On November 27 in Plovdiv, pitching day with the innovative ideas created by students from the city within the second edition of the educational-entrepreneurial hackathon AI & I Factory /// Challenge 2.0 took place. The initiative was organized by AI Cluster Bulgaria and the Digital National Coalition. At the invitation of the organizers our CEO Ph.D. Maria Hristova attended the event.

In early November, the hackathon brought together teams with ideas in different fields all applying the capabilities of artificial intelligence. The students, along with their mentors, went through two weeks of workshops, lectures, and visits to technical labs that offered participants a comprehensive understanding of the role of AI in transforming various industries. Mentors helped students further develop their projects by sharing their practical experiences in areas such as software engineering, design thinking, business development, AI ethics, cybersecurity, healthcare, agriculture, industrial systems, and other fields.

Within the Hackathon, projects were created and presented in the following areas: Urban Agriculture (IoT, agriculture), Health (Health Tech & Early detection and Prevention); Industrial Manufacturing (Education Technology, VR, HR); Mental Health (Health Tech, Postnatal Depression, Food, Social Support) and a Platform to support children with SEN (Education Technology, Emotional Intelligence & Social Support). Each of the solutions presented apply AI.

The five startup ideas of students from Plovdiv were presented within three minutes for each idea, after which the experts in the hall had five minutes to ask questions and evaluate the potential of the products and services born in the hackathon.

The competition continued with a networking party for all guests, young entrepreneurs and investors, who joined the event to exchange ideas.

AI & I Fáctory is a joint educational and entrepreneurial initiative led by the Digital National Coalition and the Artificial Intelligence Cluster Bulgaria, with the support of the America for Bulgaria Foundation. The project’s main goal is to deepen children and youth understanding of the key role and transformational potential of Artificial Intelligence (AI) in the modern world. The second edition for students and projects from Plovdiv was organised jointly with the Agricultural University of Plovdiv, the Medical University of Plovdiv. Plovdiv University “Paisii Hilendarski”, Technical University – Sofia, Plovdiv Branch, and the University of Food Technologies – Plovdiv.

Representatives of the legislative and executive authorities, financial and economic experts and business representatives took part in the international round table “Public-Private Partnerships in Bulgaria” held in Sofia and organised by the Delphi Economic Forum. On behalf of the Sofia Investment Agency, CEO Ph.D. Maria Hristova joined the discussions.

The Minister of Finance Assen Vassilev, the Minister of Economy Bogdan Bogdanov, Rositsa Kirova, Vice President of the National Assembly and participants from the Greek side – the National Fund of Greece and the Ministry of Economy and Finance of Greece took part in the discussions on the role of public-private partnerships in securing project financing.

The second part of the event focused on the concept of energy communities and the Greek legal framework as an example of good practices applicable in Bulgaria.

The Delphi Economic Forum is an event platform committed to providing and promoting innovative ideas for sustainable growth for Greece and the wider region. Sofia is a frequent host of the regional economic meetings organised by the Delphi Forum. In June this year, our city became the meeting place for the most influential Bulgarian and international political and corporate leaders to address the pressing challenges facing Europe and the world in the context of the geopolitical environment, the energy transition in the region, foreign investment in our countries, the circular economy, tourism in the region and much more.

On 20 November, the Executive Agency for Small and Medium-sized Enterprises (EASME), as the National Contact Point for Bulgaria of the Organisation for Economic Co-operation and Development (OECD), held the open info meeting Responsible Business Conduct.

The event aimed to promote the OECD Guidelines for Responsible Business Conduct and to raise awareness among Bulgarian enterprises of the opportunities and advantages of these positive practices as a prerequisite for sustainable economic growth and competitiveness in the process of internationalization. The Invest Sofia team joined the event to learn about the latest requirements and practices in the field. At the invitation of the organizers, the forum was attended by the Chief Executive Director Ph.D. Maria Hristova, the Head of the Investment Analysis Department Viktor Gusev and Radostina Belcheva – Chief Expert at the Agency.

The event was opened by Ms. Milena Stoicheva, Minister of Innovation and Growth and Ph.D. Boyko Takov, Executive Director at EASME. The opening panel “Responsible Business Conduct – a prerequisite for sustainable growth and competitive advantages” was attended by experts from the Ministry of Labour and Social Policy, the Ministry of Environment and Water, the Economic and Social Council, the Bulgarian Industrial Chamber and the Bulgarian Stock Exchange. The second discussion “CSR and ESG – Benefits and Challenges for Small and Medium Enterprises” gave voice to the experience and opinion of the business community. Representatives from the Bulgarian Industrial Capital Association (BICA), Bulgarian National Bank, UniCredit Bulbank and SAP Bulgaria participated in the discussion.

