mis 648 country study: it opportunities in bulgaria presented by: daniel caratini sowmya venugopal...

MIS 648 Country Study: MIS 648 Country Study: IT Opportunities in BulgariaIT Opportunities in Bulgaria

Presented by:Presented by:Daniel CaratiniDaniel CaratiniSowmya VenugopalSowmya VenugopalNicole HensleyNicole HensleyJanet VasahlikJanet Vasahlik

October 23, 2006October 23, 2006

AgendaAgenda

• Physical PicturePhysical Picture• Socio-Cultural FactsSocio-Cultural Facts• EconomyEconomy• DemographicsDemographics• IT Industry: IT Industry: Technology Scene, Penetration, Training, Technology Scene, Penetration, Training,

Teledensity, Producers, Consumers, Strength and WeaknessTeledensity, Producers, Consumers, Strength and Weakness

• E-commerce PictureE-commerce Picture• Business Climate of BulgariaBusiness Climate of Bulgaria• Business Climate of Eastern EuropeBusiness Climate of Eastern Europe• Investment Opportunity #1: Internet CaféInvestment Opportunity #1: Internet Café• Investment Opportunity #2: Tourism Service / WebsiteInvestment Opportunity #2: Tourism Service / Website• QuestionsQuestions

Physical PicturePhysical Picture

Location TopographyLocation Topography

Physical Picture (cont.)Physical Picture (cont.)

• Total area: 42,823 sq miTotal area: 42,823 sq mi• Temperate weather: Temperate weather:

– Cold damp wintersCold damp winters– Hot dry summersHot dry summers

• Transportation:Transportation:– Crossroad between Europe, Asia and Africa Crossroad between Europe, Asia and Africa – Roads (102,016 km), Railways (6,500 km)Roads (102,016 km), Railways (6,500 km)– 4 int. airports4 int. airports– Seaports availableSeaports available– Public transportation availablePublic transportation available

Information taken from www.wikipedia.orgInformation taken from www.wikipedia.org

Socio-Cultural FactsSocio-Cultural Facts

• Bulgarian flag =>Bulgarian flag =>• Official language: Bulgarian (84.8%)Official language: Bulgarian (84.8%)• Bulgaria is known for its folklore, traditional Bulgaria is known for its folklore, traditional

music, rituals and talesmusic, rituals and tales• Has nine UNESCO World Heritage Sites Has nine UNESCO World Heritage Sites • Currency: Lev ($1 US = 1.55 LEV)Currency: Lev ($1 US = 1.55 LEV)

– Cash economyCash economy

• Religion: Religion: – Bulgarian Orthodox ChurchBulgarian Orthodox Church– Islam, Roman Catholicism and ProtestantismIslam, Roman Catholicism and Protestantism



Politics:Politics:• Parliamentary Democratic republic Parliamentary Democratic republic • Executive power is exercised by the governmentExecutive power is exercised by the government• The U.S. Freedom House rates the country as a free The U.S. Freedom House rates the country as a free

country (1 on political rights and with a 2 on civil rights)country (1 on political rights and with a 2 on civil rights)

Educational System:Educational System:• Supported by the stateSupported by the state• Compulsory for children of ages seven to sixteenCompulsory for children of ages seven to sixteen• 41 state supported and private higher educational 41 state supported and private higher educational

institutionsinstitutions


* Data taken from www.geert-hofstede.com* Data taken from www.geert-hofstede.com

Hofstede’s Dimensions*Hofstede’s Dimensions*


EconomyEconomy

Brief economic historyBrief economic history• Collapse of communist regime in 1989Collapse of communist regime in 1989• Transitioning to market economyTransitioning to market economy• 1996-97 economic crash 1996-97 economic crash • Member of NATO since 2004Member of NATO since 2004• Scheduled to join the EU January 1, 2007Scheduled to join the EU January 1, 2007• Plans to adopt the euro in 2010 – 2011Plans to adopt the euro in 2010 – 2011

Major industriesMajor industries• Agriculture / Farming (major crops: wheat, sunflower)Agriculture / Farming (major crops: wheat, sunflower)• ElectricityElectricity

