the Republic of Turkey and a local authority of Istanbul Metropolitan Municipality it was time for the afternoon session of the Congress. The vote for determining the headquarter of WAIPA was the main focus in it. Overall 82 of the 87 members of the investment agencies worldwide, including the representative of IBA, supported Istanbul for future headquarters of WAIPA. Thus the decision took effect immediately.

At the closing session of the congress best practices for attracting investments in different countries were discussed. It was noted that for the first time since statistically monitoring the flows of foreign direct investment, 60% of them are made in developing countries - and especially those from the group of BRIC (Brazil, Russia, India, and China).

IBA’s representative made contact with the investment agencies of Turkey, Russia, Japan, Romania, UK, Bosnia and Herzegovina, Azerbaijan, Jordan, and Malta.

Executive Director of the InvestBulgaria Agency Svetoslav Mladenov participated in the Economic Forum in Geneva

Bulgaria Economic Forum titled "Bulgaria - attractive and perspective partner in the ICT sector", organized by the Embassy of the Republic of Bulgaria to Switzerland together with the Chamber of Commerce of Geneva was held on May 14th in Geneva. Such an event for Bulgaria is organized for the first time in Geneva, the headquarters of many international organizations and multinational companies.

Executive Director of the Invest Bulgaria Agency presented Bulgaria as an attractive destination for investment and business, with a major emphasis on the Information and Communication Technologies. Mr. Mladenov presented the advantages of the country in attracting investment. They are associated with lower costs for business, with the most favorable tax conditions in Europe - 10% corporate tax (lowest - in Europe). Corporate tax in areas with high unemployment equal to 0%, VAT exemption on equipment imports for investment projects, the


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currency board, low budget deficits and government debt. He pointed out the strategic location of Bulgaria, the well-developed regulations and the availability of highly educated and multilingual workforce. Besides tax incentives, foreign investors may benefit from some of the lowest levels of the price of gas and electricity for industrial users. Svetoslav Mladenov also presented potential areas of cooperation between Bulgaria and Switzerland.


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European Commission forecasts speeding of Bulgaria’s economic growth in 2014-2015 In its spring forecast, the European Commission predicts that Bulgaria’s GDP will go up by 1.7% in 2014 and by 2015 after the anemic economic growth of 0.6% in 2012 and by 0.9% in 2013. Main pre-requisite for such economic growth of Bulgaria is the expected gradual strengthening of internal demand in addition to good export which by now has been the main growth engine, the report says. The Commission expects decrease of inflation (deflation) in our country by 0.8 % in 2014 after reported inflation of slightly 0.4% in 2013 before envisaged increase in inflation by 1.2% in 2015.

bnr.bg

Bulgaria's GDP Records 1.1% Growth in Q1 Y/Y The Gross Domestic Product (GDP) of Bulgaria expanded with 1.1% in the first quarter of 2014 over the same quarter of the previous year and with 0.2% compared to the fourth quarter of 2013, National Statistical Institute (NSI) announced. Major contribution to the registered growth have individual consumption , which increases by 1.4%, gross fixed capital formation with a growth by 0.8% and collective consumption that went up by 0.3%. According to the flash GDP estimates for the first quarter of 2014, the GDP at current prices amounted to 15 918 million BGN. GVA at current prices amounted to BGN 13 586 million. The services sector has the largest share (64.5%), followed by industrial sector (32.6%) and agricultural sector (2.9%). In the structure of GDP by the expenditure approach the largest share has the final consumption (91.1%), which in nominal terms amounted to BGN 14 505 million. In the first quarter of 2014 gross fixed capital formation is BGN 2 886 million and has a share of 18.1% in GDP.

nsi.bg

EBRD predicts higher than expected economic growth in Bulgaria Bulgaria is one of the few EBRD’s member-states (together with Poland and Romania) which will register slightly lower growth by that envisaged by the bank in its last forecasts. According to the analysis, Bulgaria is one of the few countries that will achieve greater than expected growth. In 2014 the bank expected Bulgaria's GDP to rise by 1.9 %, while in January analysts predicted 1.8 % growth and a rise to 2 % in 2015. The bank points out that Bulgaria’s fiscal position remains strong and thus it expects acceleration of economic growth both in 2013 and 2014 ( after weak GDP’s growth by 0.9% in 2013) thanks to ongoing improvement in export ( in terms of economic recovery in the Eurozone) and expected slight recovery in domestic private consumption.

bnr.bg

ECONOMIC NEWS - BUSINESS, INVESTMENTS, TRADE

ECONOMIC INDICATORS

Foreign Direct Investments

Source: BNB

BNB exchange rates

0.00

0.50

1.00

1.50

2.00

2.50

3.00

GBP/BGN USD/BGN EUR/BGN Source: BNB

Main Interest Rate 0.05% - 01.05.2014

0.05%

0.00%

0.01%

0.02%

0.03%

0.04%

0.05%

0.06%

Source: BNB

Unemployment Rate 11.8% - April 2014

11.8%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

Source: NSI


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Petar Chobanov: The business thinks of investment "Businesses starts recovering from the stress, it feels more comfortable and thinks of investment. The business climate has been improving every month since the start of the year and we also register improvement in construction - the part of the economy that was most severely affected by the crisis. There is rise in retail trade too". This is what Minister Chobanov said at the press conference after the meeting in Targovishte. He emphasised that "the spring forecast of the European Commission expects an increase in domestic investment, which is sign of external trust for Bulgaria that business recovers". Minister Chobanov repeated that the Government wants to achieve sustainable economic growth. The purpose is to open new jobs gradually and to speed up the economic growth by launching investment projects. Minister Chobanov announced that that concerning the revenue side of the budget, the performance of PIT and the social security contributions was going well. He expects hopeful tax revenue results but it will become clear later. "Maintenance costs are lower in the first quarter of this year as compared to their level in the previous one. The purpose is to make them accessible to people across the country all the year round and to support growth", the Finance Minister added.

minfin.bg

Minister Stoynev: EUR 250 million more under the Operational Programme "Competitiveness and Innovation" The funds under the Operational Programme "Competitiveness and Innovation" will be EUR 250 million more as compared to that in the previous period, said the Minister of Economy and Energy Dragomir Stoynev, after the draft program for submission before to the European Commission for formal negotiations was approved of. Total indicative budget of the program is BGN 2 765 356 748 of which BGN 2 350 553 232 is under European fund for regional development, while BGN is national funding. Minister Stoynev thanked the business that actively took part in drafting the paper. The Operational Programme will have four priority axes. The first one is "Technological development and innovation", which covers 20% of the total resource and envisages support for cooperation between enterprises, academic fields and business. In addition it supports innovation, too. The second axis is "Entrepreneurship and capacity for growth", which covers 50% of the program's resources. Under the

BSE-Sofia 04.2013-04.2014

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Premium Standart REIT

BGN thousand

Source: BSE-Sofia

BGREIT: 28.04.2014 – 28.05.2014

95

96

96

97

97

98

98

99

28.0

4

30.0

4

02.0

5

04.0

5

06.0

5

08.0

5

10.0

5

12.0

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14.0

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Source: Investor.bg

BGBX40: 28.04.2014 – 28.05.2014

116

117

118

119

120

121

122

123

28.0

4

30.0

4

02.0

5

04.0

5

06.0

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08.0

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16.0

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18.0

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20.0

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22.0

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24.0

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26.0

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28.0

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Source Investor.bg

SOFIX: 28.04.2014 – 28.05.2014

580

585

590

595

600

605

610

28.0

4

30.0

4

02.0

5

04.0

5

06.0

5

08.0

5

10.0

5

12.0

5

14.0

5

16.0

5

18.0

5

20.0

5

22.0

5

24.0

5

26.0

5

28.0

5

Source Investor.bg

third axis "Energy and resource efficiency" 25% of resources are foreseen for investment in energy efficient technologies and renewable energy for own consumption. The fourth axis is "Technical Assistance".

