The Bulgarian Small and Medium Enterprises Promotion Agency, in partnership with the US Embassy in Sofia and the American Chamber of Commerce in Bulgaria, organized the EXPLORE USA conference, dedicated to the opportunities for Bulgarian companies to start and expand their business in the USA. The event took place on October 13 at the Sofia Hotel Balkan.
Our team took part in the forum and got acquainted with the latest specifics of the US market, recommendations for setting up business there, and new programs supporting the entry of Bulgarian companies into the US market. We found out more about the sectors in which foreign companies have the greatest chance for successful expansion. This will allow us to consult Sofia-based companies looking for expansion opportunities, with guidance according to the latest data. At the invitation of the organizers, our CEO Dr. Maria Hristova attended the event.
The EXPLORE USA gathered representatives of the US Trade Department, the Embassy of Bulgaria in the US and the US Embassy in Bulgaria, the American Chamber of Commerce in Bulgaria, as well as Bulgarian companies already having operations on the US market, that shared their experience.
If you are a company looking for new opportunities in foreign markets, do not hesitate to contact our team for a free consultation according to the specific needs of your business.
The Amadeus Leisure platform, a leader in the distribution and sale of travel and leisure products, announced its plans to open an IT center in Sofia. Thus, Amadeus expands its presence in the capital, where it has been operating since 2014. More than 100 employees will join the “Amadeus Sofia Labs” EOOD office. The total amount of the investment is nearly 500 000 BGN. The center will provide services in three verticals – distribution of air, rail and hotel mobility, as well as related tourist and travel products. For the investment, the company received a class “A” certificate under the Investment Promotion Act.
Amadeus Leisure is headquartered in Madrid, Spain. The technology behind the platform distributes offers from 250 travel and accommodation service providers – travel agencies, airlines and railways, accommodation facilities and more, thus making leisure and travel planning easier and more accessible. The site contains nearly 800 billion offers and serves over 100 million requests per day. The company’s global workforce is over 16,000 employees, and the platform has a presence in 190 countries around the world.
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The Swiss cabling and connectivity solutions manufacturer Reichle & De-Massari AG opened its first laboratory in Sofia. The company is making the investment through its subsidiary “R&M Bulgaria Production”, which has been operating in the capital since 2011. The company will invest BGN 1 million in the new optical fibre test lab, which will test and control the mechanical and optical parameters of the manufactured fibre-optic cables.
The lab will be located in the company’s production base in the Poduyane industrial zone. The investment decision came as a result of the development of a large number of new products by the development department in Bulgaria and is a step towards optimizing the time from a new product idea to production and delivery. The team in Sofia will also take over part of the output at the company’s headquarters in Switzerland.
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Hypoport Sofia to expand its operations in Bulgaria. The company will appoint local teams for two more companies in the Group. Hypoport Group is a network of 30 lending, real estate and insurance technology companies with headquarters in Berlin Germany and over 2,500 employees in different countries. The Group is a leader in the FinTech industry in Germany and Europe. In Bulgaria, Hypoport Group has had a team since 2002.
The two new companies that will have teams in
Invest Sofia signed a Memorandum of Cooperation with the construction project management company MG Consult Ltd. The Document was signed by Dr. Maria Hristova, CEO of Invest Sofia, and Mladen Hristov, Managing Director at MG Consult Ltd.
Under the agreed partnership, the two parties will cooperate in providing and exchanging data, consultations, and networking for investment projects in the construction industry. This is yet another agreement between Invest Sofia and leading consulting companies, employer organizations, or other business representatives, that aims at promoting investments in the territory of Sofia Municipality. Invest Sofia is also working on establishing cooperation with an international employer organization, which will contribute to increasing investments from European countries in our city.
MG Consult Ltd. has been in the Bulgarian market since 2006. It has in its portfolio shopping centers, malls, showrooms, restaurant chains, and office and residential buildings for local and foreign investors.