EconomyEconomy

* Data taken from The World Bank Group* Data taken from The World Bank Group

Economic Indicators 2001 2002 2003 2004 2005GDP (current US$) 13.6 Billion 15.6 Billion 19.9 Billion 24.3 Billion 26.6 BillionGDP growth (annual %) 4.1 4.9 4.5 5.7 5.5Foreign direct investment, net inflows (BoP, current US$) 813 Million 905 Million 2,097 Million 2,005 Million ---Exports of goods and services (% of GDP) 55.6 53.1 53.6 58.0 60.8Imports of goods and services (% of GDP) 63.1 59.8 63.0 68.2 77.4Inflation, GDP deflator (annual %) 6.7 3.8 2.2 4.8 3.9Present value of debt (current US$) --- --- --- 16.1 Billion ---Revenue, excluding grants (% of GDP) 35.7 35.7 37 40.2 ---Agricultural land (% of land area) 49.7 48.1 48.1 --- ---

Additional Economic Indicators 2001 2002 2003 2004 2005Energy use (kg of oil equivalent per capita) 2462.3 2417 2493.9 --- ---Electric power consumption (kWh per capita) 3907.5 3838.2 3965 --- ---Fixed line and mobile phone subscribers (per 1,000 people) 560.9 695.1 807.7 966.4 ---High-technology exports (% of manufactured exports) 2.7 4 4.3 4.0 ---Internet users (per 1,000 people) 76.5 80.1 197.5 283.5 ---Literacy rate, adult total (% of people ages 15 and above) --- --- --- 98.2 ---Military expenditure (% of GDP) 2.7 2.7 2.6 2.4 2.4Personal computers (per 1,000 people) 48 51.5 55.2 59.4 ---School enrollment, secondary (% net) 84.4 87.1 88.3 88.5 ---Time required to start a business (days) --- --- 32 32 32

DemographicsDemographics

• Population: Population: 7,718,000 (2005) 7,718,000 (2005)• Population growth rate:Population growth rate: -0.89% (est.) -0.89% (est.)• Net migration rate: Net migration rate: -4.3 migrant(s)/1,000 population -4.3 migrant(s)/1,000 population

(est.)(est.)• Life expectancy at birth: 72.03 yearsLife expectancy at birth: 72.03 years• Sex ratio: 0.93 male)/female (est.)Sex ratio: 0.93 male)/female (est.)• Ethnic groups: Ethnic groups:

– Bulgarian Bulgarian 83.9% 83.9% – Turk Turk 9.4% 9.4% – Roma Roma 4.7% 4.7% – Russian Russian 0.2% 0.2% – Other Other 1.8% 1.8%

• Religion: Religion: – Bulgarian Orthodox Bulgarian Orthodox 82.6% 82.6% – Muslim Muslim 12.2% 12.2% – Roman Catholic Roman Catholic 0.6% 0.6% – Protestant Protestant 0.5% 0.5% – OtherOther 4.1% 4.1%

IT Industry - Technology SceneIT Industry - Technology Scene

• 1980s, leading supplier of 5th generation computer 1980s, leading supplier of 5th generation computer systems to soviet union research institutes, Electronics systems to soviet union research institutes, Electronics & telecommunications counted for 25% of industrial & telecommunications counted for 25% of industrial productionproduction

• 1990’s, modem technologies were introduced, mobile 1990’s, modem technologies were introduced, mobile wireless technologies became famous in later 1990s.wireless technologies became famous in later 1990s.

• Telecommunication infrastructure like DSL and fiber Telecommunication infrastructure like DSL and fiber optics were built by Bulgarian Telecommunication optics were built by Bulgarian Telecommunication Company (BTC)Company (BTC)

• ISP and telephony services are expensiveISP and telephony services are expensive• Approximately 10.4% of the Bulgarian population access Approximately 10.4% of the Bulgarian population access

internet.15% of internet access are provided by public internet.15% of internet access are provided by public access points like internet cafes, schools and workplace. access points like internet cafes, schools and workplace. Less than 3% of internet users are from smaller towns.Less than 3% of internet users are from smaller towns.

IT Industry - PenetrationIT Industry - Penetration

• Bulgarian gov., banking & telecommunication Bulgarian gov., banking & telecommunication sectors are the major users of IT.sectors are the major users of IT.

• Foreign investors entered telecommunication Foreign investors entered telecommunication market by acquiring ownership of existing market by acquiring ownership of existing companies or by joint ventures.companies or by joint ventures.

• International software and hardware producers International software and hardware producers do not consider Bulgaria as a primary target.do not consider Bulgaria as a primary target.