government.bg

SoftServe: We plan to hire 1,000 people in Bulgaria in the next five years "Currently the company has about 3,200 employees. If you look at our five-year development plan for the next years up to 2013, we will need 1,000 new employees in Sofia. Our goal over the next 12 months is to hire at least 200 employees. So hiring 200 people each year we will reach the indicative number of 1000", Alan Harlan, CEO of


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SoftServe revealed in an interview for Economy.bg. "Sofia got all the requirements for an outsourcing destination. Companies like HP, which have been operating on the Bulgarian market for many years, are a good example," Mr. Harlan added. He also noted that at the moment Eastern Europe is the hottest market in the world for development of software.

economy.bg

New jobs will be opened in the industrial zones BGN 153 million investment and 1,650 jobs are expected to be opened in the three new industrial areas Bozhurishte (Sofia), Telish (Pleven) and Burgas. This was announced by the Minister of Economy and Energy Dragomir Stoynev at a press conference, where of National Company "Industrial Zones"’ results were presented. The data is based on contracts signed with companies that will operate on the territory of the zones. In the existing free zones - Ruse, Vidin and Svilengrad, only for the last year 26 contracts with companies in the field of manufacturing, construction and trade were concluded. Investment to the amount of BGN 3 million was realized, too, Atanas Nenov, CEO of National Company Industrial Zones said. Expected investments and new jobs are due to the South Korean company Asia Invest, which makes organic farming in the area of Telish / Pleven. Their initial investment is amounted to BGN 3 million, but it is expected to grow up to BGN 85 million with 700 new jobs. In Bozhurishte, whose groundbreaking was in the summer of 2013, in September this year the German company Behr- Hella Thermocontrol will launch its business. The company will be the first investor in the area. The investment is assessed to BGN 42.5 million and is expected to create 350 new jobs. Over 10 Bulgarian and foreign companies are in advanced negotiations for their accommodation in the industrial zones, Atanas Nenov said. Work on urbanization of the zones will continue so that new investors are attracted. Industrial zones are important for attracting foreign investment and for increase of both production and employment. They are opportunity for production of goods with higher added value, which means that more income remains in Bulgaria, said Minister Stoynev.

mi.government.bg

C3i creates 100 new jobs in Bulgaria C3i a U.S. company that specializes in providing IT services and outsourcing of business process for the pharmaceutical industry creates 100 new jobs in the country. This was announced by Joel Morse, CEO of C3i, and Svetoslav Georgiev, Managing Director of C3i for Bulgaria, during the official opening of a new office in Sofia. According to Joel Morse determining factors for the company's decision to open its European Operations Centre in Bulgaria are mostly due to our country’s good economic climate, excellent physical and technical infrastructure and high-quality and educated staff who speak one, two or even more foreign languages.

C3i is specialized in offering IT outsourcing services to

pharmaceutical companies, organizations engaged in clinical

research, as well as in the field of telemedicine. The company has

over 1,600 employees in U.S.A., Bulgaria, India and China. It

serves more than 70 customers worldwide, many of which are

among the top 50 pharmaceutical companies.

Selected Decisions of the Government

of the Republic of Bulgaria for the period 30.04.2014-21.05.2014

21.05.2014

Approved a Bulgarian-Algerian cooperation agreement in the field of Information Technology and Communications

Intergovernmental Commission will promote economic cooperation between Bulgaria and Iraq

Approved draft agreement with Tajikistan for International Auto Carriage

Bulgaria and China will sign a memorandum to deepen cooperation in tourism

Government provides nearly BGN 3.9 million to municipalities for rehabilitation and reconstruction of infrastructure

Formal negotiations with the EC on the projects for three operational programs begin

17.05.2014

In 2015 the State guarantees student loans for BGN 50 million, BGN 10 million more than in 2014

Bulgaria and Azerbaijan strengthen cooperation in the field of agriculture

Regulated the cooperation between Bulgaria and the United Kingdom in the field of cross-border employment and social security

10.05.2014

Bulgaria has researched deposits of 166 types of mineral resources

30.04.2014

Approved National Social Report 2013-2014


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C3i is specialized in offering IT outsourcing services to pharmaceutical companies, organizations engaged in clinical research, as well as in the field of telemedicine. The company has over 1,600 employees in U.S.A., Bulgaria, India and China. It serves more than 70 customers worldwide, many of which are among the top 50 pharmaceutical companies.

cio.bg

Plamen Oresharski: We strive to be a bridge for the Chinese industry in Europe Bulgaria and China have historically good and friendly contacts. Both sides can benefit from mutual cooperation and we are working in this direction. This is what Prime Minister Oresharski said during his meeting with Ms. Sun Chunlan, Secretary of the Chinese Communist Party in the city of Tianjin and permanent member of the Politburo of the CCP in the Council of Ministers. Prime Minister Oresharski and Ms. Sun Chunlan agreed that there was great potential for cooperation between the two countries in areas such as infrastructure, industry, agriculture and tourism. Mr. Oresharski emphasized the importance of attracting Chinese companies to operate and invest in Bulgaria. “We strive to be a bridge for the Chinese industry in Europe”, the Prime Minister said. He announced Bulgaria’s hosting bid in conjunction with a project to build an agricultural center of China and 16 more Central and Eastern European countries.

government.bg

Deputy Minister Petar Kirov opened rail traffic across "New Europe" bridge The full exploitation of the "New Europe" bridge has started, Deputy Minister of Transport, Information Technology and Communications Petar Kirov said during the opening of rail traffic across the bridge of Vidin - Calafat. The ceremony was attended by the State Secretary of the Ministry of Transport of Romania Julian Matache and the Romanian delegation he headed, the Mayor of Vidin Gergo Guergov, the governor of Vidin Krastio Spassov, the Director of National Railway Infrastructure Company Milcho Lambrev, the Deputy Executive Director of "Holding BDZ" Chavdar Trendafilov, MPs and others. "We all know that rail transport is essential for the balanced development of the transport system of a country”, Petar Kirov said. The "New Europe" bridge

does not only have strategic significance, but also is of regional importance – it provides an opportunity for the development of business and relationships between people in the two countries. "The launch of the railway traffic proves that we can achieve a lot when we work as partners", Deputy Minister Kirov added. He hopes that the first freight train will soon pass across the facility.

mtitc.government.bg, 10.05.2014

Minister Dragomir Stoynev launched two major investment projects in the region of Pleven I have the pleasure to initiate the execution of such a key for the region of Pleven investment. The construction of the new factory for production of automobile cable systems of a worldwide leader is the successive evidence that investments in Bulgaria do happen. We made great efforts to realize this investment and it is recognition for the efforts of the Bulgarian government to maintain an attractive business and investment environment over the last eight months. It is proved by both the economic growth of 1,6 % for 2014 and the increase of foreign direct investment in 2013 as compared to 2012.That is what Minister of the Economy and Energy Dragomir Stoynev said while laying of the corner stone to the factory for automobile cable systems of Nexans in the city of Pleven. Investments, attracted in priority sectors that create stable employment and manufacture products with high value added, are important for the country. This project is executed exactly in such a field as car manufacturing, which is a high-technology activity within the industrial sector, with a huge potential for development of exports, employment and regional growth. They will be encouraged as priority under the Law on Promotion of Investment. It is envisaged that the factory will be put into operation by the end of this year. 600 jobs will opened, too. Thus all this is just an implementation of the government program for reindustrialization of Bulgaria, Minister Stoynev added.

mi.government.bg, 10.05.2014

AstraZeneca to invest over EUR 3.6 mln in clinical trials in Bulgaria in 2014 Pharmaceuticals company AstraZeneca plans to invest over BGN 7.0 million in clinical trials in Bulgaria this year, the executive director of its local unit said. “In


