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German business evaluates highly economic conditions in Bulgaria

2012-12-07   |  Econ.bg, 05.12.2012

InvestBulgaria Agency (IBA) has organized European tour to promote Bulgaria as an investment destination.

Representatives of the German business, which is already operating in Bulgaria, evaluated highly the economic conditions in our country. Speaking before around 50 colleagues from German companies in Munich they told about their experience from working in Bulgaria.

In Munich Bulgarian Minister of Economy, Energy and Tourism, Delyan Dobrev, opened a conference organized by InvestBulgaria Agency and the Financial Times, as part of a project dedicated to the investment environment in Bulgaria, financed under the OP Competitiveness, the press office of the Bulgarian Ministry of Economy, Energy and Tourism reported.

"Since our decision to invest in Bulgaria until launching the factory has passed only 12 months and in that time we have received any assistance from the Bulgarian authorities," said to the participants in the meeting Mr. Ludwig Koll, Former Financial Director and Manager of “Ferrero Bulgaria” Ltd. He remembered the beginning of their activity in Bulgaria when the Bulgarian lev was equated to German mark. We have understood that there was stable currency and we did not expect any problems from this perspective, Koll concluded.

Тhe position of Mr. Ruediger Hoeben-Stoermer, Executive Director of “Lufthansa Technik Sofia” Ltd, a company that started doing business in Bulgaria in 2007, is that currently Bulgaria possesses all the necessary resources and opportunities, required by the company to operate successfully. Mr. Stoermer also mentioned the high qualification of the employees in Bulgaria, who constitute 50% of the qualitity of the product, delivered by the company.

"If you pay only 10% tax, it is easier to allocate resources for additional education and training of employees", added Mr. Andreas Schaefer, Deputy Managing Director of the German-Bulgarian Chamber of Industry and Commerce, said.

Mrs. Nelli Tascheva of “Tascheva & Partner” focused on the role of the governmental support and the Investment Promotion Law (2012). Bulgarian law says that any investment in the country enjoy equal protection in the country, whether it has made by Bulgarian or foreign company, she added. Tasheva indicated the opportunity of natural persons and companies to buy land in Bulgaria as one of the main investment advantages in the country.

The low taxes in Bulgaria, well-qualified manpower and competitive labour expenses, as well as the stable macro-economic indices are some of Bulgaria’s major advantages, Minister Dobrev said when asked what makes Bulgaria an attractive investment destination.

He told to German business about the country's efforts to raise capital in several priority sectors, creating products with high added value. These include electrical and electronic engineering, outsourcing, chemical industry, machinery, etc. In recent months, significant investments have been made in outsourcing sector and the production of parts for the automotive industry - so Dobrev has illustrated the change in the structure of foreign investment from real estate and finance sectors before the crisis to the sectors with a sustainable growth now.

Tourism is also one of the sectors with a sustainable growth of 8-10% per year, the minister noted and emphasized to efforts to develop its specialized forms. "We strive to promote not only seaside and mountain resorts, but also cultural heritage, mineral springs, Bulgarian yogurt and wine. Bulgaria’s population is 7.5 million and annually Bulgaria attracts around seven million tourists," he explained.

Delyan Dobrev has emphasized the recent changes in the law, according to which for new projects the investors of class A will receive back social contributions for their employees for two years. It allows employer saves more than 17% of labour costs, the minister said.

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