EASME, as the OECD National Contact Point, stressed during the event that standards developed in the field of environment, although not mandatory, are crucial for the competitiveness of companies in different markets and their inclusion in supply chains. In this sense, ESG and CSR standards have a direct bearing on ensuring social safety, providing guidelines for better control of air, water, soil and waste quality.

As a reminder, in addition to informing about these Guidelines, EASME serves as an out-of-court mechanism for resolving so-called “special cases” that could arise.

At an official ceremony today, the first sod of the construction of a new industrial park near Sofia was held. The new High-Tech Industrial Park HEMUS will be located in the Kremikovtzi district and to be constructed by the company Kay Bio Industry Bulgaria. The total investment in the project is over BGN 50 million. The CEO of Invest Sofia, Ph.D Maria Hristova attended the groundbreaking ceremony launching the project.

The investor Kay Bio Industry Bulgaria is among the first companies to receive a green card for administrative services – Invest Sofia’s service through Sofia Municipality for individual administrative services to investors.

The new industrial park near Sofia will cover an area of 270,778 m², and plots of 2 to 7 acres will be available for companies with all business activities such as manufacturing, logistics, and high-tech services according to their specific needs. Among the indisputable advantages for businesses that will operate from the park is the proximity of Sofia Ring Road, which is 1.7 km from the area. The A2 Highway to Varna and Bucharest is 3.5 km away, to Istanbul, Burgas and Plovdiv – 11.5 km, Sofia Airport is 10 km away, and the Port of Thessaloniki – 300 km away.

According to the investment plan, a solar energy park, gas pipeline network, internal transportation infrastructure, etc. will be built. The High-Tech Industrial Park HEMUS will offer companies in the area rent of properties, design and construction services, and assistance with legal, regulatory, investment, and financial activities.

Invest Sofia is once again part of the Bulgarian delegation that will present our country at the Web Summit 2023 in Lisbon between 13-16 November. The forum is one of the largest events in Europe for tech and digitalization breakthroughs. Our team will take part in the Bulgarian presence at the event together with over 20 technology companies from Sofia and the country and six venture capital funds. The strong presence at this year’s festival was initiated by the Bulgarian Small and Medium Enterprise Promotion Agency in partnership with the Ministry of Innovation and Growth, the Fund of Funds and Invest Sofia. Media partners are The Recursive and the communication agency Storytelling Studio.

Bulgaria’s success stories in developing the investment environment and local technological developments will be presented on 15 November in a three-hour panel “BreakingGrounds: Bulgaria’s Secret Rise as an Innovation Hub in Europe”. Part of the programme is also the discussion “Cultivating Bulgaria’s Engineering and IT Excellence & Diversity”, which will be attended by Victor Gusev, Head of the Investment Analysis Department at Invest Sofia together with the founders and CEOs of Bulgarian companies Integrator, Anthill, and Diginovo.

Our conversations with entrepreneurs and investors from Europe and around the world will focus on Bulgaria’s strengths and what makes our country a remarkable and attractive ecosystem for creating the next technological breakthroughs. Our team will be looking for contacts and future partners that will help us put on the international stage the untapped innovation potential that Bulgaria has to offer the world through its thriving tech community.

Part of the delegation are Ms. Milena Stoicheva, Minister of Innovation and Growth, Pavel Lisev, CEO and Member of the Management Board of the Fund of Funds, local private equity and venture capital funds that have been developing the environment in recent years, as well as experts from Endeavour Bulgaria and the Bulgarian Private Equity and Venture Capital Association (BVCA). To present their innovative products and services together with us in Lisbon are the companies Exadel, Encorp.io, Nasekomo, EuropeCloud, Integrator JSC, Evrotrust, Anthill, Diginovo, Scalefocus, Whisp, RSC, OddStorm, IT Crowd, Next Consult Next Consult, Bianor Holding, Telerik Academy, Dronamics, Growyze, Vodoraslo, LatticeFlow, Outdid, SpikeHub, and others.

The Web Summit events have so far brought together over half a million people from around the world through its several annual event platforms – Web Summit Lisbon, Web Summit Rio in Rio

On 7 November, Sofia Tech Park hosted the Powers Summit 2023 discussion forum – an innovative platform for constructive dialogue between policy-makers and executive authorities, business leaders, science, and the civil sector. The event was organized by Webit Foundation and took place on three parallel stages. The Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) was this year’s institutional partner. At the invitation of the organizers, our colleagues Radostina Belcheva, Chief Expert at Invest Sofia, Kristin Dermendzhiev, Chief Expert at the Investment Analysis Department, joined the event.

The forum discussed the country’s potential to find sustainable solutions for the future. Powers Summit 2023 brought together the leaders and representatives of all political parties and encouraged them to look for solutions together on leading topics in business, the civil sector, and science. The event had a multi-sectoral focus, but this year placed a special emphasis on health, energy, sustainable development, entrepreneurship, education and investment, under the common motto “Brand Bulgaria”.

