SIA presented to delegates from the Republic of Egypt the investment opportunities in Sofia and how the Agency could help investors successfully set up a business in Sofia.
Nadia Soultanova, head of Investment Department of the Agency, gave a presentation on the foreign investment opportunities in new and high value industries, presented data about the state of the ICT sector and other priority sectors in Sofia, and the increasing number of tourists and of passengers traveling through the Sofia airport.
Company representatives from the Arab Republic of Egypt asked a number of questions concerning the operational costs and the tax system in Bulgaria, the availability of startup incubators and accelerators, the issuing of working visas to ICT specialists from outside the European Union, etc. Among the attending companies were EBKOT For Development & Tourism Co. S.A.E, which develops tourism projects, Investia Venture Capital, a venture capital and direct equity investment company, Polyserve Group – the leading company for manufacturing phosphates fertilizers and sulphuric acid, Tam Oilfield Services – exclusive representative of major worldwide manufacturers in the oil/gas and refinery industries, and a provider of technical services, Polymers for EVA & Rubber, which manufactures rubber articles for the shoes industry, Manapharma – exclusive provider of specialised products for a number of international pharmaceutical, cosmetics and chemical companies, RadaResearch, the leading Egyptian, privately owned marketing research and Public Relations Company.
The meeting was held on the initiative and with the cooperation of the Bulgarian Chamber of Commerce and Industry. The presentation was also attended by Her Excellency Ms Manal Yehia El Shinnawi, Ambassador Extraordinary and Plenipotentiary of the Arab Republic of Egypt in Bulgaria.
On May 18, 2017, Sofia Investment Agency in cooperation with Polish Institute and Trade and Promotion Section of the Polish Embassy in Sofia is organizing a business seminar Investment opportunities and Economic and Business Cooperation between Poland and Bulgaria.
Agenda:
10.00 – 10.10 OFFICIAL OPENING
Mrs. Grazyna Chorążykiewicz, Counsellor, head of the Trade and Promotion Section of the Polish Embassy in Sofia and Mr. Jarosław Godun – Director of the Polish Institute, Sofia
10.10 – 10.35 ADDRESS AND PRESENTATION
Sofia as an Investment Destination and the role of Sofia Invest Agency
Mr. Vladimir Danailov, CEO Sofia Investment Agency
10.35 – 10.50 PRESENTATION
Economic and business cooperation between Poland and Bulgaria
Mrs. Grazyna Chorążykiewicz, head of the Trade and Promotion Section of the Polish Embassy in Sofia,
10.50 – 11.05 PRESENTATION
Cooperation of the Bulgarian and Polish Firms – the most successful examples
Mr. Yordan Draganchev, Counsellor, the head of Economic Section of the Embassy of Bulgaria in Warsaw
11.10 – 12.30 B2B meetings
12.30 SUMMARY and a glass of wine
The working language of the event will be English.
Translation for the B2B meetings from Polish and Bulgarian will be available upon request. Please book your presence at +359 2 980 04 67 / +359 2 986 45 32 or send us email at contact@investsofia.com.
Sofia Investment Agency (SIA) is eager to meet the attendees of Webit.Festival Europe’17. Our stand is at the very heart of the exhibition area and our team will have the pleasure to be the host of several Sofia-based startup companies and innovative businesses during the two days of the event.
Follow the map, join us and meet these great local startups and educators:
iGREET – find augmented reality @ very unexpected places all over our tent
Participation Dates and Hours:
25/04/2017 – all day
26/04/2017 – all day
Sofia Tech AI Lab – see how to control a robot via brain waves
Participation Dates and Hours:
26/04/2017 – all day
Robopartans – how do kids learn to build a robot?
Participation Dates and Hours:
25/04/2017 – 10.00 – 10.30 am
26/04/2017 – 10.00 – 10.30 am
NeoFeedback – technology controls the unconscious processes in human bodies – do you want to play a game?
Participation Dates and Hours:
25/04/2017 – all day
26/04/2017 – all day
Tickey – What are the little tricks of a really smart city?
