InvestBulgaria Agency - government.bginvestbg.government.bg/files/useruploads/files/iba201509...initial capital of just 2 leva, which caused universal astonishment and approval by

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

September 2015

issue 16, year 3

www.investbg.government.bg

� HIGHLIGHTS

� News for InvestBulgaria Agency

� Economic News - Business, Investments,

Trade

� Upcoming Events

� Foreign Direct Investments in Bulgaria

NEWS FOR INVESTBULGARIA AGENCY

Colossal success: 600% growth in revenues of the local IT companies for 10 years

For second consecutive year the Plovdiv Municipality and

Industry Watch organized "National Outsourcing Conference".

Amongst the guests at the conference were representatives of

more than 100 companies and IT outsourcing industry, local

and central governments, industry organizations. The main

emphasis at the event was the discussion around attracting

new talents from outside the EU, the opportunities that Plovdiv

as a city offers for companies in the IT sector, as well as the

connection between education and business.

Over the past 10 years the revenues of the local IT companies

grew by 600%. Bulgaria ranks third in the world rankings for the

most attractive outsourcing destination after a jump of 11

places up. This was announced by the President Rosen Plevneliev at the opening of the national conference "Outsourcing Destination Bulgaria" in Plovdiv.

Stamen Yanev, Executive Director of InvestBulgaria Agency, declared his thesis on the "Blue Card": "It is necessary

to facilitate the procedure for issuing the Blue Card for persons from third countries. This can be obtained by

dropping down the market test for applicants, the applications for "Blue Card" be submitted at one place and the

time for their issuance to shorten substantially. The leap towards better economic results depends on how hard

we work for the people as a capital, improve our education, and respect rules and regulations."

One moajor national target, that the government has set, is to create conditions for training of at least 30 000

experts in the field of high technologies to be employed in the sector of IT and outsourcing. This statement came from Rumyana Bachvarova, Deputy Minister and Minister of Interior of the Republic of Bulgaria during the

conference. Amongst speakers were Rumyana Bachvarova, Deputy Minister and Minister of Interior of the

Republic of Bulgaria and Stefan Fricke, Director of the German Outsourcing Association.

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

issue 16 / September 2015 InvestBulgaria Agency

Stamen Yanev at a meeting with representatives of Chinese business

On 07/09/2015 Stamen Yanev, Executive Director of InvestBulgaria

Agency (IBA) participated in a meeting between the Ministry of

Economy presented by Lyuben Petrov, Deputy Minister, and a

delegation from the Chinese city of Chongqing, led by Xiong Lin,

deputy director of the Commission foreign trade and economy in the

city Chongqing.

The meeting’s focus was the advantages of Bulgaria as a business

environment. "As a member of the European Union, our country

provides free and duty-free access to the EU market", said Stamen

Yanev. He said that with its geographical position, the application of

the lowest tax rates in the EU and by specific measures to stimulate and encourage investment, Bulgaria is among

the best places for business in Europe.

In this connection Lyuben Petrov stressed as high priority for our country to promote Chinese investment in areas

where we have traditional advantages and those that provide high added value, such as automotive, mechanical

engineering, electronics, information and communication technologies. "We would like to attract Chinese

companies to invest in Bulgarian industrial zones. A priority project, on which we work to attract Chinese

investors is Economic Zone Bozhurishte, because for us it is important that potential partners can benefit from

the advantages of Bulgaria as a bridge between the huge market of the European Union", added Deputy Minister

Petrov. As a meeting place between the Bulgarian scientific community and Chinese companies, he described

scientific and technological park "Sofia Tech Park", to which the Chinese delegates expressed particular interest.

During the meeting, Mr. Xiong Lin confirmed that the visit to Bulgaria aims to find projects for economic

cooperation, investment, tourism and business ventures, and to find the partners for further cooperation and to

establish specific and lasting business contacts.