The company’s services add value to its partners’ construction projects and cover a wide range of segments in the industry: Logistics, Transportation & Distribution facilities, Industrial (Manufacturing facilities, Warehouse store facilities, etc.), Office business centers (buildings), Residential complexes, Trade and Retail centers (Malls), Mixed-use buildings, Health-care facilities, Hospitality (hotels and SPA resorts), Power and Energy, PV Plants and Solar Energy.
MG Consult Ltd. provides a comprehensive consultancy service to partners from both the private and public sectors. Its project management planning services include Project management plan, Defining the scope of work (SOW), Review of the technical design documentation, Budgeting, Suppliers and subcontractors, Communication management, Risk management,хQuality management, and Procurement management.
In accordance with the Memorandum, MG Consult Ltd. is now part of the Sofia IS initiative – the first city programme in the country for partnership between the city administration and established companies. The initiative aims to provide integrated pro bono services to entrepreneurs in the city. In case of investor inquiries, our organizations will cooperate in providing tailored and case-specific construction project management services to local and international companies.
The Chairman of the Sofia City Council Georgi Georgiev presented a Green Card for administrative services from Invest Sofia to Tata Consultancy Services Bulgaria (TCS). The Indian multinational IT company opened a shared services center in Sofia with a team of nearly 200 employees.
“I am excited that one of the world’s largest IT companies is establishing operations in Sofia. This is yet another proof that our city offers good conditions for business development and investment. The Sofia City Council is constantly making efforts towards a favorable business environment. It is wonderful that 200 young and talented citizens will have the opportunity to invest their knowledge and skills in the global market, and that Tata’s charitable and educational initiatives will be directed to schools and universities in Sofia,” Mr. Georgiev said at the official ceremony attended by the TCS’ management team, the Ambassador of India to the Republic of Bulgaria Sanjay Rana, Nikolay Stoynev – Chairman of the Supervisory Board of the Sofia Municipal Privatization & Investment Agency, Dr. Maria Hristova – CEO at the Agency, and the head of the “Investment Analysis” Department at the Agency Viktor Gusev.
“We decided to set up in Sofia because of the well-educated and highly skilled workforce here. This office proves our long-term intentions for the development of Tata Consultancy Services in Sofia and Bulgaria”, said during the ceremony Prabal Datta, General Manager, TCS Eastern Europe. All employees in the Sofia-based office of the company are Bulgarians, 70% of them are women. They will work in the field of finance and accounting, financial planning, and analysis. “Our company delivers services to one of the largest trading companies in the world. For us, in addition to the development of our business, it is very important to contribute to the development of local communities. We plan to launch a digital skills student program in Sofia”, said Saptagiri Chapalapalli, Executive Director of TCS for Europe.
Tata Consultancy Services is part of the multinational conglomerate Tata Group – one of the largest and oldest in India. The activities of the companies in the Group cover areas from the production of fast moving goods, through electricity to aircraft. In 2008, Tata Group acquired the Jaguar Land Rover businesses from Ford Motor Company.
Tata Consultancy Services has been on the market for over 50 years and has worked for some of the largest international companies. It has over 528
The Sofia Municipal Privatization and Investment Agency (Invest Sofia) signed a Memorandum of Cooperation with the HR management company Human Capital Store. The Agreement is part of Invest Sofia’s efforts to establish effective and inclusive partnerships with a large number of organizations from various industry areas that will join the city’s activities towards further development of the economic environment, quality of life, and talent pool in Sofia.
Our agencies held a meeting on October 12, 2022. The Agreement was signed by Dr. Maria Hristova, CEO of Invest Sofia, and Miroslava Nikolova Hadzhiyska, General Manager at Human Capital Store.
The Sofia-based Human Capital Store provides recruitment, employee retention, and training services. The company advises and acts as an intermediary for its clients regarding administrative regulations and accounting services. The Human Capital Store HR team is certified to work with personality assessment tests. In partnership with other organizations, the company provides assessment/development centers, organizational climate assessments, etc. 
The Agreement aims to establish cooperation between the two parties in organizing trade fairs, exhibitions, conferences, seminars, and other similar activities in which partners of both agencies will also take part. It also aims at providing opportunities for national, European, and global partnerships in various projects that will help the development of the city of Sofia.