• Study and self-sufficient technology growth Study and self-sufficient technology growth • Continuous growth of technology penetration, Continuous growth of technology penetration,

access affordability and connectivityaccess affordability and connectivity• Growing digital divide in terms of accessibility to Growing digital divide in terms of accessibility to

IT infrastructure and provision of internet-related IT infrastructure and provision of internet-related servicesservices

IT Industry - TrainingIT Industry - Training

• Uneven Penetration of internet access in Uneven Penetration of internet access in universities - AUBG (almost 1:1, other universities - AUBG (almost 1:1, other universities 1:100)universities 1:100)

• Internet usage is not integrated into learning Internet usage is not integrated into learning processprocess

• Absence of technology infrastructure leads to Absence of technology infrastructure leads to theoretical knowledge in secondary schoolstheoretical knowledge in secondary schools

IT Industry - TeledensityIT Industry - Teledensity

• Teledensity – 37 lines (PSTN) per 100 Teledensity – 37 lines (PSTN) per 100 households. Difficulty in finding out information on households. Difficulty in finding out information on companies teledensity. Digital phone lines are companies teledensity. Digital phone lines are growing and contribute to 22% of total phone growing and contribute to 22% of total phone lines. ISDN lines were introduced only in year lines. ISDN lines were introduced only in year 2000 and hence a lower percentage of .34% of 2000 and hence a lower percentage of .34% of total phone lines. 14.3% of the population total phone lines. 14.3% of the population reported to have cell phones, 3/4th of the reported to have cell phones, 3/4th of the household possess at least one cell phone household possess at least one cell phone device.device.

IT Industry - ProducersIT Industry - Producers

• Most of the electronic transactions fall into B2C category, B2B transactions Most of the electronic transactions fall into B2C category, B2B transactions occur only in about 100 small and tiny consumer segments.occur only in about 100 small and tiny consumer segments.

• In Bulgarian government, 18% of all workplaces in public administration are In Bulgarian government, 18% of all workplaces in public administration are computerized. 20% of them have internet access. Bulgarian government is well computerized. 20% of them have internet access. Bulgarian government is well prepared to adopt technology compared to the industry sectors.prepared to adopt technology compared to the industry sectors.

• Financial services sector and telecommunication sector are the only economy Financial services sector and telecommunication sector are the only economy sectors who have greater IT penetration.sectors who have greater IT penetration.

• 30% of companies use computers at work, only 12% of them have internet 30% of companies use computers at work, only 12% of them have internet access, 3% of employees access internet for email and communication access, 3% of employees access internet for email and communication purposes only.purposes only.

• Tendency towards increased company presence on the internet, basic and Tendency towards increased company presence on the internet, basic and static information like Company Profile, Contact information and Listing of static information like Company Profile, Contact information and Listing of productsproducts

• The number of hosts in “.bg” domain was 1860, 2500 sites under “.com”, “.net” The number of hosts in “.bg” domain was 1860, 2500 sites under “.com”, “.net” and “.org” domains, about 800 others use Bulgarian portals – and “.org” domains, about 800 others use Bulgarian portals – www.hit.bgwww.hit.bg, , www.dir.bgwww.dir.bg, , www.online.bgwww.online.bg, , www.search.bgwww.search.bg

• The population of IT professionals fall between 4000 & 15000, (if we include The population of IT professionals fall between 4000 & 15000, (if we include telecom engineers and IT teachers falls between 45-50000)telecom engineers and IT teachers falls between 45-50000)

• Uneven penetration of technology, low-level of internet access, low level of Uneven penetration of technology, low-level of internet access, low level of trust in security issues and lack of clear legal environment for electronic trust in security issues and lack of clear legal environment for electronic business are the main causes for the small & inefficient local producers.business are the main causes for the small & inefficient local producers.

http://www.hit.bg/

http://www.dir.bg/

http://www.online.bg/

http://www.search.bg/

IT Industry - ConsumersIT Industry - Consumers

• IT specialists jobs are attractive 220% the average monthly salary, IT specialists jobs are attractive 220% the average monthly salary, specialized professionals (systems admin, programmers) are paid specialized professionals (systems admin, programmers) are paid 340% the average monthly salary340% the average monthly salary

• According to Bulgarian Association for Internet Technologies (BAIT), According to Bulgarian Association for Internet Technologies (BAIT), about 15000 IT professional have left the country in the past 10-12 about 15000 IT professional have left the country in the past 10-12 years. Severe brain drain cause of unavailability of challenging IT years. Severe brain drain cause of unavailability of challenging IT opportunities.opportunities.

