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Bulgaria – investment climate and business opportunities. February 2013. %. Macroeconomic indicators show consistent pre-crisis economic growth and quick post-crisis recovery. Real GDP Growth. Inflation (HICP). Bulgaria. EU-27. Bulgaria. EU-27. 0.4%. 2004. 2005. 2006. 2007. 2008. - PowerPoint PPT Presentation
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Bulgaria – investment climate and business opportunities
February 2013
Macroeconomic indicators show consistent pre-crisis economic growth and quick post-crisis recovery
Real GDP Growth Inflation (HICP)
Unemployment FDI Inflow
Source: Bulgarian National Bank, Eurostat
1.7%
-5.5%
6.2%6.4%6.5%6.4%6.6%
20112010
0.4%
200920082007200620052004
3.4%3.0%2.5%
12.0%
7.6%7.4%6.0%6.1%
200620052004 20112010200920082007
10.4%9.1%9.1%
10.7%12.2%
20112010
9.2%
20092008
6.3%
2007
6.9%
200620052004
EU-27Bulgaria EU-27Bulgaria
2011
1,341
2010
1,209
2009
2,437
2008
6,728
2007
9,052
2006
6,222
2005
3,152
2004
2,736
€ mln.EU-27Bulgaria
FDI in Bulgaria comes mostly from EU countries and is concentrated in four main sectors
Source: Bulgarian National Bank
FDI by host country, 1996-2011 (€ mln.) FDI flows by industry, 1996-2011 (€ mln.)
Telecom 2,260
Energy 2,699
Construction 2,705
Manufacturing 6,479
Trade 6,522
Finance 7,652
Real Estate 8,204
Other 2,664(10) Hungary 1,272
(9) Italy 1,279
(8) USA 1,283
(7) Russia 1,486
(6) Cyprus 2,257
(5) Germany 2,523
(4) UK 2,733
(3) Greece 3,664
(2) Austria 5,809
(1) Netherlands 6,018
Why invest in Bulgaria?
• Political and business stability– EU and NATO member
– Currency board
– Low budget deficit and government debt
• Low cost of doing business– 10% corporate tax rate
– Lowest cost of labor within EU
• Access to markets– European Union / EFTA
– Russia
– Turkey / Middle East
• Educated and skilled workforce
• Government incentives
Government financial indicators are remarkable not only in the region, but on a pan-European scale
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
120%
130%
LithuaniaLatvia
Cyprus
Italy
-6% -5% -4% -3% -2%-11% -10%
Average budget deficit/surplus (2006-2011)
16%15%1%0%
TurkeyCroatia Norway
-1%
IcelandUnited Kingdom
SwedenFinland
Slovakia
Slovenia
Romania
Portugal
Poland
Austria
Netherlands
MaltaHungary
Luxembourg
France
Spain
Greece
Ireland
Estonia
Germany
DenmarkCzech Republic
Bulgaria
Belgium
Source: Eurostat
Average government debt (2006-2011)
10/10 04/11 10/11 04/12 10/1207/1201/1207/1101/1107/1001/10 04/10
Spain
Hungary
Greece
Estonia
Bulgaria
Source: Eurostat, Moody’s
Portugal
Lithuania
Latvia
Iceland
Aaa
A1
Baa1
Ba1
B1
Caa1
Ca
0.2%
1.2%
0.8%
-1.0%
-1.4%
-1.6%
-2.6%
-2.6%
-3.7%
-3.8%
-3.9%
-4.3%
-4.8%
-5.3%
-5.4%
-5.6%
-8.2%
-8.4%
-8.6%
-8.7%
-10.0%
-10.0%
Japan
United Kingdom
Germany
China
Switzerland
Turkey
Sweden
BG
Hungary
United States
Greece
Egypt
Brazil
Denmark
Czech Republic
Italy
Austria
Netherlands
India
France
Poland
Euro Area
Spain
Budget deficit for 2011, % of GDP Bulgaria is the only country in Europe with a credit rating upgrade by Moody’s in 2010 and 2011
Bulgarian economy maintains its excellent performance despite global challenges
Bulgaria has one of the lowest business costs in Europe
Lowest corporate income tax rate in Central / Eastern Europe
*0% tax rate for manufacturing companies in regions with low employment
* From January 2013
Most competitive cost of labor in Central / Eastern Europe
Monthly wage, nominal, € / month December 2011
Source: Eurostat; Bank Austria, CBRE
23%
Hungary 19%
Romania 16%
Bulgaria (*) 10%
Slovenia 20%
Turkey 20%
Croatia 20%
Poland 19%
Czech Rep 19%
Slovakia(*) Slovenia 1,520
Croatia 1,048
Czech Republic 995
Poland 876
Slovakia 792
Hungary 758
Serbia 518
Romania 363
Bulgaria 350
27
15
15
21
17
20
19
13
Belgrade
Sofia
Bratislava
Zagreb
Moscow 100
Warsaw
Prague
Budapest
Bucharest
Office rents in Bulgaria are among the lowest in Europe
€ / sq.m /m, 2012
Bulgaria is only 3 hours flight from all major destinations in Europe, Russia and the Mediterranean region
Strategic geographic location Major transport corridors passing through Bulgaria
EU and EFTA
Rus
sia
and
CIS
Turkey and
Middle East
• Services:– Transport and Logistics
– Information technologies
– Outsourcing of business processes
– Health and tourism related to healthy
lifestyle
• Industry:– Transport equipment and machine
building
– Electronics and Electrical engineering
– Chemical industry
– Food and Agriculture
• Resources:– Mining
– Oil
Attractive FDI sectors
Balneology and SPA
Magura cave
Belogradchik Rocks
Baba Vida Fortress
Rila monastery
Rupite
Nessebar
Fortress Pliska
SOFIA Troyan monastery
Etar
Ancient Plovdiv
Pyramids of Melnik
Hundreds of historical, cultural and natural landmarks are located all over the country
Fortress Kaliakra Veliki Preslav Fortress Tsarevets
Sozopol
Vitosha mountainKazanluk's Thracian Tomb
Perperikon
Bulgaria is an attractive destination for treatment, prophylaxis and recreation
• Excellent geographical, climatic and environmental conditions
• Bulgaria ranks second in Europe after Iceland in the number the
mineral springs, providing all types of mineral water existing in
nature.