Participation Dates and Hours:
25/04/2017 – all day
26/04/2017 – all day
So visit Sofia Investment Agency’s Webit tent and find out why Sofia is an attractive destination for inventors, entrepreneurs and educators. Look for SIA’s branding, join our stand.
Sofia Investment Agency (SIA) invites startup companies and innovative businesses to present their ideas and projects at Webit.Festival Europe’17. The Agency will have its own stand during the two days of the festival on April 25-26, 2017. Our team is encouraging all entrepreneurs or startup companies to join us and to promote their ideas or projects-in-progress to the attendees of the event. Entrepreneurs and young companies that pursue development opportunities in Sofia can present their ideas at our exhibition zone for free. For more information and applications, please contact Nadia Soultanova, Head of Investment Analysis at nadia.soultanova@investsofia.com, mobile: +359 896 160 104. The deadline for submissions is April, 19.
During the festival, our team will be at your disposal to answer all questions related to the business environment in Sofia, to provide data and statistics on key industries and investment opportunities. SIA is part of Sofia Municipality and offers a free of charge one-stop service for local and foreign companies, entrepreneurs, and startups; we assist companies in finding business opportunities in Sofia and provide all relevant information and guidance for setting up. Do not hesitate to visit our stand and to ask our team how can we support entrepreneurs who want to set up and develop a successful business in Sofia.
Join our stand at Webit.Festival with your questions, ideas or businesses projects that you want to start and grow in Sofia.
One of the world leaders in the production of virtual and augmented reality – EON Reality – has expressed interest to open an office in Sofia. This was announced during the visit of Vladimir Danailov, CEO of Sofia Investment Agency, in the town of Laval, France, on March 29-30, 2017. The Company has shown interest in the opportunities of the Bulgarian capital.
EON Reality has offices in Singapore, Gothenburg, Manchester, Laval, Abu Dhabi, as well as in a number of cities in the USA.
The Company’s products are used in education, health care, industry, etc. The process of learning through augmented reality, for example, is 12 times faster than the traditional learning process, according to statistics. If the intention declared by the Company to invest in Sofia is successfully fulfilled, this will not only open new jobs positions (those in the office in Manchester are 250), but will also lead to the opening of a new type of school to train people for this industry, explained Vladimir Danailov.
Sensata Technologies officially opened a $3 million testing laboratory, its largest worldwide in Bulgaria’s capital Sofia. The company is a global industrial technology leader in the development, manufacture and sale of sensors and controls for mission-critical applications that improve safety, efficiency and comfort in a wide array of automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning, data, telecommunications and marine applications.
The testing lab in Sofia is already operating on a total area of 6 000 sq. m. with over 100 newly hired highly-qualified engineers and experts in safety testing and development of equipment for Sensata’s components focused on automotive applications.
Sensata Technology testing facility recreates some of the harshest conditions for an automotive component, including extreme temperatures and severe environmental influence. The company already employs 3 000 people in Bulgaria and operates two sensor production plants – in Plovdiv and Botevgrad. The facilities in Plovdiv produce pressure sensors. The plant in Botevgrad produces temperature sensors for Volkswagen, Daimler, Volvo, Fiat and General Motors. “Now we are able to close the cycle of our processes only in one country and this is unique for Sensata”, said Paul Chawla, senior vice president of Sensata’s European unit during the opening ceremony.
“Congratulation for Sensata Technologies for allocating its investment in a high-tech laboratory in Sofia city where to grow its business and work on reducing emissions. These match along with our main mission – to create a green and innovative environment in our city” Mayor Yordanka Fandakova said.
In recent years, educated workforce and constantly improving public infrastructure have encouraged foreign investors to set up their business in Sofia, said Mrs Fandakova. According to her, the stable results achieved in the last few years pushed Sofia to the leading position in Bulgaria.
Sofia keeps the lowest unemployment rate in the country and in the EU (only 2.3 %, January 2017). According to data provided by the Institute for Market Economics, the capital attracts over 54% of the Bulgaria’s FDI as well as foreign companies from 77 countries around the world.