• 800,000 debit car holders vs. 10,000 credit card holders. 400-700 800,000 debit car holders vs. 10,000 credit card holders. 400-700 credit cards are being issued by Bulgarian banks each month.credit cards are being issued by Bulgarian banks each month.

• Only 1.4% of the debit card holders are registered with ePay.bg Only 1.4% of the debit card holders are registered with ePay.bg (Bulgaria’s most popular online payment system) due to lack of trust (Bulgaria’s most popular online payment system) due to lack of trust in the systems security. in the systems security.

• Common categories of goods traded on the internet : Books(45%), Common categories of goods traded on the internet : Books(45%), Prepaid internet access cards(10%), Flowers & souvenirs 10-12%), Prepaid internet access cards(10%), Flowers & souvenirs 10-12%), music (7-8%), electronic items & cell phones (6-7%), online payment music (7-8%), electronic items & cell phones (6-7%), online payment of utility bills in Sofia (12-15%). Here processing is done on internet, of utility bills in Sofia (12-15%). Here processing is done on internet, payment is still by the conventional manner upon delivery.payment is still by the conventional manner upon delivery.

• Online Payments by prepaid cards called “Net-Card” are gaining Online Payments by prepaid cards called “Net-Card” are gaining popularity.popularity.

IT Industry - Strengths & WeaknessesIT Industry - Strengths & Weaknesses

• StrengthsStrengths– 98% literacy rate, rated among the top 5 in the world98% literacy rate, rated among the top 5 in the world– No.2 in certified skills, after U.S.No.2 in certified skills, after U.S.– 4-6% increase in GDP for consecutive 5 years4-6% increase in GDP for consecutive 5 years– Robust Banking sectorRobust Banking sector– Existence of foreign investment initiativesExistence of foreign investment initiatives– Closer location to central EuropeCloser location to central Europe

• WeaknessWeakness– Brain drainBrain drain– Volatile transition economyVolatile transition economy– Low access to computers, internetLow access to computers, internet– Strong presence of mafia cultureStrong presence of mafia culture

E-commerce pictureE-commerce picture

Bulgarian FirmsBulgarian Firms• 24% of local enterprises have websites24% of local enterprises have websites• 11% of which allow online ordering11% of which allow online ordering

Bulgarian ConsumersBulgarian Consumers• Estimated that only 3.8% of population made online purchases in Estimated that only 3.8% of population made online purchases in

20042004• Reasons for low eCommerce activityReasons for low eCommerce activity• Weak economyWeak economy• Low wagesLow wages• High unemployment rate (11.5%)High unemployment rate (11.5%)

Most popular online purchases are books andMost popular online purchases are books andmagazines!magazines!

Information taken from ARC Fund’s eBulgaria 2004 ReportInformation taken from ARC Fund’s eBulgaria 2004 Report

E-commerce picture (cont.)E-commerce picture (cont.)

E-commerce picture (cont.)E-commerce picture (cont.)

Information taken from www.knigopolis.comInformation taken from www.knigopolis.com

Samples of IT IndustriesSamples of IT Industries

• Value-added SMS services – e-CommerceValue-added SMS services – e-Commerce• PIAPs / Internet cafesPIAPs / Internet cafes• Government administrative services: e-Government, e-Government administrative services: e-Government, e-

Policy http://www.daits.government.bg Policy http://www.daits.government.bg • IT outsourcing services such as BGITExchange IT outsourcing services such as BGITExchange

http://www.bgitexchange.com http://www.bgitexchange.com • BASSCOM – Bulgarian association of software companies BASSCOM – Bulgarian association of software companies

http://www.basscom.orghttp://www.basscom.org• Academics and education, aerospace and defense, Academics and education, aerospace and defense,

CAD/CAM systems, charity, construction, CAD/CAM systems, charity, construction, entertainment, finance and banking, freight forwarding, entertainment, finance and banking, freight forwarding, healthcare, insurance, pharmaceuticals, healthcare, insurance, pharmaceuticals, telecommunications and tourism.telecommunications and tourism.