Under the Agreement, Human Capital Store will join our partner network under the Sofia IS initiative – the first city programme in the country for partnership between the local administration and established companies. The initiative aims to provide integrated free services to entrepreneurs in the city. In case of investor inquiries, our organizations will cooperate in providing tailored and case-specific HR solutions to local and international companies.
At an official meeting today, Invest Sofia and Savov & Partners Law&Tax company signed a Memorandum of Cooperation in the field of legal, tax and accounting services to investors who want to start operations in the capital, as well as Bulgarian entrepreneurs who are interested in the legislation in markets in Europe, Asia and America. The Memorandum was signed by Dr. Maria Hristova, CEO of Invest Sofia, and Valentin Savov, Partner and Attorney at law at Savov & Partners.
The law firm also provides legal and administrative representation to international and domestic clients. The team has advised on a considerable number of transactions, including major investments, acquisitions, divestitures, reorganizations and joint ventures, etc. Its clients range from multinational enterprises to emerging companies, government and municipal bodies and institutions. The main industries ‘Valentin Savov & Partners’ covers, among others are Aerospace and Defense, Automotive, Construction and development, Education, Financial Institutions, Infrastructure, Transportation, Life Sciences and Healthcare, Real Estate.
The company provides services and advice in Bulgarian, English, German and French. Through its partners abroad, ‘Valentin Savov & Partners’ can assist in starting a business in Sofia or offer a complex advice on the applicable legislation in numerous on and offshore jurisdictions, including the Netherlands, Luxembourg, Switzerland, France, Germany, Cyprus, Malta, Belgium, Portugal, Spain, Russia, Ukraine, Macedonia, Serbia, Greece, Brazil, etc. among others.
Under the Agreement, Savov & Partners are now part of the network of the Sofia IS initiative – the first city programme in the country for partnership between the city administration and established companies. The initiative aims to provide integrated pro bono services to entrepreneurs in the city. In case of investor inquiries, our organizations will cooperate in providing tailored and case-specific legal, tax and accounting services to local and international companies.
From 5 to 7 October, the Centre of Competence for Quantum Communication, Intelligent Security Systems, and Risk Management – QUASAR organized the first British delegation to Bulgaria with the participation of leading companies in the field of cyber security, artificial intelligence, and nuclear engineering.
At the invitation of the Center, Ioana Dragneva, chief expert in the Investment Analysis Department of Invest Sofia, joined the business meetings. Among the official guests were also representatives of the Ministry of Economy, the Sofia Municipality, research and scientific institutions, and NGOs.
The delegation was led by His Excellency Chris Barton – Trade Commissioner for Europe and Krassimir Kiriakov, Head of the Commercial and Economic Section at the Embassy of the Republic of Bulgaria in London. The British companies visited and held talks at the Ministry of Economy, the Bulgarian Investment Agency, and Sofia Tech Park to learn more about the Supercomputer and the Park’s artificial intelligence and data processing laboratories.
During a dedicated business forum in the International Laboratory Complex of QUASAR, the British companies presented their activities to Bulgarian companies and organizations. On the Bulgarian side, QUASAR and the Institute of Robotics, as well as the Higher Naval School – Varna and the National Military University – Veliko Tarnovo made presentations in the field of cyber security and risk management.
The participants from both countries declared their readiness for future joint activities, investments, and exchange of know-how, talents, and international educational programs for young scientists.
Sofia and the South Korean city of Sejong have signed the cooperation framework under the European Union’s International Urban and Regional Cooperation Programme 2021-2023 (EU IURC). The two cities will partner in:
– R&D activities in the field of transport, mobility and urban development;
– economic development;– net zero emissions, energy transition, and climate change;
– support to startups and SMEs;
– Science, academic and cultural initiatives.
The official Memorandum of Cooperation between the two cities to be signed after the ratification of the framework by the Sofia Municipal Council and the Municipal Council of Sejong. An official visit of the mayor of Sejong to Sofia is expected at the end of this year or in the spring of 2023.