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2014, the clinical trial program in Bulgaria comprises 25 active studies in all therapeutic areas in which AstraZeneca has a strong presence, including biologics,” CEO Zoya Paunova said. According to IMS data cited by Paunova, AstraZeneca Bulgaria is growing faster than the wider market with a market share as of December 2013 of 4.74% in terms of value and 1.5% in terms of volume on the local prescription drug market.

capital.bg, 11.05.2014

Zvezda Ltd invests BGN 10 mln in new industrial units The Minister of Economy and Energy Dragomir Stoynev launched the construction of two new industrial units in Zvezda Ltd in the town of Dolna Mitropolia. The new facilities are part of the second stage of a project for modernization of the enterprise. Construction of two entirely new warehouses is imminent. They will be used for preparation and pressing of the raw material and for oil extraction. Thus the plant’s existing capacity will grow. This will make possible processing of sunflower, as well as of rapeseed and soybeans for the food industry, and for production of biodiesel. The estimated investment amounts to EUR 10 million, the owner of the company Mite Nikolov informs. He added that the new industrial units will become operational in 2015.

http://plevenzapleven.bg/, 11.05.2014

Swiss company will invest EUR 3 million in Montana The municipality of Montana sold a terrain to the Swiss citizen Andre Ureh, the mayor of the town Zlatko Zhivkov announced. A plant for metal pallets will be built on the terrain within 38 months. 100 people will be employed in the new plant. In the following years another 50 are planned to be employed. In a three years’ time the Swiss will invest EUR 3 million in construction and equipping the future plant. Annually between 10 and 15 thousand metal pallets will be produced in the Montana-based factory. The entrepreneur ensured market for the ready-made products in his own country. They are demanded by industrial companies even now. Currently Andre Ureh produces pallets in rented industrial units, where 26 people are employed. The plant will be the first production business of Andre

Ureh. In Switzerland he has 4 companies that are engaged in commercial activity.

kmeta.bg, 13.05.2014

BGN 10 million more for student loans in Bulgaria The government approved state guarantees up to BGN 50 million, which may be issued in 2015 under the Students loan law. The funds are provided from the state budget for this year. The main goal of the program is creation of conditions for the free development of higher education and easier access to higher education through the sharing of financial responsibilities between consumers and the state. Minister of Education and Science signed on behalf of the Government agreements for issuing of state guarantee to banks that entered into a standard contract with MES for lending of students. The increase of BGN 10 million as compared to current 2014 is provided for the eventual entry of new banks in the system of student loans as a result of the invitation, which is published annually in the "State Gazette".

government.bg, 17.05.2014

Employment agency: Significant decrease of unemployment in April 2014 The employment agency has confirmed that unemployment is decreasing in the country. At present jobless people are 11, 6%. As compared to March the drop is assessed to more than 0.5%. Number of people who started job has been increasing in a fourth month in a row. BGN 20 million provided under the new operational programme Human resources will fund traineeships for 7 500 young jobless people by the end of the present year, deputy social minister Rositsa Yankova said. The money will be reimbursed by the European Commission at a later stage.

bnr.bg, 19.05.2014

BNB: Growth in assets of investment funds in Bulgaria The assets managed by resident and non-resident investment funds operating in Bulgaria totaled BGN 1,764.4 million as of end-March 2014. They increased by BGN 536.1 million (43.6%) year-on-year (from BGN 1,228.2 million), and by BGN 327.4 million (22.8%) from December 2013, the latest data of the Bulgarian National Bank shows.


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The assets of resident investment funds amounted to BGN 788.3 million as of end-March 2014 growing by BGN 213 million (37%) year-on-year. They increased by BGN 91.3 million (13.1%) from December 2013 (BGN 697.1 million). Equity funds increased by BGN 69.4 million (41.7%) to BGN 235.8 million at end-March 2014, as compared with BGN 166.4 million in March 2013, whereas mixed funds’ assets grew by BGN 14.2 million (14.1%) to BGN 115 million, from BGN 100.8 million in March 2013. Compared with December 2013, equity funds grew by BGN 31.8 million (15.6%), and mixed funds’ assets rose by BGN 8.1 million (7.6%). Bond funds’ assets increased by BGN 129.5 million (42.2%) to BGN 436.2 million in March 2014, from BGN 306.7 million in March 2013. Compared with December 2013, bond funds assets increased by BGN 51.3 million (13.3%). As of end-March 2014, bond funds held the largest share of 55.3% in the assets of resident investment funds, against 53.3% reported in March 2013, and 55.2% in December 2013. Equity funds held 29.9% at the end of March 2014, against 28.9% in March 2013 and 29.3% in December 2013.

bnb.bg, 19.05.2014

Moto-Pfohe opened modern trade and service center in Burgas The newest and most modern commercial and service center of Moto-Pfohe in Burgas opened its doors. The investment is assessed to over EUR 5 million and the number of jobs has doubled. This is yet another step in a consistent corporate policy aimed at interest, professional service and customer convenience. The facility is built on an area of 15 thousand square meters. Its built-up area is 4014 square meters. The complex offers sales of cars and light trucks (new and used), spare parts, service, insurance services and packages, including evaluation and liquidation of damages in a place assessment of the vehicle and

redemption, car rental, long term rentals and full service.

economy.bg, autoclub.bg, 19.05.2014

BMF Port Burgas will invest over EUR 20 mln In 2014 over EUR 20 million will be invested for upgrading infrastructure and technical facilities, in both port terminals Burgas East - 2 and Burgas West and in the warehouse base Lozovo. The funds are part of BMF Port Burgas’ investment program. Over the past months special sites for storage of heavy cargo with a total area of 250 000 m are prepared in the port. Few days ago two new heavy 100-ton mobile cranes in which the company invested more than EUR 6 million are purchased and delivered.

econ.bg, 19.05.2014

Projects for BGN 219 million supported by National Guarantee Fund The National Guarantee Fund (NGF) has supported projects of the rural program to the amount of BGN 219 million, the subsidiary of the Bulgarian Development Bank said. This has happened in the period from February 2013 to April this year. The total amount of guarantees issued by the NGF will amount up to BGN 100 million. Only for the first quarter of this year the total amount of guaranteed loans is BGN 19.7 million, NGF announced. Most interested in the guarantees of NGF are beneficiaries of projects in the field of dairy cattle breeding, fruit and grain cultivation. Most of the issued guarantees are in the districts of Plovdiv, Sofia, Stara Zagora and Sliven. Large part of the supported projects is for small and medium enterprises.

monitor.bg, 21.05.2014


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INVESTMENT PROJECTS IN A PROCESS OF REALIZATION

Edoardo Miroglio JSC

In 2014 the company plans investment to the amount of EUR 55 million. The basic one will be realized in Sliven. It is to create 200 new jobs. The rest is related to renovation of Machine Park, which is aimed at increase of production and expansion of production assortment. The huge investment has already started. Production warehouses are being built at present.

Source: www.sliveninfo.com

Gebrüder Weiss

One of the largest logistics companies-Austrian Gebrüder Weiss starts construction of its new distribution center in Bulgaria. The municipality of Elin Pelin, next to Sofia is chosen as a place, as it is known for a location where lots of large companies have built their own shipping centers in recent years. The area of the new center will be 57 thousand square meters. Buildings will have a total area of 6 thousand square meters. EUR 8 million is envisaged for completion of the investment. According to the company’s plans construction of the center has to end by the end of the year. Employees of the company in Bulgaria will increase from the present 60 to a total of 90 people after its termination. With the new distribution center the Bulgarian subsidiary of the company will become one of the most important in the region of the Balkans.

Source: www.money.bg

Yazaki Bulgaria SPLTD

800 people are employed in the Sliven-based plant of the company Yazaki. Expectations are their number to reach 1000 people in 2014. Goods, produced in Sliven are exported mainly to Turkey and Great Britain. In March 2012 the company bought production base of Miroglio in Sliven and started its reconstruction. The building has an area of 13 800 square meters. It is renovated in line with legal requirements and the company’s inner standards.