• Competitive academic IT teams, winnersCompetitive academic IT teams, winners• Potential brain drain presentPotential brain drain present

Business Climate of BulgariaBusiness Climate of Bulgaria

AdvantagesAdvantages– Low inflation ratesLow inflation rates– Average 4% economic growth since 2000Average 4% economic growth since 2000– Low corporate tax ratesLow corporate tax rates– Pending EU membershipPending EU membership

DisadvantagesDisadvantages– High unemployment rate (11.5%)High unemployment rate (11.5%)– Low wagesLow wages– Inefficient judicial systemInefficient judicial system– Strong organized crime presenceStrong organized crime presence

Information taken from Bulgaria Country Commercial Guide 2006, U.S. Department of CommerceInformation taken from Bulgaria Country Commercial Guide 2006, U.S. Department of Commerce

Business Climate of Eastern EuropeBusiness Climate of Eastern Europe

The UN defines Eastern Europe as:The UN defines Eastern Europe as:

• BelarusBelarus• BulgariaBulgaria• Czech RepublicCzech Republic• HungaryHungary• PolandPoland

• MoldovaMoldova• RomaniaRomania• RussianRussian• FederationFederation• SlovakiaSlovakia• UkraineUkraine

Information taken from the CIA World FactbookInformation taken from the CIA World Factbook

Business OverviewBusiness Overview• Former communist regimesFormer communist regimes• Transforming economiesTransforming economies• 2005 average growth of 5%2005 average growth of 5%• High unemploymentHigh unemployment• Low wagesLow wages

Business Climate of Eastern EuropeBusiness Climate of Eastern Europe

Information taken from the CIA World FactbookInformation taken from the CIA World Factbook

Investment Opportunity #1: Internet Investment Opportunity #1: Internet CafeCafe

Internet Cafes staffed with Bulgarian University IT Internet Cafes staffed with Bulgarian University IT

students to provide:students to provide:• Internet accessInternet access• PC usage trainingPC usage training• Internet and software trainingInternet and software training

Investment Opportunity #1 (cont.)Investment Opportunity #1 (cont.)

Why do we think this idea is viable?Why do we think this idea is viable?Reason #1Reason #1• Estimated 2006 Internet usage in Bulgaria is only Estimated 2006 Internet usage in Bulgaria is only

26%26%• 2004 survey identified reasons for low usage:2004 survey identified reasons for low usage:• Too expensive (30.2% of respondents)Too expensive (30.2% of respondents)• Don’t know how to use the Internet (18.9% of Don’t know how to use the Internet (18.9% of

respondents)respondents)• Don’t have computer access (18.9%)Don’t have computer access (18.9%)


Why do we think this idea is viable?Why do we think this idea is viable?Reason #2Reason #2• Bulgarian higher education standardsBulgarian higher education standards• Globally recognizedGlobally recognized• Produces highly skilled certified IT specialistsProduces highly skilled certified IT specialists• Low wagesLow wages• Low employment opportunitiesLow employment opportunities


ResultResult• IT professionals leaving Bulgaria after graduationIT professionals leaving Bulgaria after graduation• IT knowledge learned at university level not being IT knowledge learned at university level not being

diffused back into the countrydiffused back into the country• Local and rural residents not gaining benefit of Local and rural residents not gaining benefit of

world class IT education in Bulgarian universitiesworld class IT education in Bulgarian universities


Internet Cafes staffed with universityInternet Cafes staffed with university

students would provide consumers:students would provide consumers:• PC accessPC access• Internet accessInternet access• PC usage trainingPC usage training• Internet and software trainingInternet and software training


Internet Cafes staffed with universityInternet Cafes staffed with universitystudents would provide investors:students would provide investors:• Low cost labor by employing university studentsLow cost labor by employing university students• Access to a growing, yet untapped marketAccess to a growing, yet untapped market• Increasing profit potential as Internet usage Increasing profit potential as Internet usage

increasesincreases


Internet Cafes staffed with University students Internet Cafes staffed with University students

would provide Bulgaria:would provide Bulgaria:• Increased Internet usage resulting from:Increased Internet usage resulting from:

– PC accessPC access– Internet accessInternet access– PC and software trainingPC and software training

• Opportunity for Bulgarians to benefit from strong Opportunity for Bulgarians to benefit from strong university IT programs despite high number of university IT programs despite high number of graduates leaving the countrygraduates leaving the country


TAMTAM

Ease of Use Usability

Accessibility

Usefulness Functionality

Potential

Evaluation Acceptance

Information taken from Lecture 2Information taken from Lecture 2


Comparison to LatviaComparison to Latvia

Household income statisticsHousehold income statistics• Bulgaria: Bulgaria: lowest 10%: 4.5% lowest 10%: 4.5% highest 10%: 22.8% highest 10%: 22.8% • Latvia: Latvia: lowest 10%: 2.9% lowest 10%: 2.9% highest 10%: 25.9%highest 10%: 25.9%