Stamen Yanev at a meeting with Ukrainian entrepreneurs

On September the 7th 2015 in Sofia, Stamen Yanev, Executive Director

of InvestBulgaria Agency (IBA) took part in the investment forum

"Rodnina 2015" in relation to the delegation vivist from the Zaporizhye-

Bulgarian society "Rodnina" - Ukraine. The main objective of the Forum

was trade and economic bisiness cooperation between Bulgaria and

Ukraine. IBA and the Association of Industrial Capital in Bulgaria

attended the forum and welcomed their willingness to invest in the

Bulgarian market. The biggest interest for Ukrainian entrepreneurs seemed to be the tax system in Bulgaria; Legal obstacles facing foreign

investors; The role of the IBA under real interest from foreign investors;

How the "IPA" can support the realization of foreign investment.

The presentation of Mr. Yanev caused great interest, which brought to a broad discussion amongst Ukrainian

investors about business opportunities.Incentives under the Investment Promotion Act have also brought interest

and became part of the discussion.

Another interesting part of the discussion were the opportunities that exist in Bulgaria to register a company with

initial capital of just 2 leva, which caused universal astonishment and approval by the attending investors.

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In this regards Mr. Stamen Yanev said "With appropriate business plan for a period of three years, every Ukrainian

businessperson is invited to come to IBA and begin the certification process of his investment"

Multivac invests EUR 15M in new production base

The Germany-based market leader in packaging solutions Multivac is

ready to invest EUR 15M into the construction of a new production

plant in Bulgaria.This became clear at a meeting of the Minister of

economy Bojidar Lukarski with Christian Trauman, manager of

"Multivac", and Ivaylo Dimitrov, who manages the Bulgarian branch

of the German company, announced the Ministry of Economy.

Multivac currently has a production and technical service facility in

Bulgaria employing 35 people. The company plans to invest EUR

15M in the construction of a new factory for the production of

machine parts and components in the Bozhurishte industrial zone, in the western outskirts of Sofia, and create 70

jobs for highly skilled employees, according to the statement.

Stamen Yanev, Executive Director of InvestBulgaria Agency (IBA) explained that the company is suitable for high

priority class investor. He provided the necessary application documents and explained that he already has a

assigned a personal IBA manager to assist Multivac project.

Investment for BGN 30 million between Haskovo and Dimitrovgrad

Within a month and a half period a big investment for over BGN 30 million will be announced. It will be

implemented at the territory between Haskovo and Dimitrovgrad, said the Executive Director of InvestBulgaria

Agency (IBA) Stamen Yanev during the workshop in the districts administration’’s building with reginal mayors.

The news was confirmed by the mayor of Dimitrovgrad Ivo Dimov, into which territory of administration the

investment will be made. For now specific parameters are still kept secret, but the mayor pointed out that the

investment is to be in the field of production. "This project will not only move the economy of Haskovo and

Dimitrovgrad upwards but of the entire region", said Dimov.

According to Stamen Yanev the greatest development potential for the next five years in the country and for

attracting new investment is in the areas of tourism, production of car parts and chemical industries. According to

him, the mineral springs and natural resources of our country can be developed to attract native and foreign

businesses to develop activities in the field of health tourism.

Yanev said that by the end of the year IBA will be ready with a strategy for development and investment

promotion.

From January to April in Bulgaria is reported 2.4% growth of foreign investments compared to the same period

last year.

The purpose of our meeting is to support municipalities in the implementation of state policy for the promotion

of investment and to explain how investment projects of local importance can be encouraged, said Yanev.

http://www.standartnews.com/

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IBA signed an agreement for extended cooperation with the British Bulgarian Business

Association

InvestBulgaria Agency (IBA) signed an agreement for extended

cooperation with the British Bulgarian Business Association (BBBA),

which would provide active work between the two organizations to

attract investment and exchange of information on potential

business partners (companies from Bulgaria and UK), investment

projects (existing and planned), public statistical data, analyzes,

results of market research and information on the state regulatory

measures.

The document was signed by the Executive director of IBA Stamen

Yanev and the chairman of BBBA David Hampson.

The Cooperation Agreement also provides for the two organizations to work together to develop sustainable

economy and to cooperate in the development of projects and programs related to public-private partnership that can be useful for both sides.

IBA and BBBA also undertake to analyze periodically the results of cooperation in the framework of the signed

agreement to share information on achievements and to develop new proposals for increasing the cooperation

between them.