Source: www.sliveninfo.com


http://www.sliveninfo.com/

http://www.money.bg/

http://www.sliveninfo.com/

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HEADLINES FROM THE EUROPEAN INSTITUTIONS

New Commission study identifies Europe's top ICT hubs Wondering what makes an ICT hotspot? Take a look at Munich, London, Paris or smaller cities such as Darmstadt identified in a new EU Atlas of ICT hotspots. This atlas shows where digital technologies thrive and examines the factors contributing to this success. Most of Europe's ICT activity takes place in 34 regions across 12 countries. Key ingredients to success included access to top Universities and research centres and funding opportunities such as venture capital. A region's ICT excellence is linked to research and development activities, to the ability to take knowledge to market (innovation) and to building an intense business activity around this innovation. It seems that ICT thriving regions:

are mostly long standing industrial areas; have high-standard educational institutions and other key innovation players; have long-term policies on research and innovation; have enjoyed historical opportunities (such as being the political national capitals); tend to cluster together (half of the 34 Poles of excellence are neighbouring regions).

This effect is also observed in places like the Silicon Valley (USA), Bangalore (India) or Changzhou (China). The Commission’s report addresses the EU Strategy to reinforce Europe's industrial and technology leadership in ICT. The report findings and the Atlas will be used in future EU policy formulation on encouraging innovation in the EU. They will also feed into EURIPIDIS project, which focuses on ICT innovation policy and on transferring the best research ideas to the market. Moreover, the JRC plans to analyse the technological diversity of ICT activity and its evolution; this will help identify complementarities between locations. The report looked at all EU regions (1303 NUTS3 regions) in terms of ICT activity and assigned scores according to its relative weight; 14% of the regions scored above 20 points. The top 34 scored between 41 and 100. The report analysed three elements (business activity, R&D and Innovation in the ICT sector) on the basis of their intensity, internationalisation and networking. The findings relied on a Composite Indicator bringing together 42 Indicators to evaluate ICT activities. Several data sources and databases were used to elaborate the indicators and measurements: University rankings, citation indexes, information on European research projects' collaborations, how many global top R&D investor companies in ICTs are present in each region, venture capital funding or employment data and companies' turn over information.

EU economic forecast – Growth becoming broader-based The EU economic outlook is strengthening. While leading indicators point to gross domestic product growth gaining momentum in the near term, the conditions for a sustained recovery in the medium term are also improving. All main indicators confirm on-going recovery Since the Commission's last forecast in winter, the outlook both for the EU and the eurozone is confirming a muted but continuing recovery. Following real GDP growth of 1.6% in the EU and 1.2% in the eurozone in 2014, activity is expected to accelerate in 2015 to 2% and 1.7% respectively. Though growth differentials will persist, the gap between the best performing countries and those still facing difficulties will narrow. In 2015 all EU economies are expected to grow again. Conditions in the labour market started to improve in 2013. However, with only limited economic expansion underway and the typical lag between recovery and employment, little net job creation is expected in the short term.


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Unemployment in the eurozone and the EU is forecast to fall slightly this year. In 2015 the rate is projected to be around 10.1% in the EU and 11.4% in the eurozone. Significant differences will remain among EU countries over the forecast period (4.8% in Austria and 26% in Greece this year). Inflation is set to remain low for some time. Factors behind subdued consumer price inflation are: falling commodity prices, the continued appreciation of the euro, continued weak demand and competitiveness gains in vulnerable EU countries. From the low level of 0.8% in the eurozone and 1% in the EU in 2014, inflation will increase somewhat in 2015, to an average of 1.2% and 1.5% respectively. During 2011-13, substantial reductions in public spending have been implemented in many EU countries. Thanks to these efforts and improved conditions, the stance of fiscal policy has now become more neutral. In 2014, budget deficits are expected to stand at about 2.5% of GDP in the EU and eurozone. The EU's debt-to-GDP ratio is forecast to peak this year at about 90% (96% in the eurozone), before it starts falling from 2015 on.

€ 23 million EU support to promote agricultural products in the European Union and in third countries The European Commission has approved 20 programmes to promote agricultural products in the European Union and in third countries. The total budget of the programmes, the grand majority of which will run for a period of three years, is € 46,5 million of which the EU contributes € 23,3 million. The selected programmes cover a variety of product categories, such as quality products (PDOs, PGIs and TSGs), organic products, fresh fruit and vegetables, wines, milk and milk products, flowers, processed fruit and vegetables, processed cereals and rice, egg labelling, as well as combinations of different product categories. The third countries and regions targeted are: North America, Russia, China, Middle East, South East Asia, India, Latin America, Norway, Azerbaijan, Belarus and Turkey. The 20 programmes chosen - 12 target the internal market and 8 target third countries – were chosen from 33 projects submitted by 30 November 2013 under the information and promotion scheme, as the first wave of programme submission for year 2014. Under existing rules (Council Regulation 3/2008), the EU can assist in financing promotion and information measures on agricultural products on the EU internal market and in third countries. The total annual budget for these programmes is around € 60 million. Under the recent political agreement on new promotion rules the budget will increase to €200 million by 2020. However, the new system will only apply from 2016. The measures financed can consist of public relations, promotional or publicity campaigns, in particular highlighting the advantages of EU products, especially in terms of quality, food safety and hygiene, nutrition, labelling, animal welfare or environmentally-friendly production methods. These measures can also cover participation at events and fairs, information campaigns on the EU system of protected designations of origin (PDO), protected geographical indications (PGI) and traditional specialities guaranteed (TSG), information on EU quality and labelling systems and organic farming, and information campaigns on the EU system of quality wines produced in specified regions (QWPSR). The EU finances up to 50% of the cost of these measures (up to 60% in programmes promoting the consumption of fruit and vegetables by children or concerning information on responsible drinking and the dangers of excessive alcohol consumption), the remainder being met by the professional/inter-branch organisations which proposed them and in some cases also by the Member States concerned. In order to participate, interested professional organisations submit their proposals to the Member States – there a 2 submission periods. The Member States then send the list of proposals they have selected to the Commission along with a copy of each programme. Subsequently the Commission evaluates the programmes and decides whether they are eligible.

EU eyes oceans innovation as source of sustainable growth The EU's maritime or "blue" economy is vast, with over 5 million employees in sectors as diverse as fisheries, transport, marine biotech and offshore renewables.


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Between 2007 and 2013, the European Commission contributed an average of €350 million a year towards marine and maritime research through its seventh Framework Programme. A substantial amount of marine research is also carried out through Member States' programmes (around €300 million per year in France and Germany for example). Blue growth is a "focus area" in the new Horizon 2020 programme, with a specific €145 million budget for 2014-2015 alone, and further opportunities across the programme. Around 30% of the seafloor surrounding Europe has not yet been surveyed. This varies from 5% of the Bay of Biscay and the Iberian Coast to more than 40% of the North Sea and the Ionian and central Mediterranean. A better understanding of what is happening below sea level will provide a better knowledge of ocean resources and a better understanding of how these can be used sustainably. Skill gaps are already apparent in the wind energy sector. In 2012, this offshore sector represented 10% of the annual wind capacity installed, and employed 58,000 people directly and indirectly across Europe. It is projected that by 2020, the proportion of wind power offshore will reach 30% of the annual wind installed capacity. That means 191,000 jobs by 2020, growing to 318,000 by 2030. But the sector could also see a skill shortage growing from 7,000 now to 14,000 full-time equivalents if the future workforce is not equipped with skills in maintenance and manufacturing for example. The Commission has therefore presented an Action Plan for Innovation in the 'Blue Economy' to help use ocean resources sustainably and drive growth and jobs in Europe. The Commission action plan presented proposes to:

Deliver a digital map of the entire seabed of European waters by 2020. Create an online information platform, to be operational before the end of 2015, on marine research

projects across the Horizon 2020 programme as well as nationally funded marine research, and to share results from completed projects.