The discussion panel “Industry Speaks” brought together the leaders of employers’ organizations, and industry associations to raise priority issues of relevance to the industries. Business representatives addressed the issues and defined actions for their resolution by the state in the session “Business Leaders Speak”. A ministerial session was also part of the programme, which was attended by representatives of the executive authorities who addressed the main priorities of business and industry in the country.

Cluster “Sofia – City of Knowledge” becomes another partner of Invest Sofia in the efforts to increase investment, improve the business environment and conditions in our capital. The Memorandum was signed by Maria Hristova PhD, CEO of Invest Sofia and Dimitar Hristov, Chairman of the Board of Sofia – City of Knowledge Cluster, and handed over at an official meeting today by Radostina Belcheva – Chief Expert at the Agency.

Cluster Sofia City Knowledge brings together the efforts of businesses from knowledge-intensive sectors with the municipality, scientific institutions, development, educational and financial organizations. The organization follows the mission to be an initiator and active participant in the process of transforming Sofia from a traditional administrative center into a smart city that builds and maintains a sustainable environment, good quality of life, and good governance by supporting the development of innovation and knowledge-based businesses. The strategic goal of the Cluster is to build its own model for a knowledge city and to create investment prerequisites for it through business initiatives and projects managed for the benefit of the members and the entire innovation ecosystem of the city.

Invest Sofia and Cluster Sofia City Knowledge will join efforts to transform the city into a national and regional hub for education, advanced research, innovation and entrepreneurship based on new smart technologies by mobilizing own and leveraged resources.

Being an open association of an unlimited number of interested representatives of business, science and education, the Cluster Sofia City Knowledge envisages organizing its own capacity for the effective use of human and financial resources of the city in the creation of an “innovation ecosystem” based on the experience of leading knowledge cities in the world. At the core will be the management of cooperation and interaction between companies in two main thematic areas: informatics and information and communication technologies (ICT) and new technologies in the creative and recreational industries. Invest Sofia will be an active participant and supportive partner in these activities as they will support the common mission of both organizations – to continue the process of attracting investment and human capital to the Bulgarian capital.

Bilateral Chamber of Commerce Bulgaria-Romania is another partner of Invest Sofia in the efforts of incentivizing the investments and improving the business environment and conditions in our capital. At an official meeting Invest Sofia signed a Memorandum of Cooperation with the Bilateral Chamber of Commerce Bulgaria-Romania. The document was signed by Dr. Maria Hristova, CEO of Invest Sofia and Doru Dragomir, Chairman of the chamber, and the Memorandum was handed over to the partners by Dr. Lachezar Borisov.

According to Mr. Lachezar Borisov, Romania is the second largest trading partner of Bulgaria. According to the National Statistical Institute (NSI), Bulgaria’s exports for 2022 are over BGN 9.4 billion and imports are almost BGN 7.4 billion. During the meeting, key priorities for the two countries were highlighted, namely the strength of partnership, working together and the common goal of Schengen membership. Both sides also expressed their gratitude to the Konrad Adenauer Foundation, which has established the contacts between them. Apart from the fact that trade between both counties is very successful, the potential for development was discussed at the meeting. Both sides agreed that a lot of hard work is needed to promote investments between the two neighbours as well as further business integration. The memorandum will initiate more investments for both countries. “It is a fact that the trade is very successful, but more investments are needed. The first step of uniting the two countries is the business.” said the chairman of BCCBR Doru Dragomir. Businesses on both sides even proposed regional integration without borders. This is not in line with European norms, and that is why we are looking forward to our rapid membership of Schengen. Specific small projects were also identified during the meeting to deepen trade synergies.

Bilateral Chamber of Commerce Bulgaria-Romania is an independent, non-governmental organization that aims to
support the Bulgarian and Romanian business communities and to stimulate industry and trade between the two countries. Through its activities the Chamber supports, promotes and represents the business interests of its members
and protects relations with the authorities of Bulgaria and Romania. The BCCBR provides targeted support to companies interested in entering and positioning their products and services in both markets, providing access to up-to-date market information by sector and specialized advisory assistance.

As part of their partnership, the Chamber and Invest Sofia will conduct related business meetings, conferences and investment events. The joint

Invest Sofia is part of the BCCI Investment Council family along with nearly 30 other financial institutions, investment funds and agencies and other organizations supporting entrepreneurship. For us, the networking within the Council is a valuable platform for activities with businesses and investors, as well as an opportunity to directly promote the instruments that Sofia as a city uses to stimulate entrepreneurship, investment in the city and the international expansion of Bulgarian companies. We are pleased that the Investment Council also sees us as a valuable partner.