• The unique combination of seaside, mountains and mineral water
makes Bulgaria a suitable place for health promotion throughout
the year
• Long-standing tradition in balneology and spa tourism
• Refurbished world-class medical and rehabilitation centres and
hotels
• Highly qualified and experienced healthcare staff
• Relatively low cost of medical services
• Well-developed network of private cosmetic surgery and dental
clinics
Mineral water is among the greatest treasures of Bulgaria
Bulgaria has about 600 mineral water deposits with over 1600 springs of varying physic-chemical composition, temperature (10°C - 103°C) and indisputable curative properties
1400 AD
Bulgaria has been famous for its climate and mineral springs since Antiquity
Ottoman timesThracian & Roman period
5-6 Millenium BC 1878 AD3-7 century AD1-2 century AD
Prehistoric village established near Hissarya
Roman Emperor Constantine the Great: “Serdica spring is my Rome!”
Spa centers were established such as: Augustra (Hisarya), Dezudava (Sandanski), Pautalia (Kyustendil) and Serdika (Sofia)
Byzantine period
Baths and water fountains built near many mineral springs
Empress Helena was a frequent visitor to Odessos (now Varna)
Bulgaria ranks first in Europe according to the availability and diversity of mineral water and spa resorts
Velingrad
the SPA capital of the Balkans with
80 mineral springs
Sandanski
the town recognized as the
best natural “hospital” in
Europe for bronchial
asthma
Hissar
a resort with a millennial history, used by the Thracians and in
Roman times
Pomorie
the most popular and modern
mud therapy centre in the
country
Sofia
about 50 hydrothermal
deposits in the vicinity of
Sofia
SPA resorts in Bulgaria
Velingrad
• 40 km from Sofia, located in one of the most picturesque part of The Rhodope Mountains
• “Kleptuza” is the largest Karst spring in Bulgaria (1200L ice-cold water / second)
Indications for treatment:
• diseases of the central and the peripheral nervous system
• orthopedic and traumatic diseases• cardio-vascular diseases• endocrinal and metabolic diseases• gastro-intestinal diseases
Sapareva Banya
• located 75 km southwest of Sofia at the foot of the Rila mountain
• the only one in Bulgaria and continental Europe geyser-fountain
Indications for treatment:
• diseases of locomotive and nervous system• gynecological• skin diseases• prophylaxis of osteoporosis• tooth caries
SPA resorts in Bulgaria
Sandanski
• located halfway between Sofia and Thessaloniki,
in the foot of the Pirin mountain suitable climate (with the highest average annual temperature, +14.1°C)
• Over 80 mineral water springs
Indications for treatment:
• diseases of the respiratory system• chronic diseases • treatment after pneumonia, bronchiectasitis• chronic diseases of the joints• diseases of peripheral nervous system,
neuralgia, neuritis, plexitis• rehabilitation after strokes
Hissarya
• situated on the south slopes of Sredna gora mountain, at an altitude of 528 m, 140 km from Sofia.
• Contains one of the best preserved Roman public baths (thermae) in Europe
Indications for treatment:
• urinary-secretory system• alimentary system: chronic gastritis and
gastroduodenitis, functional diseases of the stomach, dyspeptic syndrome
• gallbladder-liver diseases • metabolism diseases: хhyperamnesimia,
obesity, diabetes, podagra;• loco-motory system arthro-rheumatic
diseases
SPA resorts in Bulgaria
Pavel Banya
• situated on 185 km from Sofia, in the unique Valley of Roses, between Stara planina and Sredna gora
• nine mineral springs, 7 useful for balneology• transitional continental climate, with average
annual temperature +10.8ºC
Indications for treatment:
• diseases of the peripheral nervous system• degenerative neurological diseases• orthopedic diseases: articulations,
posttraumatic and degenerative diseases and disease of the joints
• gynecological diseases
Pomorie
• about 400 km of Sofia and 20 km of Burgas• continental climate with Mediterranean influence• the lagoon lake, from which extracted the
curative firth mud
Indications for treatment:
• diseases of the locomotory system• women's and men’s gynecological diseases• skin diseases: psoriatic arthritis, neurodermitis,
chronic eczemas, skin ulcers• diseases of the respiratory system• metabolic diseases
InvestBulgaria Agency
Thank you for your attention and have a
nice and enjoyable stay in Bulgaria!