Set up a Blue Economy Business and Science Forum, which will involve the private sector, scientists and NGOs to help shape the blue economy of the future and share ideas and results. A first meeting will take place in the margins of the 2015 Maritime Day event in Piraeus, Greece.

Encourage research, business and education actors to map out the needs and skills for tomorrow's workforce in the maritime sector by 2016.

Examine the possibility of major players from the research, business and education community to form a Knowledge and Innovation Community (or KIC) for the blue economy after 2020. KICs, part of the European Institute of Innovation and Technology (EIT) can stimulate innovation in multiple ways, for example by running training and education programmes, reinforcing the path from research to the market and setting up innovation projects and business incubators.

European Maritime Day 2014: Innovating for a sustainable use of our oceans Innovation and research in the maritime economy can drive a European growth and jobs recovery whilst securing a sustainable future for Europe's seas, oceans, and all those whose livelihoods depend on them. That was the focus of this year's European Maritime Day which was held in Bremen, Germany, on 19-20 May and hosted an exchange of ideas between experts, stakeholders from all maritime sectors and policy makers from across the EU. The European Commission's Blue Growth agenda seeks to make sustainability the cornerstone for maritime growth, and will therefore be at the heart of the discussions in Bremen. Set against a backdrop of recent announcements by the EU on Blue Innovation, Maritime Spatial Planning, coastal and maritime tourism, and ocean energy, the event brought together each sector of the maritime economy to discuss how they can co-operate, share insights, and make sustainable growth a reality. With 21 workshops organized by stakeholders, two plenary sessions with keynote speakers, high-level sessions, a special exhibition on maritime issues, public happenings and an innovative networking event, the conference was a hub of debate and sharing of best practice across the two days. The City of Bremen kicked off the European Maritime Day by celebrations along the banks of the river Weser on 18 May, with live music events, exhibitions of research institutes, visits to research ships, family events and other


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festivities. All the public events as well as the European Maritime Day Conference were free of charge and open to the public. The 7th edition of the European Maritime Day Conference was organized by the European Commission in partnership with the German Federal Ministry of Transport, Building and Urban Development and the Ministry of Economic Affairs, Labour and Ports of the Free Hanseatic City of Bremen. The theme for this year's conference was "Innovation driving Blue Growth". European Maritime Day was created by a tripartite declaration by the Presidents of the European Commission, the European Parliament and the Council of the EU on 20 May 2008. It is celebrated every year on and around 20 May and aims to raise the visibility of Maritime Europe. The previous editions of European Maritime Day were held in Brussels (2008), Rome (2009), Gijon (2010), Gdansk (2011), Gothenburg (2012) and Valetta (2013) respectively.

First Natura 2000 Award winners announced The winners of the first Natura 2000 Awards were announced at a ceremony in Brussels on 21st May. The winners received trophies from the European Commissioner for the Environment, Janez Potočnik, along with members of the award Jury. Natura 2000 is a network of over 27 000 protected sites that covers 18 % of the EU landmass and 4 % of marine areas, protecting and enhancing Europe’s natural heritage. These Awards recognise excellence in Natura 2000 site management, showcasing the value of the network for local communities and economies. Reflecting the wide range of work carried out across the Natura 2000 network, they include five categories: Conservation, Socio-Economic Benefits, Communication, Reconciling Interests/Perceptions, and Networking & Cross-Border Cooperation. The Conservation Award went to a project to save the imperial eagle in Sakar, Bulgaria. Thanks to the work of the project team and the cooperation between conservationists and private companies, the local population of this globally threatened species has been brought back from the brink of extinction. By working with energy companies to insulate dangerous power lines and bury overhead cables, the project successfully eliminated the risk of electrocution, a serious problem facing this bird of prey. A project in Sighișoara-Târnava Mare, Romania won the Socio-Economic Benefits Award, with an impressive example of Natura 2000 providing economic growth and sustainable livelihoods in rural areas. The project enables farmers to make a better living by working sustainably on high nature value land, while also preserving a unique landscape with rich biodiversity. Thanks to the project, 2300 farming families in the region generate income of more than €2.5 million annually, and similar ideas are now being applied in other parts of Romania. The Communication Award goes to Raná-Hrádek in the Czech Republic for promoting the protection of dry grassland habitats in the Louny region. A ‘Celebration of the steppes’ event attracts 1000 people every year in May, and an annual art competition helps make children more aware of conservation work. The project raises awareness amongst EU citizens about the value of natural heritage. The Reconciling Interests/Perceptions Award went to a project in the Vijvergebied van Midden Limburg site in Belgium. Landowners, nature organisations and authorities – once in conflict over nature conservation – now work together here to manage wetlands, thanks to an innovative approach combining economy, ecology and education. The Networking & Cross-Border Cooperation Award goes to a technical cooperation network in Spain for developing quality standards for management and a reference website on the state of the Natura 2000 network in Spain. Rebollar de Navalpotro in Guadalajara is one area where these actions have been successfully applied, showing how Natura 2000 is both a network of species and habitats and a network of people. Anyone directly involved in Natura 2000 – businesses, authorities, NGOs, volunteers, land owners, educational institutions or individuals – could apply for this Award, and a total of 163 applications from across Europe were received. From these, a shortlist of 22 applications was submitted to a high-level jury, who then selected the winner of each category.


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Following the interest shown in this Award, the quality of the submissions and the importance of highlighting the fantastic conservation work being carried out across Europe, the European Commission aims to make this Award an annual event.


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ANALYSIS OF SECTOR

Bulgarian Stock Exchange - statistics for the first quarter of 2014 Registered emissions as to 31 March 2014

Segment Number of emissions

Main BSE market (total) 210

Premium Equities Segment 7

Standard Equities Segment 90

Special Purpose Vehicles Segment 14

Bonds Segment 62

UCITs Segment 31

Compensatory Instruments Segment 3

Structured Products Segment 2

Initial Public Offering Segment 1

Alternative BaSE market (total) 271

Shares Segment 221

REIT Segment 50

Top 10 companies on the main BSE market as of 31 March 2014

by market capitalization, BGN mln

BSE code

Company Market

capitalization (BGN mln)

57B Bulgartabac Holding JSC - Sofia 684.41

6C9 Corporate Commercial Bank JSC - Sofia 609.97

3JR Sopharma JSC - Sofia 607.07

5F4 First Investment Bank JSC - Sofia 449.90

5PET Petrol JSC - Sofia 428.26

5MB Monbat JSC - Sofia 347.10

6C4 Chimimport JSC - Sofia 324.35

3CZ CEZ Distribution Bulgaria JSC - Sofia 304.62

6A6 Advance Terrafund REIT - Sofia 232.61

6C4P Chimimport JSC - Sofia 227.38

Top 10 companies on the main BSE market with greatest change of the market capitalization inQ1'2014, %

BSE code

Company Change of

capitalization in 2014‘1Q

R8I Reserve Capital REIT - Sofia 373.04%

SL9 Sparky-Eltos JSC -Lovetch 155.58%

4IC Intercapital Property Development REIT- Sofia 120.83%

5IC Euroins Insurance JSC - Sofia 85.98%

4HE Hydraulic Elements & Systems Pic JSC-Yambol 81.11%

4I8 Industrial Capital Holding JSC - Sofia 75.39%

T57 Trace Group Hold JSC - Sofia 73.72%

5F4 First Investment Bank JSC - Sofia 68.31%

4ID Industrial Holding Bulgaria JSC - Sofia 68.06%

2EL Energoni JSC - Sofia 66.67%

The 10 companies with the largest number of transactions on the main BSE market in Q1'2014, number of transactions