Stamen Yanev: The development of innovation in Bulgaria and the cooperation with

Israel could boost the economy

The innovations development in Bulgaria and the cooperation with Israel can boost

our economy. Opportunities for development of bilateral relations are limitless. We

have common interests and priorities in a number of other areas such as computer

technology, education, health, infrastructure, energy, transport.

This was stated by Stamen Yanev, executive director of InvestBulgaria Agency (IBA),

after his participation in the joint Bulgarian-Israeli forum on bilateral relations and

cooperation in the field of innovation. The event was organized jointly by the Ministry

of Economy, Bulgarian Academy of Sciences and the Embassy of Israel.

Before the participants in the two-day forum Bulgarian and Israeli scientists,

businessmen and experts in the field of innovation, Mr. Yanev presented the wide

range of investment opportunities and joint projects in key areas for the two countries. He drew attention to the

economic climate and sustainable results which demonstrate the country last months and focused on the

prospects for bilateral cooperation.

Stamen Yanev drew attention to the achievements of IBA to reduce administrative burdens for potential investors

and to the plans of the agency to attract new capital into Bulgaria. He also stressed on the plans of Bulgaria to

focus its potential to traditional partners from the past as well as to new ones form the middle East and central

Asia.

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The perfect formula for success combines sustainable business environment that we already have achieved in

combination with entrepreneurship, aimed at developing and promoting scientific achievements. Israel has

leading expertise in the deployment of scientific potential through investments in key sectors and will benefit

from the shared achievements to apply them in our conditions, said Stamen Yanev after the forum.

Stamen Yanev: The perfect moment for upgrading the German-Bulgarian business

relationship has come

Despite of the difficult economic circumstances in

neighboring Greece, now is the perfect moment for

strengthening and upgrading the German-Bulgarian

business relationship. This was stated by the Executive

Director of InvestBulgaria Agency (IBA) Stamen Yanev

during a discussion meeting with businessmen, investors

and entrepreneurs from the city of Hamburg, which was

cooperatively organized by the Ministry of Economy and

the incorporated Bulgarian-German Chamber of

Commerce.

We are aware of the of the difficulties German business might experience while investing in Bulgaria, therefore

the Ministry of Economy, along with IBA, works actively to eliminate them, especially considering administrative

ease for current and future German investors and entrepreneurs. It is a fact that the majority of German investors

find the economic situation in Bulgaria satisfying therefore a rapid increase in trade between the two countries is

observed, pointed out Stamen Yanev.

He reminded that trade turnover between Bulgaria and Germany has increased by 6% in 2014, compared to the

previous year, and for the first three months of 2015 it has already grown to 13,7%. German investments in

Bulgaria take the fifth place by size and for the period of 1996-2014 they account €2, 4 billion.

First three months of 2015 data shows more than 3,5 times increase in the number of foreign investments in

Bulgaria, compared to the same period of the previous year. From Germany only they account €4 million in

January-February, pointed the Director of IBA.

With regards to the relations between companies and business people from the city of Hamburg, Stamen Yanev

reminded that the biggest German harbor is considered to be a gate to the world for the German business and

increase of contacts and opportunities for cooperation with Hamburg companies in the fields of trade, forwarding

and logistics, agriculture, energetic, mechanical engineering and mining for both the light and the heavy industry

will open new broad horizons to the Bulgarian business and economy.

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ECONOMIC NEWS – BUSINESS, INVESTMENTS, TRADE

1105.6 mln. Euro FDI in Bulgaria

for the period January - September 2014

1105.6 mln. Euro (2.7% of GDP) are the attracted FDI in the Bulgarian

economy from January - September, announced from Bulgarian National Bank

(BNB). These are preliminary, unrevised data, specified the Bank, adding that

the current data will be revised in the statement of attracted investment from

January to October 2014

For the same period in 2013 the economy has attracted FDI 1,160.7 mln. Euro

(2.8% of GDP). This are already revised data. If we compare these volumes the

result will be 55.1 million euro less investments than the same period last

year.

If the data is compared with the preliminary data of the same period last year,

it would be quite a different picture. The announced volume for the first nine

months of 2013, was 854.4 mln. Euro (2.1% of GDP), which is an increase of

29.4%.