A new dedicated webpage for hearing-impaired and deaf-blind people is now available on the website of the Sofia Municipality. The link to the webpage is in the upper right corner of the sofia.bg portal, marked with a special symbol (hands). For direct access please visit: https://bgsl.sofia.bg/bg/
The section aimed at the deaf community contains information in social activities, mobility, and sports. The content is presented through video postings in Bulgarian Sign Language.
The activity is part of the unanimously voted by the Sofia Municipal Council Action Plan for the adoption of the Law on Bulgarian Sign Language in municipal services. As part of the Plan, the appointment of Bulgarian Sign Language interpreters is also foreseen with the aim to ensure the delivery of administrative services to citizens at Moskovska 33, as well as provision of the necessary equipment to all regional administrations that allows simultaneous connection between hearing-impaired and deaf-blind people, the administrative officer on site and the translators.
Thus, Sofia Minusipality will become the first institution in the country to apply the Law on Bulgarian Sign Language and guarantee equal access to administrative services for the deaf and deaf-blind community.
Sofia will be among the first cities in Europe with a Digital Rights Strategy, along with Brussels, Paris and Tirana. Thus, our city will pioneer in the development and implementation of the Digital Rights Governance Framework in the European Union. The work on the Strategy is part of Sofia’s participation in the Digital Rights Governance Project developed by the Cities Coalition for Digital Rights, launched by the cities of Amsterdam, Barcelona and New York in 2018q which today represents a network of 50 cities from around the world
The third edition of the SHEleader@digital2022 forum will focus on sustainable development and climate change. Women leaders, green entrepreneurs, innovators, policymakers, corporate leaders, activists, and artists will join the international conference on October 6 at Toplocentrala in Sofia.
The forum is organized by the Bulgarian Center for Women in Technology (BCWT), EDIT and MOVE.BG in partnership with the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA). At the organizers’ invitation, our CEO Dr. Maria Hristova will join the conference.
SHEleader@digital2022 will give the stage to the role of women in addressing the climate crisis and how female leadership can help drive a successful green transformation. Topics related to the role of women in the digital industry and their place in sustainable development and green transformation will be in focus, as well as the role of innovative startups, the importance of corporate policies for sustainable development, the role of ESG standards for social disclosure, the environmental impact of companies, the role of innovative artists and art within the green transformation, the importance of nature-based solutions and many more.
The event is held under the patronage of Maria Gabriel, European Commissioner for Innovation, Research, Culture, Education, and Youth. More than 20 prominent Bulgarian and international business leaders and speakers will hit the stage. Among them Sasha Bezuhanova, founder of MOVE.BG, Lyubomira Yordanova, founder of the innovative GreenTech startup Plan A, Kim Andreoli-Pasche – Senior Director, Global Virtual Sales EMEAR at Cisco.
The full agenda is available on the SHEleader@digital 2022 website.
Invest Sofia Presented Green Cards to Leading Companies in the Field of Transportation and Logistics
On September 29, the Sofia Municipal Privatization and Investment Agency (Invest Sofia) issued green cards to two leading companies in the field of logistics and transportation. These are M&M Militzer & Munch BG and TransTerminal Co. Ltd. The Green card by Invest Sofia provides a fast-track administrative service for eligible companies that are not certified under the Investment Promotion Act.
The event was attended by the Chairman of the Supervisory Board of the Agency Nikolay Stoynev, Deputy Mayor Angel Jorgov, the Executive Director of Invest Sofia Dr. Maria Hristova, and the Mayor of Lyulin district Milko Mladenov.
“Continuous support for the Sofia-based companies is of highest priority for the Sofia Municipality and the Mayor of Sofia Yordanka Fandakova.
Through Invest Sofia, we created a service that would provide quick and tailored administrative support,” Nikolay Stoynev said during the event. He emphasized that Sofia is an attractive destination for entrepreneurs and new companies. He presented the Green Card to Sasho Todorov, Manager at TransTerminal.