BSE code

Company Number of

transactions

6C4 Chimimport JSC - Sofia 6 847

4CF Central Cooperative Bank JSC - Sofia 3 002

T43 Zarneni Hrani Bulgaria JSC - Sofia 2 687

5F4 First Investment Bank JSC - Sofia 2 139

6A6 Advance Terrafund REIT - Sofia 1 593

5PET Petrol JSC - Sofia 1 555

4EH Eurohold Bulgaria JSC - Sofia 1 437

3JR Sopharma JSC - Sofia 1 434

4ID Industrial Holding Bulgaria JSC - Sofia 1 293

6C4P Chimimport JSC - Sofia 1 212

The 10 companies with the highest turnover on the main BSE market in Q1'2014, BGN mln

BSE code

Company Turnover

(BGN mln)

5PET Petrol JSC - Sofia 133.09

3JR Sopharma JSC - Sofia 26.93

6C4 Chimimport JSC - Sofia 17.55

5F4 First Investment Bank JSC - Sofia 13.13

SO5 Sopharma Trading JSC - Sofia 8.05

6C9 Corporate Commercial Bank JSC - Sofia 5.20

5BU Bulgarian Real Estate Fund REIT - Sofia 4.99

6A6 Advance Terrafund REIT - Sofia 4.14

4CF Central Cooperative Bank JSC - Sofia 4.12

5MB Monbat JSC - Sofia 3.98

Market capitalization as of March 31, 2014 and amendment to previous period

Segment

Q4‘2013

(BGN mln)

Q1‘2014

(BGN mln)

Change Q1‘2014 / Q4‘2013

Main BSE market (total)

Special Purpose Vehicles Segment 516.29 574.51 11.28%

Premium Equities Segment 1 542.51 2 071.32 34.28%

Standard Equities Segment 5 698.95 6 317.83 10.86%

Total market capitalization (of BSE market)

7 757.74 8 963.66 15.54%

Alternative BaSE market (total)

Shares Segment 1 059.54 1 001.55 -5.47%

REIT Segment 1 143.48 1 205.27 5.40%

Total market capitalization (of BaSE market)

2 203.03 2 206.82 0.17%

Market Capitalization by Sector as of March 31, 2014 of the main BSE market

Sector Market

capitalization (BGN mln)

Share of the sector in total market capitalization

Financial and insurance activities 3 683.89 41.10%

Manufacturing 2 647.48 29.54%

Trade; repair of motor vehicles and motorcycles

741.50 8.27%

Electricity,gas,steam and air conditioning supply

590.10 6.58%

Real estate activities 533.35 5.95%

Accommodation and food service activities

229.37 2.56%

Construction 207.61 2.32%

Transportation and storage 137.63 1.54%

Mining and quarrying 112.50 1.26%

Professional, scientific and technical activities

56.09 0.63%

Creation and distribution of information and creative products; telecommunications

24.14 0.27%

Main BSE market (total) 8 963.66

Source: BSE, a quarterly bulletin


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INVESTMENT OPPORTUNITIES OF MUNICIPALITY

Burgas Municipality

Area: 512.32 sq. km. Mayor: Dimitar Nikolov

Tel: +35956 / 907 214 Fax: [email protected]

e-mail: http://www.burgas.bg

Burgas Municipality Population Total for Burgas Municipality 2010 2011 2012

Population (number) 206 700 212 032 211 535

Birth rate, (number) -152 -297 -389

Mechanical growth - total (number) -226 -557 -108

Working-age population, number 136 257 137 468 136 981

Leading companies by sales income (BGN mln)

Company 2010 2011 2012

Lukoil Neftochim JSC 5 464 168 6 739 436 8 500 251

Kronospan Bulgaria SpLtd. 183 268 187 708 188 461

Elkabel JSC 81 442 81 392 79 326

Transwagon JSC 58 307 63 309 66 818

Aluplast JTG SpLtd. 30 723 40 593 52 494

Kush Fashion Ltd. 25 139 32 570 55 075

Mayak M JSC 34 902 47 390 42 549

Burgasbus SpLtd. 20 647 20 350 20 987

Deplan Ltd. 16 100 16 192 19 127

Ceramics Burgas JSC 10 188 13 875 18 154

Leading companies by profit (BGN mln)

Company 2010 2011 2012

PMU AD 1 759 1 241 7 704

Bulcar SpLtd. 3 010 2 412 3 794

Mayak M AD 3 234 3 049 1 906

Transvagon AD 807 1 368 1 738

Deplan Ltd. 1 400 1 338 1 065

In recent years, the city of Burgas topped the charts as the best city for doing business, the best city for living, for contribution to the development of tourism and was named the greenest city in Bulgaria. Gross Domestic Product (GDP) per capita is 12% higher than the national average. Over 16,000 companies operate on the territory of the Municipality. The unemployment rate in Burgas is 5.9 % for March 2014, while the country's average is 12.2%. The main industries are the chemical and petrochemical industry; food processing, electrical and electronics industry, machine building and metalworking.

Successful absorption of EU funds and sustainable balanced budget made Burgas synonymous with "development model". Budgetary framework of the Municipality for 2014 is BGN 326 million, of which BGN 160 million are European funds. The main activities in Budget 2014 are to ensure an accessible environment and sustainable mobility. Major infrastructure projects in progress are:



http://www.burgas.bg/

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Project Financing Total cost (BGN mln)

Integrated urban transport OPRD 130.9

Improvement and development of infrastructure for water and wastewater of Banevo, Vetren and Mineralni bani

OPE 30.9

Rehabilitation of water supply network in Meden Rudnik OPE 14.6

Integrated project for renovation of important areas in Burgas OPRD 13.1

Integrated project for management of water and wastewater in Gorno Ezerovo

OPE 10.8

Besides achieving an accessible environment and sustainable mobility, a priority of the Municipality is the revival of the economy, a surge of new investments and reduction of the unemployment. In this regard, the municipality is actively working to develop industrial zones. As a first step in this direction was the establishment in collaboration with the state of a company "Industrial and Logistics Park - Burgas", whose main task is to develop industrial zone North and attract investors. The main advantage of the industrial zone is its location: strategically situated next to a cargo railway station with direct rail access to the Port of Burgas and close to duty free zone. The first investors are now in place and will soon begin construction of new production facilities.

In 2013 were completed three key transport projects which are crucial for the development of the city. These are the newly opened Terminal 2 at Burgas Airport, located on an area of 21 thousand square meters, with annual capacity of 2.7 million passengers; international passenger terminal at the port of Burgas with capacity of 100 thousand passengers and ability to service cruise ship with 3,000 passengers and full completion of the highway Trakia.

Burgas Municipality relies much on tourism and in 2014 was completed the project "Cultural heritage of the island Saint Anastasia" worth BGN 5.5 million, funded by the Operational Program Regional Development. Fully restored island already welcomed its first tourists.

Burgas Municipality received funding under the JESSICA initiative through "Regional Urban Development Fund'' for two projects in the field of tourism. The first is to build the exposition center "Flora Burgas" on an area of 1426 square meters. In addition to the traditional exhibition of flowers, the center will be used throughout the year for the organization of conferences, professional meetings, cultural events, museum exhibitions, parties, exhibitions, weddings and more. Jessica initiative will also fund the "Underground city", which is a project to build interactive tourist attraction area of 40 decares in bomb shelters beneath the Sea Garden.

Construction work on the "Park Oceanarium", which includes Oceanarium, aqua park with dolphinarium and entertainment center in the Ezero park, are about to start. The project will be implemented in the form of concession and the concessionaire proposed initial investment of BGN 100 million.

Archaeological excavations in the ancient Aqua Kalide – terma, city of the healing hot springs, with excellent opportunities for the development of spa tourism, continue. Rich cultural and festival program attracts over 300 000 visitors annually.

Burgas is the first to benefit from the opportunities of the Fisheries program and will invest in the modernization of fishing ports as the construction of a fishing port in Sarafovo has already started.

The construction of the sports hall Arena Burgas is to start. Partial funding of BGN 5 mln from Fund "Growth and sustainable development of the region" has been provided.


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Burgas Province Area 7 748.1 sq. km.