Investments in equity capital during January-September 2014 are about €

259.4 million or 506.4 million Euro less than the equity capital raised during

the same period in 2013 (765.7 million. Euro). The unrevised data for attracted

private equity for the same period last year, showed that under this item are

entered 618.3 mln. Euro.

The incomes from the investment by foreign persons in real estate in the

country are 83.1 mln. EUR, while they are 118.9 million Euro in January -

September 2013.

The investments in other capital in January - September 2014 are 721.8 mln.

Euro, while for the same period in 2013 they are only 321.7 million. Euro. On

the basis of preliminary data on the financial result, reinvested earnings for

the period are estimated to 124.4 million. Euro, while they are 73.3 million for

the same period in 2013.

By country, the largest direct investments in Bulgaria for January - September

2014 are from Austria(EUR 284.2 million). The largest net negative flows for

the period were towards Luxembourg (EUR -19.6 million).

By branch, the largest investments for January – March 2014 were in real

estate, renting and business activities (EUR 354.1 million), transport, storage and communication (EUR 246.3 million) and financial intermediation (EUR

159.5 million).

By preliminary data of Bulgarian direct investments abroad in January -

September 2014 are 243.2 mln. Euro

ECONOMIC INDICATORS

Foreign Direct Investments, January-

July (2014/2015), mln. euro

Source: BNB

Inflation measured by CPI by months

Source: NSI

Interest rates and volumes of new time

deposits, (households and companies)

Source: BNB, MF

GG debt and fiscal reserve

Source: MF

IKEA plans to increase supplies from Bulgaria

The global furniture manufacturer IKEA plans to increase supplies from

Bulgaria and for this purpose will seek new partners. The company's

intentions are to double its sales globally by 2020, which requires

identification of new supply options. Bulgaria is central to the new strategy, and request of its intentions make the founder of IKEA, Mr.

Ingvar Kamprad at a meeting with the Minister of Economy Bozhidar

Lukarski in the company's headquarters in the city Älmhult, Sweden.

"Over the years I find many good suppliers and a lot of good friends in

Bulgaria. Bulgaria has a huge potential and now is the time to build a

partnership that will allow us to grow together. "That said, Mr. Kamprad,

adding that the company sees the country as a strategic partner in the

long term.

"Now is not only the right time, but Bulgaria is the right place", said

Minister Lukarski, stressing that his visit to the headquarters of IKEA is a

sign of support from the whole Bulgarian government.

http://www.mi.government.bg/

"Sutherland Global Services" presented the expansion

of its activities in Bulgaria

3,000 new jobs are expected to open in the next three years the

international company "Sutherland Global Services". That said K. S.

Kumar, Chief Commercial Officer, during a meeting with Bozhidar

Lukarski, Minister of Economy and his deputy Lyuben Petrov.

"Sutherland" consider Bulgaria as a center for services to its European

customers and plans significant future investments in the country of

about 10 million Euro next year, became clear during the meeting. The

company explores new locations for future activities in the country and

seek opportunities for collaboration with Bulgarian universities.

"Sutherland Global Services" aims to create centers of excellence in

universities in order to train and prepare qualified specialists in the field

of high-tech business processes, added the Chief Commercial Officer of

the company.

http://www.mi.government.bg/

Bulgaria`s GDP increased by 2.2% in Q2, 2015

Gross Domestic Product (GDP) expanded with 0.4% compared to the first

quarter of 2015 according to the seasonally adjusted data of the

National Statistical Institute.

The second quarter of 2015 GDP at seasonally adjusted data increased

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by 2.2% compared to the same quarter of the previous year. Gross

value added increased by 1.8%.

According to the flash GDP estimates for the second quarter of 2015,

the GDP at current prices amounted to 20 920 million BGN. GVA in the second quarter of 2015 amounted to 17 901 million BGN.

In the structure of GDP by the expenditure approach the largest share

has the final consumption (78.3%), which in nominal terms amounted

to 16 380 million BGN. In the second quarter of 2015 gross capital

formation is 4 787 million BGN and has a share of 22.9% in GDP.

http://bnr.bg/

Bulgaria's export to EU increased in January-May

In the period January - May 2015, the export of Bulgaria to the

European Union (EU) increased by 12.2% compared to the same period

of the previous year, reaching BGN 11,6 billion while the imports from

the EU increased by 8% to BGN 13,3 billion, show the preliminary data

of the National Statistical Institute (NSI).