Here is what Vladimir Tomov – President of the Investment Council – Bulgarian Chamber of Commerce and Industry (BCCI) says:

„I would like to express my satisfaction with the work and long-standing cooperation with the Invest Sofia team and the BCCI Investment Council. Over the years, we have participated in joint events and forums aimed at helping local companies and foreign investors in Sofia find their best business opportunities in Bulgaria. Invest Sofia has helped to make Sofia a preferred place for business and among the leading European capitals in terms of attractiveness for investment. One of our joint successful forums is the Sofia International Money Expo (SIM Expo) 2023 which took place on 10 and 11 October 2023, where Sofia was promoted as a regional financial and investment hub, thanks to the efforts of the Invest Sofia team and Sofia Municipality. I am confident that our joint activities in the future will be fruitful and for the benefit of all businesses in Sofia.“

It is exciting to share our experience with other big cities in Bulgaria and we welcome every opportunity to do so. In mid-September, we grabbed such an opportunity in Plovdiv and partnered on the first Maina Town Weekend – an initiative of Maina Town magazine for local culture and entrepreneurship. Here’s what the team behind the initiative shared about our collaboration.

“It was a pleasure for us to work with the team of Invest Sofia. Precision, expediency and correctness were the things that can describe your work on our joint project. Your participation in the Maina Town – National will be memorable. Having Victor Gusev as a participant/speaker at the Maina Town Weekend 2023 event was truly beneficial to both the students and the community. I look forward to working together again!”

Georgi Srebrev, Project Manager at Maina Town

In our daily work, we work on investor inquiries about the local legislation requirements and deliver comprehensive benchmark and opportunity analysis within your industry. Often, the cases we work on come from companies that compare the advantages of Sofia with those of other key business locations in Europe. That is why we are extremely satisfied when, after a long study of the environment, an investor chooses our vibrant city as its next place for business development. This was also the case with the global IT services company Altimetrik, which gave a highly positive appraisal of Invest Sofia’s work in attracting new companies to the city.

Altimetrik is a global IT services company helping its customers create digital business platforms and deliver digital business outcomes. When we were evaluating different locations in Europe to establish a development centre for one of our prospect customers, we reached out to Invest Sofia for information on Sofia’s labour market and overall business environment which will help us make an informed decision. The team of the Agency was prompt in sharing detailed information on resource costs, business and investment environment including which industries are creating value in Sofia. This information was helpful for us to guide our prospect customer. Thank you, Radostina Belcheva and the team, for your active support in promoting Sofia for IT businesses.

Sreeni R. Gali, Digital Growth Leader, Head – Client Relationships, UK&I and Europe, Altimetrik

We would like to invite all our partners to join us during the conference Financial and Investment Support for SMEs – Sofia International Money Expo /SIMExpo/ 2023. Again, Invest Sofia is an institutional partner of the event, which this year is under the motto “Sofia – a regional financial hub”.

SIM EXPO 2023 will be held on 10 and 11 October 2023, in Vitosha Hall at Inter Expo Center in Sofia. It is organized by the Bulgarian Small and Medium Enterprises Promotion Agency /BSMEPA/, together with the Bulgarian Chamber of Commerce and Industry (BCCI) and the Investment Council at BCCI, in partnership with Sofia Municipality.

Victor Gusev, Head of the Investment Analysis Department at Invest Sofia, will participate in a discussion during the first day of the forum. He will speak on the panel “Foreign direct investment – benefits for the business and stimulus for the economy” together with experts from /BSMEPA and the trade departments of the embassies of Greece, Turkey, Austria and Romania. The discussion will focus on guidelines for successful investment projects in Sofia, new investment projects in the city and the country and best practices in attracting investment. Suggestions for quick changes in the economic policy to stimulate investments will also be discussed.

This is the fourth edition of the forum, which aims to raise the financial and investment culture of the representatives of SMEs by providing in an understandable way useful information about the opportunities for the development of their business through the use of various financial and investment instruments. The conference agenda will bring together financing institutions, investment and guarantee funds and investors to present their products in support of SMEs.

Presentations and discussions at the conference will present investment activity, planned investments, financing needs and funding opportunities for SMEs, as well as business sentiment and preparation for a green transition.

The event agenda includes topics such as:
Funding opportunities for SMEs under the Recovery and Sustainability Plan, Innovation and Competitiveness 2021-2027 and the Research, Innovation and Digitalisation for Smart Transformation Operational Programme 2021-2027;
Financial Framework for European Cross-Border Cooperation Programmes;
Equity investment to support business growth;
Sofia as a regional investment hub;
Opportunities for foreign startups and businesses;
Guarantee and financial instruments;
Foreign direct investments;
Green energies and technologies, and financial instruments for green energy and energy efficiency projects.

The event is open to all entrepreneurs and small