GDP growthGDP growth• Bulgaria:Bulgaria: 5.5%5.5%• Latvia:Latvia: 10.2%10.2%

UnemploymentUnemployment• Bulgaria:Bulgaria: 11.5%11.5%• Latvia:Latvia: 7.5%7.5%

Investment Opportunity #2: Tourism Investment Opportunity #2: Tourism Service / WebsiteService / Website

• ClimateClimate• Geographic proximity Geographic proximity

to Oriental/Southern / to Oriental/Southern / European locationsEuropean locations

• Natural resources, Natural resources, mountains, mountains, hydrothermal sourceshydrothermal sources

• Traditional hospitalityTraditional hospitality• Historical sitesHistorical sites

Information taken from http://www.geographic.org/maps/bulgaria_maps.htmlInformation taken from http://www.geographic.org/maps/bulgaria_maps.html

Black Sea CoastBlack Sea Coast

Information taken from http://www.orienttravel-bg.comInformation taken from http://www.orienttravel-bg.com

SofiaSofia

Black Sea, SofiaBlack Sea, Sofia


• Ideal Spa and Recreational ResortsIdeal Spa and Recreational Resorts

• More than 500 natural mineral More than 500 natural mineral hydrothermal sourceshydrothermal sources

• Ski Resorts, MountainsSki Resorts, Mountains

• Golf ResortsGolf Resorts

• Professional Sports Training CampsProfessional Sports Training Camps

Information taken from http://www.orienttravel-bg.comInformation taken from http://www.orienttravel-bg.com

Golf, Ski, Spa, Water sportsGolf, Ski, Spa, Water sports



Business Climate Business Climate • Black Sea area hub: close to any Eastern Black Sea area hub: close to any Eastern

European as well as Southern tourist locationsEuropean as well as Southern tourist locations• Tourism, hospitality is the most importantTourism, hospitality is the most important• Tourism as business driverTourism as business driver• Credit card acceptance at tourist locationsCredit card acceptance at tourist locations• English/Russian/GermanEnglish/Russian/German

Potential Business OpportunitiesPotential Business Opportunities• With the IT sector still not a large source of With the IT sector still not a large source of

income, tourism with use of IT is still a good income, tourism with use of IT is still a good source of incomesource of income

• Internet based central Tourism websites with Internet based central Tourism websites with discounts, advertisement can grow e-commercediscounts, advertisement can grow e-commerce

• Maintains Bulgaria’s niche in tourism while Maintains Bulgaria’s niche in tourism while improving IT penetrationimproving IT penetration

• E-commerce tourist kiosks, e-reservationE-commerce tourist kiosks, e-reservation• Property investment for tourism, time shareProperty investment for tourism, time share


SpecificsSpecifics• Establish e-Ticket, e-Commerce websitesEstablish e-Ticket, e-Commerce websites• Provide safe online credit card transactions, Provide safe online credit card transactions,

flexible packagesflexible packages• Use local resourcesUse local resources• Establish B2B Tourism/Reservation web servicesEstablish B2B Tourism/Reservation web services• Recruit and use talents from Recruit and use talents from

Colleges/Universities/IT firmsColleges/Universities/IT firms


EconomicPayoffs

Employment, Productivity and

Economic Growth

IT Diffusion

IT Production and Use

EnvironmentalFactors

IndustrialPolicy

Industry Structure

Education & SkillsTechnology Policy

Infrastructure

Political, Social, Economic and

Geographic Environment

Indigenous vs. MNC R&D


IT-Led DevelopmentIT-Led Development

Information taken from Lecture 4Information taken from Lecture 4

Why investment in this country can differ fromWhy investment in this country can differ fromLatvia? Latvia? • Attractive sea-side locationsAttractive sea-side locations• Warm climate allows for more days for prime sea Warm climate allows for more days for prime sea

side tourism which translate to more incomeside tourism which translate to more income• Close to other famous southern and oriental Close to other famous southern and oriental

tourist destinationtourist destination• Mountains and ski resorts attract winter Mountains and ski resorts attract winter

vacationersvacationers• Bulgaria is geared towards tourismBulgaria is geared towards tourism


QuestionsQuestions

mis 648 country study: it opportunities in bulgaria presented by: daniel caratini sowmya venugopal...

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