Major trade partners of Bulgaria in the first five months of this year are

Germany, Italy, Romania, Greece, Belgium and France and they form

70,1% of Bulgarian exports to the countries - EU members. At the same

time the largest import of goods is registered with Germany, Italy,

Romania, Spain and Greece.

http://bnr.bg/

Unemployment in Bulgaria drops to 9.4%

The rate of unemployment in Bulgaria for July is down for the fourth month in a row, reaching 9.4%, informs the Employment Agency.

Compared to July 2014 the unemployment rate is significantly lower -

by 1.2 percentage points.

Most vacancies for primary market are stated in Manufacturing (4184),

trade (2484), hotels and restaurants (1187), education (835),

administrative and support services (799), construction (688), real

estate (671), transport and storage (561), agriculture, forestry and

fisheries (465), government (369), professional activities and research

(281) and others.

http://www.az.government.bg/

"Sviloza" plans to invest BGN 250 mln.

New investment to the amount of about BGN 250 million will be made

for Sviloza AD’s development, announced the majority owner of the

plant Krasimir Dachev at a meeting in Svishtov with representatives of

local authorities, businesses and workers.

The investment will be focused on increase of the company’s

production capacity to 200 thousand tons, as the first aim will be to

SOFIX: 01.07.2015 – 24.09.2015

Source: bse-sofia.bg

BGREIT: 01.07.2015 – 24.09.2015


BGBX40 TR: 01.07.2015 – 24.09.2015


BGTR30: 01.07.2015 – 24.09.2015


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reach sustainably to 150 thousand tons. To that purpose a new salt

boiler will be made, which requires investment of EUR 50-60 million.

Part of the invested money will be for a new co-generation with a

turbine and boiler for about EUR 30 million, where biomass is burned

and emitted from the treatment plant for waste water in Svishtov. By the

end of the year a substation will be also built, which will be connected to

the national electricity system. New investment will be made for

softened water, as well.

http://www.borbabg.com/

Deputy Minister of Economy Daniela Vezieva handed

certificate of priority investment project to "Garanti

Koza-Bulgaria" EAD

Deputy Minister of Economy Daniela Vezieva handed certificate of

priority investment project to "Garanti Koza-Bulgaria" EAD for the

investment project "Sofia Grand Canyon."

"I sincerely hope that this investment will result in the creation of others

in the capital and in the country. We are working on an expansion of this

type investment," said Deputy Minister Vezieva.

The only incentive measure, which will be used by the investor includes

accelerated administrative services. Deputy Minister Vezieva indicated

that a working group would be established to assist the investor by preparing the making documentation and starting investment.

The project of "Garanti Koza" foresees the creation of 240 new

permanent jobs, the purpose of the investor is to hire the largest

possible number of people with high skills to provide high class service.

"During the construction of the facility will be established additional

temporary employment for about 1,000 people," said Deputy Minister

Vezieva.

The Executive Director of "Garanti Koza-Bulgaria" EAD Osman Erden

Bilginer said that the company has conducted studies in Eastern Europe,

in which Bulgaria is emerged as the best place for the project. He added that "Grand Canyon Sofia" is only the first investment of the company in

Bulgaria. The company plans realization of a second project in Sofia,

which will be four times larger, in terms of both scale and size of the

investment. "It is an honor for "Garanti Koza" to be the third company

which has received such certificate," concluded Mr. Bilginer.

Ministry of Economy

Stamen Yanev presented investment opportunities in

Bulgaria to representatives of Italian business

On September 17, 2015 in Sofia was held a meeting on "Bulgaria -

Investment and Business Climate", organized by Confindustria Bulgaria,

SELECTED DECISIONS

OF THE GOVERNMENT

OF THE REPUBLIC OF BULGARIA

FOR THE PERIOD

02.09.2015-23.09.2015 г.