Population Total for Province Burgas 2010 2011 2012

Population (number) 421 252 414 947 414 154

Natural increase - from 1000, ‰ -2.5 -3.0 -3.3

Economic indicators and labor market

Total for Province Burgas 2010 2011 2012

Employees under labor contracts (number) 118 872 118 975 118 885

Average annual salary of employees under labor contracts (BGN)

7 092 7 359 7 788

Economic activity rate - 15-64 years (%) 63,3 63,3 64,8

Employment rate - 15-64 years (%) 57,2 55,3 57,3

Unemployment rate (%) 9,6 12,6 11,5

Registered unemployed as to 31.12. (number) 15 204 16 285 17 832

GDP (BGN thousand) 70 511 75 308 77 582

GDP per capita (BGN) 9 359 10 248 10 632

Foreign direct investment in non-financial enterprises, as to 31.12. (USD thousand to 2006 - incl./ EUR thousand - after 2007)

1622748,5 1811907,3 2023505,8

Cost of acquisition of long-term tangible assets (BGN thousand)

1)

860 061 988 203 1 312 398

Turnover (BGN thousand) * 14 686 504 16 551 059 18 558 276

Produced output (BGN thousand) * 10 770 783 12 610 661 14 140 765

Value added at factor cost (BGN thousand) * 1 651 616 1 846 343 1 943 914 1) Incl. purchase of land * Data are calculated by the methodology of Structural Business Statistics


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Burgas Free University

Intellectual emblem of Bulgarian Black Sea Coast

Burgas Free University was established on September 18, 1991 by decision of the Grand National Assembly. It is new, unique and markedly positive phenomenon in the academic history of Bulgaria and true alternative to the traditional mass higher education http://www.bfu.bg/.

Specialties, which are studied, are in four major areas of science and faculties: Center for Legal Studies, Center for Economic and Management Sciences, Center for Humanities and the Center for Informatics and Technical. Bachelors programs are twenty and the Masters programs are thirty-eight. Burgas Free University graduates are over 25,000.

10 years ago, the Burgas Free University (BSU) was introduced ECTS system of credits, which makes it open education and convertible for Europe and the world http://en.bfu.bg/. There are many international projects with partners from more than 100 universities abroad. Teachers and students participate in mobility, courses in European Union projects. The university has signed cooperation agreements with over 30 universities and other organizations in Europe, America and Asia, some joint graduate programs lead to a double degree. Particular interest in studying at BSU is shown by students from Russia, Ukraine, Kazakhstan, Turkey, Cyprus and India. BSU has and actively works UNESCO Chair for Human Rights and a Culture of Peace.


http://www.bfu.bg/

http://www.bfu.bg/index.php?q=node/1886

http://www.bfu.bg/index.php?q=node/1793

http://en.bfu.bg/

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For 10 years, students at BSU are trained in new administrative and academic building. No other university in the country has such facilities. In 2004 the building was awarded a special prize "Building of the Year", and the author of the project became the architect of the year. With its activities the university seeks to promote the NEW IDEA IN EDUCATION: preparation of a modern type of staff qualified in conformity with international standards for higher education and adapted for rapid career development. It is the largest educational, scientific, research and cultural center in southeastern Bulgaria. BSU creates spirituality, it changed the appearance of Burgas, made it a European city with a free academic spirit and aspiration to European values.

Burgas 8001 62 San Stefano Blvd. Tel: (056) 900-400 e-mail: http://www.bfu.bg


http://www.bfu.bg/

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„Industrial & Logistics Park – Burgas“ PLC

„Industrial & Logistics Park – Burgas“ PLC was created to develop the internal engineering infrastructure of Industrial Zone NORTH in the city of Burgas, to improve the business environment, and attract local and foreign investors. “Industrial and Logistics Park – Burgas” has been established on January 6, 2012 as a joint venture between the Municipality of Burgas and „National Company Industrial Zones“, 100% state-owned company specialized in industrial and high-tech park development, management of industrial zones and innovation centers. The ILPB PLC main activities include the development,

management and marketing of a modern industrial zone on the territory of Municipality of Burgas. Main Objectives:

Attracting local and foreign investors; Encouraging investment in sectors with high added value; Creating favorable conditions for investors; Improving the industrialization and business environment of Burgas; Introducing new services.

ABOUT THE ZONE „Industrial & Logistics Park – Burgas“ offers to the potential investors industrial sites of total area of about 240 decares, as per Industrial Zone NORTH (Burgas) plan (the entire of 410 decares). The remaining area is provided for landscaping, road infrastructure, parking lots, power stations, public service centers, etc. The industrial plots vary in size, from 2 to 40 decares, and could be joined together depending on investor's demand. Below are the Indicators of development pursuant to the Preliminary Development Plan of the area:

Density – 60%; Maximum height of construction– up to 20m; Coefficient intensity – 2.0.


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Location "Industrial & Logistics Park - Burgas" includes 41th, 42nd, 43rd, 44th and part of the 46th quarters located within the Industrial Zone NORTH (Burgas). The park is located at important trans-European corridor VIII near the railway cargo station and has a direct railway connection to the Port of Burgas. Below are the distances to certain major transport links in the city:

Port of Burgas - 4 km; Trakiya Highway - 11 km; Burgas Airport – 10km.

BENEFITS Potential investors are granted a number of advantages, such as investment incentives and institutional support, the opportunity to achieve concentration of interrelated activities gathered in one place and overall efficiency increase; the opportunity of doing business in a business environment with focus on financial, manufacturing and human resources, improved access to international distribution channels and technology, and the opportunity to establish Joint Ventures, information, technology and experience exchange, and the bonus of a first class location with transport links in the immediate vicinity, and well-developed infrastructure. The types of services the Company offers its potential investors are:

Industrial spaces for sale or rent; Assistance in the issuance of all required documents and permits for the project implementation; Services related to finding highly qualified employees.


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INTERVIEW

Anton Stoyanov

HDS Group S.A. Paris, France

Vice-president Global Technologies and innovation

Mr. Stoyanov how long has Hamilton Data Services been operating on the Bulgarian market; what products and services do you offer?

Hamilton Data Services Bulgaria is founded in 2003. It is the first and the largest company in the field of management of papers and archives in Bulgaria. Our services and solutions help our customers to optimize their revenues and to accelerate access to information and speed of making decisions. This is important, especially in terms of crisis and global competitiveness, isn’t it?

In addition, seven years ago we set up a center in Sofia that supports our customers in Europe in the field of systems for electronic archives and management of business processes. They are offered as

Software-as-a-Service, i.e. the entire system with its hosting, functional development and support of customers. These systems let our customers realize the so called paperless office. This means that information moves on and solutions are made digitally; papers are created online and are rarely or never printed.

It is inspiring that we operate in a sphere where we create high added value for our customers and help them to be more and more competitive in the present dynamic world.

Who are you basic customers and markets?

Each company operates with papers and information that are necessary for making operative decisions. They have to be easily accessible and auspiciously stored.

The greater number of papers there is in a certain company, the greater the need for their finding is. Thus our company is getting more needed of. Such are undoubtedly financial institutions and telecoms. Other priority segments for us are highly regulated industries and pharmaceutics, for example. Subsidiaries of international companies, which are subjected to intercompany and stock exchange regulation, are also market that is of great importance for us.

With more than 100 big customers, we have proven to be undisputed leader on the Bulgarian market.

Would you present contemporary trend in management of papers and business processes?

We have been speaking of paperless office for a long time, now. Just imagine how decisions for commercial concessions are made not on paper, but from a tablet or a mobile phone. How contracts for sale are negotiated on the Internet without the loss of precious time. Invoices are sent by the mail instead of by the post.

Paperless office gives huge competitive advantage before traditional companies that work with phones, mails and paper.

These technologies that are privileges of huge international companies until recently were inaccessible for small and medium-sized companies. Based on our almost ten years of experience with huge corporations in Europe we have developed a cloud platform with standard solutions which is already open to our customers, small and medium-sized companies.