Sofia is Bulgaria’s largest city; it is the educational centre of the country and a regional talent hub. These are the main reasons the city attracts the biggest share of investments in Bulgaria, said Vladimir Danailov, CEO of Sofia Investment Agency in an interview with Bloomberg TV Bulgaria.
The low labour cost and low corporate taxes also had a very positive effect on attracting foreign investments, but at the same time, these incentives have no long-term potential.
Now we need to focus on attracting industries that produce innovations. Such industries drive tangible economic development. When we manage to attract innovative industries in the city, we will tackle another big challenge – attracting and retaining high quality, well educated, skilled and talented people, he added.
The full interview is available in Bulgarian on Bloomberg TV Bulgaria.
Investment projects related to several mineral water springs and a project in Chepinci, 8 km from the city centre were presented by the Sofia Investment and Privatization Agency at its first annual meeting with economic counselors, foreign trade attaches and bilateral chambers of commerce in Sofia on March 10.
The amount of FDI to Bulagria for the period 2000-2015 is 23.196 billion euro. Over 50 % of that amount, or 12.112 billion euro, were invested in Sofia. The investment came from 77 countries.
The CEO of Invest Sofia, Vladimir Danailov, presented Sofia’s priority industries such as high-value added manufacturing, smart city, urban environment, health tech and tourism.
The investment projects presented at the meeting included a renovation project for West and North Parks in Sofia and the future Slivnitsa Plaza, a fifty thousand square meter development in the city centre.
Sofia Privatization and Investment Agency also called for increased collaboration between the Agency and the representatives of foreign countries in organizing bilateral meetings and business delegations. Invest Sofia is looking for partner cities and countries for the B2B meetings of local business owners with partners from abroad. Our goal is to give local SME’s access to international markets, said Danailov.
He also presented the new Director of Privatization Dr. Verginia Stoyanova and the annual privatization plan which includes over 200 plots, forty of which are eligible for Investor Class C Investment Certificate, awarded to investment projects of regional significance.
The deputy mayors Doncho Barbalov and Evgeni Krusev participated in the meeting. Mr Barbalov highlighted Sofia’s competitive advantages: stable local taxes, developed infrastructure and young and educated work force. Sofia Municipality is ready to work with investors to assure faster completion of the administrative requirements for the business, said Barbalov.
On March 10th, 2017, Sofia Investment Agency organizes a meeting with commercial attaches, bilateral chambers and economic affairs counselors.
The meeting will start at 10:00 a.m., at “Sense” Hotel, 16 “Tsar Osvoboditel” blvd., Sofia.
Vladimir Danailov, the Executive Director of Sofia Investment Agency, will provide information on Investment Promotion Certificate Class C and will present the list of municipal properties scheduled for privatization as part of the Annual Municipal Privatization Plan for 2017.
Main municipal business policies, new investment projects, and platforms for new bilateral business opportunities will also be outlined.
Economic counselors will discuss the business challenges faced in Sofia and Bulgaria and will share ideas for common business development solutions.
Sofia Privatization and Investment Agency received a crystal plaque in the category Municipality at the annual Investor of the Year 2016 awards organized by the Bulgarian Investment Agency.
The executive director of Sofia Privatization and Investment Agency, Mr. Vladimir Danailov received the award at a gala held on February 23 at the National Palace of Culture in Sofia.
The other two awards in the Municipality category went to the municipalities of Maritsa (Plovdiv) and Dimitrovgrad.
After receiving the award, Mr. Danailov promised to continue the work for attracting new investors and finding new markets for the business in Sofia and Bulgaria. He expressed a special gratitude to Sofia Investment and Privatization Agency’s team for their hard work.
The Investor of the Year 2016 award went to Sensata Technologies for its investment of 90 million leva and 2800 new jobs. The company, which already operates in Sofia and Botevgrad, is a world leader in the production of mission-critical sensors for the automotive industry. Among its clients are global automotive giants like Volkswagen, Volvo, Fiat, General Motors and others. Sensata is planning to build its biggest production facility in Europe and the second biggest in the world in Bulgaria.