23.09.2015

BULGARIA WILL COOPERATE WITH

MOROCCO IN THE POLICIES FOR

URBAN DEVELOPMENT

THE GOVERNMENT APPROVED

DRAFT LAW ON ELECTRONIC

IDENTIFICATION

16.09.2015

THE ADMINISTRATIVE BURDEN FOR

BUSINESS DECREASED BY BGN 14.6

MILLION FOR YEAR AS A RESULT OF

MEASURES IMPLEMENTED BY THE

THIRD ACTION PLAN

FOR RATIFICATION IS PROPOSED

BULGARIAN-AUSTRIAN AGREEMENT

FOR COOPERATION IN THE FIELD OF

CULTURE, EDUCATION, SCIENCE

AND YOUTH

THE PERIOD FOR SEARHCING OIL

AND GAS IN BLOCK “GALATA” IS

EXTENDED

09.09.2015

AGREEMENT BETWEEN BULGARIA

AND ISRAEL FOR MARITIME

MERCHANT SHIPPING IS APPROVED

BULGARIA WILL SUPPORT THE

PREPARATION OF BOSNIA AND

HERZEGOVINA FOR ACCESSION TO

THE EU AND NATO

THE COOPERATION WITH PORTUGAL

IN THE TOURISM IS DEEPENING

AMENDMENDS TO THE TAX-

INSURANCE PROCEDURE CODE

INCLUDE BULGARIA IN THE WORLD

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AUTOMATIC EXCHANGE OF

FINANCIAL INFORMATION

02.09.2015

BULGARIA OPENS HONORY

CONSULATE IN PONALD AND

PAKISTAN

INVESTMENTS FOR OVER 7

MILLION WILL BE MADE FOR

PRODUCTION OR EXPLORING

UNDERGROUND NATURAL

RESOURCES

at which took part Stamen Yanev, Executive Director of InvestBulgaria

Agency.

The meeting was focused on managers and senior officials in the field of

investment, public-private partnerships, banking, information and

communication technologies. The meeting aimed at promoting and

optimizing the economic and social partnership and competitiveness of the

region and establishing contacts with public authorities, business and

international financial institutions.

Mr. Yanev presented the trade and investment opportunities in Bulgaria, in

order to deepen trade and economic cooperation between Bulgaria and

Italy. He explained the possibilities for improving the business climate and

incentives for investment, government incentives and efforts being

implemented to attract foreign direct investment in the region.

During the forum Stamen Yanev met with representatives of Confindustria

Bulgaria, with managers of investment and consulting companies, as well as

representatives of business circles to direct potential investors to

opportunities in Bulgaria. Among the guests at the meeting participated as

speakers Mr. L. Hampartzoumian, Mr. A. Casini, Mr. M. Amadei, Mr. L.

Salvadore, Mr. A. Baban.

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UPCOMING EVENTS

5-6

October

2015

Bangaluru,

India

2nd India-Central Europe Business Forum

8th

October

2015

Copenhagen,

Denmark

THE INVESTMENT AGENDA

No man is an island: holistic investing in a

volatile world

13-14

October

2015

Prague,

Czech Republic

CEE Automotive Forum 2015

14-15

October

2015

Sofia,

Bulgaria

The Fourth EU-Southeast Europe Summit

Countdown to stability and growth?

12 - 13

November

2015

New York City,

USA

World Business Forum New York 2015: Story

Makers

FOREIGN DIRECT INVESTMENTS IN BULGARIA

EUR mln.

Net cash flow - annual data

Years 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1850.5 2735.9 3152.1 6221.6 9051.8 6727.8 2436.9 1169.7 2118.6 1320.9 1383.7 1285.4

Net cash flow – quarterly data

2014'Q3 2014'Q4 2015'Q1 2015'Q2

Quarters 76.0 413.3 443.2 355.9

Net cash flow – monthly data

2014 2015

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

Months 206.6 -200.3 125.5 218.8 69.0 271.0 124.7 47.5 133.4 36.9 185.6 108.2

* Data is updated (as to 24.09.2015) Source: BNB

Documents

InvestBulgaria Agency - government.bginvestbg.government.bg/files/useruploads/files/iba201509...initial capital of just 2 leva, which caused universal astonishment and approval by