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What will happen with the old paper document? Strengthening of regulations effects in necessity to gather increasing number of papers. As a result paper archives contrary to expectations continue to increase every year.

I think that paper documents will be our companion for at least a decade. Despite, its significance will give way in increasing number of fields to environmentally friendly and faster electronic paper.

Many of the companies in the sector complain of difficulties in hiring qualified employees. What is the situation in your company?

Yes finding highly-qualified employees is a problem in Bulgaria. Yet if this is calming our country is not the exception. This is a problem in every country in Europe. We experience similar problems just like countries like Russia, France, and England. Thus we are not the only one.

Moreover the situation is like that. It is hardly to change. Consequently we have to adapt to it. We have to develop our qualified professionals and to create for them environment where they can develop top products and services. There they should feel that they are part of a community which they would find nowhere else.

What are trend for development of IT industry in Bulgaria? What are advantages and disadvantages of our country?

IT industry in Bulgaria is speeding up. In search of rarely qualified IT resources increasing number of companies are heading to Bulgaria.

Situation with resources is complicated. In the IT industry in terms of chronicle drop of personnel only these companies will survive that are able to develop large scale products, destined for big markets and such that bring benefits to customers.

It is evident that demand of IT resources is high, while supply is shrunk. Unfavorable demographic situation also exerts influence. Besides, there is concrete geographical misbalance. Most huge IT companies are based in Sofia, where the market is overheated.

Most probably developing of IT centers out of Sofia would be a solution that deserves attention.

In your opinion which neighboring countries are serious competitors in the choice of location for opening of a new subsidiary or in case of entering new markets?

International companies which have a choice where to locate their activity look for countries with numerous population, with a well-developed infrastructure, with a well-functioning tax system and access to financial resources.

Bulgaria is relatively competent with its tax system, with its labour cost and access to European funds. There is also a programme for support of strategic investors.

I think that potential for development of production centers and service center is mainly concentrated out of Sofia. Several years ago we opened a service center for international customers in Veliko Turnovo and I may say that we are extremely pleased with that decision.

I have limited experience in development of operation in our neighborly countries, but I may say that Romania and to a great extent Serbia are serious competitors in the choice of location for new investment for Bulgaria.


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CHAMBERS OF COMMERCE IN BULGARIA

Bulgarian-Polish Chamber Of Commerce and Industry (BPCCI) Address: Sofia, Hipodruma120, ent.B, fl.7, app.52 Tel: +359 877 400 160 e-mail: [email protected] http://www.bpcci.bg

Bulgarian-Polish Chamber Of Commerce and Industry was established and registered on August 2013, as a non-profit organization.

Objectives and tasks of the BPCCI

- Close cooperation with the Embassy of the Republic of Poland and with the Department for the promotion of trade and investment.

- Take action to help the development of entrepreneurship among companies of the two countries.

- Protection and support of the interests of members of the chamber

- Presentation of the product offers of the members of the chamber

- Establishing contact with other chambers of commerce, as well as with public and private institutions

- Assistance in finding business partners on both sides

- Help facilitating the registration of companies in Bulgaria.

The realization of the objectives

Bulgarian-Polish Chamber Of Commerce and Industry realize goals by:

- Organizing presentations and workshops, with the aim of promoting contacts between businesses

- Participating in trade fairs and conferences

- The collection and exchange of information between members of the chamber

- Constant and close cooperation with other chambers, with the purpose of Exchange of experience and information

- Organizing and participation in press conferences, thematic workshops, symposia and exhibitions- for maximum promotion of members of the chamber

- Sharing experiences and giving advice to investors wishing to participate in the Bulgarian market

Services of the Chamber

- Help with the registration of economic entities

- Legal consulting

- Search for potential partners

- Help to resolve conflicts and disputes

- Participation at trade fairs, conferences and symposia

- Assistance in the selection of workforce (creation of a database of candidates to work)

Commercial exchange between Poland and the Bulgarian for last year is within 1 billion euro, and is expected to improve, especially after the creation of the Bulgarian-Polish Chamber of Commerce and Industry.



http://www.bpcci.bg/

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MACROECONOMIC INDICATORS

Foreign Direct Investments in Bulgaria EUR mln

Net cash flow - annual data

Years 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

980 1850.5 2735.9 3152.1 6221.6 9051.8 6727.8 2436.9 1151.2 1330.2 1070.3 1092.4

Net cash flow – quarterly data

2013 2013'Q2 2013'Q3 2013'Q4 2014'Q1

Quarters 263.5 454.8 1.2 88.9

Net cash flow – monthly data

2013 2014

IV V VI VII VIII IX X XI XII I II III

Months -67.8 456.9 179.5 298.2 119.4 37.2 41.2 256.3 -296.3 72.8 17.1 -1 * Data is updated (as to 28.04.2014) Source: BNB

Main economic indicators EU – Bulgaria – Poland European Union Bulgaria Poland

GDP (purchasing power parity) $ mln

15 830 000 [2012 est.] 104 600 [2013 est.] 814 000 [2013 est.]

GDP - real growth rate %

0 [2013 est.] 0.5 [2013 est.] 1.3 [2013 est.]

GDP - per capita (PPP) $ thousand

34.5 [2013 est.] 14.4 [2013 est.] 21.1 [2013 est.]

Industrial production growth rate %

-0.2 [2013 est.] 1 [2013 est.] 5.2 [2013 est.]

Labor force Mln

231 [2013 est.] 2.551 [2013 est.] 18.22 [2013 est.]

Unemployment rate %

10.8 [2013 est.] 11.6 [2013 est.] 10.3 [2013 est.]

Budget surplus (+) or deficit (-) % of GDP

n.d. -2.4 [2013 est.] 0 [2013 est.]

Public debt % of GDP

n.d. 18.4 [2013 est.] 48.2 [2013 est.]

Inflation rate (consumer prices) %

1.5 [2013 est.] 1.5 [2013 est.] 1 [2013 est.]

Current account balance $ mln

-34 490 [2011 est.] -182.3 [2013 est.] -11 060 [2013 est.]

Export $ mln

2 173 000 [2011 est.] 27 900 [2013 est.] 202 300 [2013 est.]

Import $ mln

2 312 000 [2011 est.] 32 880 [2013 est.] 207 400 [2013 est.]

Reserves of foreign exchange and gold $ mln

863 800 [12m 2011] 20 690 [12m 2013] 107 800 [12m 2013]

Debt - external $ mln

15 950 000 [12m 2012] 37 850 [12m 2013] 365 200 [12m 2013]

Stock of direct foreign investment - at home $ mln

n.d. 54 210 [12m 2013] 248 200 [12m 2013]

Stock of direct foreign investment - abroad $ mln

n.d. 1 939 [12m 2013] 69 780 [12m 2013]

Source: CIA /www.cia.gov


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UPCOMING EVENTS

3 June 2014

Hotel Balkan, Sofia, Bulgaria

First Annual Outsourcing Conference: How Bulgaria to become a leading outsourcing destination

3 June 2014

Casino de Madrid, Madrid, Spain

The Spain Summit 2014 Accelerating the return to growth

9 June 2014

5ABCD Meeting Room, JETRO

Headquarters Tokyo, Tokyo, Japan

Japan-Bulgaria Business Forum Organizers: InvestBulgaria Agency, Small and Medium Enterprise Agency, JETRO, Bulgarian Small and Medium Size Enterprises Promotion Agency, Embassy of the Republic of Bulgaria in Japan

11 June 2014

Budapest, Hungary Bulgarian-Hungarian business forum

20 June 2014

Hotel Hilton, Sofia, Bulgaria

Annual meeting of the Black Sea Trade and Development Bank

26 June 2014

The Dorchester, London, UK

Talent Management 2014 New Model Leaders

13-16 October

2014

Geneva, Switzerland The World Investment Forum 2014


investbulgaria agency - government.bg · investbulgaria agency (iba), 31 aksakov str., sofia 1000...

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