The other two Investor of the Year nominated projects were of Hamberger Bulgaria and Yazaki Bulgaria. Hamberger operates on the Bulgarian market since 2003 and produces sanitary products. Yazaki has been in the country since 2006 and produces sensors for the automotive industry.
In the category Green Investment the award went to Osram, Plovdiv District for the planned investment of 45 million leva and 900 new jobs. The German company first entered the country in 1998 with its first factory in Eastern Europa.
The award for Innovative Business went to Teklas Bulgaria, Kardjali. The company operates in Bulgaria since 2006 and recently opened its third production facility. The investment amount is 20 million leva. The company also announced its plans to open 2 more factories in the country in Kurdjali and Krumovgrad in the near future.
The award for Business Expansion went to Lufthansa Technik Sofia and Bulgaria Air Maintenance. The joint-company will expand its existing facility for aircraft maintenance, repair and overhaul (MRO) with a total investment of 70 million leva and 165 new jobs.
Integrated Microelectronics Bulgaria, Botevgrad received an award for investment in human capital. In 2017 the company invested 7.6 million leva and created 400 new jobs.
The Bulgarian
This spring Sofia will launch a public bike rental scheme.
Four hundred bicycles at 33 different locations in the city will be available for residents and visitors of the Bulgarian capital, announced Deputy Mayor of Transport Evgeni Krusev. The rental options will include a 30-minute free rental, and hourly rental of up to 1.60 lv. per hour (to equal the public transport ticket price).
Full day cards for 6 rides, weekly bicycle rental, and monthly membership cards will be also available.
The bike docking stations will be concentrated in the central areas of Sofia; will be available 24/7 with a pre-paid card, or through the “Nextbike” mobile application after scanning the QR code on the wheel to unlock the bicycle.
The app will also provide information on the nearest docking stations.
The bike stations can be relocated in case of city events, traffic congestion or reconstruction works.
In addition, each station will be a Wi-Fi network hub. If all bunks are the user will be able to leave the bike near the station and the app will automatically end the rental period.
The public rent-a-bike system is part of Sofia Municipality’s efforts to introduce clean and energy-efficient sustainable mobility options in the city.
Over 20 countries in Europe use bicycle-sharing. Worldwide public bike sharing systems are available in 50+ countries on five continents, including 712 cities, operating approximately 806 200 bicycles at 37 500 stations.
The pioneering city for bike-sharing was, not surprisingly, Amsterdam. In 1967 the group Provo painted 50 bicycles in white and left them in downtown Amsterdam to be used for free.
Among the best European cities for cyclists today are Copenhagen (about half of Copenhagen’s residents use bikes on daily basis), Eindhoven, Strasbourg, London, Nantes, Antwerp, Barcelona, Berlin.
Caretaker Economy Minister Teodor Sedlarski has ordered the launch of the procedure on the implementation of the Technostart 3 – Encouragement of innovation activities of young people in Bulgaria project.
The project aims to encourage young people with innovative and vital ideas (students, Ph.D., and graduates) and help them found a successful company based on their innovative ideas and to promote their success.
Young entrepreneurs will be supported in the early stage of starting their own businesses by providing state grants at the startup point of the establishment of technology companies. The amount of the grant is 90% of the total amount needed or up to 19,800 lv. after submission and approval of a business plan.
In order to obtain the funding for the project, each applicant must register a company and provide his own contribution of 10% of the grant or up to 2, 200 lv.
The total amount of the grant for Technostart 3 project is 300 000 lv. from the Ministry of the Economy budget in 2017.
Technostart 3 will grant startup projects and ideas in two categories – Industry, and Research and Development.
Eligible project costs include: acquisition of tangible fixed assets (TFA); acquisition costs of intangible fixed assets (IFA); utility costs such as electricity, water, heating and rent of premises; office supplies; third-party services such as bank account, bank fees associated expenses and other activities necessary for the implementation of the business plan.
The application procedure is expected to start in March 2017 after the adoption and the establishment of a new Operations Management team of the “Technostart 3” project.