TransTerminal is part of the Swiss holding Transinvest Group. It incorporateя 121 independent companies from 40 countries around the world, with a special focus on countries in Europe and Asia. TransTerminal has 10 percent Bulgarian participation. The main activity of the company is leasing and management of its own real estate facilities. “TransTerminal has its own warehouse near Lyulin district and a new logistics center with a built-up area of 2133.50 m2,” Sasho Todorov said upon receiving the Green Card. He also shared that the company plans a new investment of nearly 10 million euros to expand its activities in the Lyulin business zone.
M&M Militzer & Munch BG, which received a Green Card from Deputy Mayor Angel Jorgov, is a leading international company in the field of logistics services, with subsidiaries in all European and Asian countries. M&M Militzer & Munch BG has been operating in Bulgaria since 1991 as the first foreign investor in the transport sector and today represents the biggest transport and logistics group in Bulgaria. The company has invested over 20 million euros, and 20 percent of the enterprise has Bulgarian management.
Deputy Mayor Angel Jorgov reminded us that years ago the Lyulin district was a deserted area, but it has now been turned into a business zone. Mayor Mladenov shared the plans for the rapid construction of new and convenient transport connections for those working in the area. According to him,
At an official reception at the Millennium Grand Hotel in Sofia, the Embassy of the Republic of Korea in Bulgaria, together with honorary guests from both Korea and Bulgaria, celebrated the National Foundation Day of the Republic of Korea. The meeting was attended by state institutions, business, academia and culture representatives, diplomats, Korean citizens living in Bulgaria and employees of Korean companies in our country. At the invitation of the Embassy of Korea in Bulgaria, the Executive Director of Invest Sofia Dr. Maria Hristova attended the reception.
This year marks the 32nd anniversary of the establishment of diplomatic relations between Korea and Bulgaria. In his welcoming speech, the ambassador of Korea to our country H.E. Jeong Jinkyu noted the successful development of bilateral relations between the two countries since the establishment of diplomatic relations in 1990 and drew attention to the Korean government’s efforts to expand the cooperation in different areas, including politics, economy, society, culture.
According to data from the Ministry of Economy and Industry, among the leading goods in Bulgaria’s exports to Korea in 2021 are wheat and a mixture of wheat and rye; corn; copper strips and copper sheets; integrated circuits and electronic micro-assemblies; engines, etc.
The leading import goods for the same period are polyacetals, other polyethers and epoxy resins in primary forms; parts and accessories designed solely or generally for the machines and apparatus of NNs 8469 to 8472; synthetic staple fibers; acrylic polymers; pneumatic rubber tires, etc.
There are opportunities to expand Bulgaria’s export potential with products such as cereals, oil, wine, cosmetic/pharmaceutical products, and others. Bulgarian wines are unknown in the Republic of Korea and advertising is needed to impose the Bulgarian wines on the market in Korea.
According to BNB data, the total amount of Korean investments in Bulgaria at the end of 2021 was EUR 71.8 million.
Europe’s largest B2B trade fair for property and investment projects EXPO REAL 2022 started in Munich on October 4. The Invest Sofia team is part of the Bulgarian stand, organized by the Munich Fair. Together with us are the German-Bulgarian Chamber of Industry and Commerce, the companies Business Park Sofia, East Ring LP, I&B REAL ESTATE, Raiffeisen Property Management Bulgaria, Real Estates BG, as well as the Municipality of Plovdiv.
Part of the event are our experts Viktor Goussev, head of the “Investment Analysis” department, as well as Kristin Dermendzhiev, chief expert in the department. Come and find us in Hall A1, Booth #247!
As part of the conference program on October 5, from 2:30 p.m. on the Exhibitor Stage, Hall C2.430, the German-Bulgarian Chamber of Industry and Commerce is organizing the discussion panel “Bulgaria – Next eurozone country”. All companies and organizations from Bulgaria’s exhibition stand will take part in the presentations about Sofia and Bulgaria as investment destinations in the construction and real estate industry.
EXPO REAL is Europe’s largest exhibition in the industry and this year takes place between October 3-6. This is the 24th edition of the international trade fair which stands for business-oriented networking for cross-industry and transnational projects, investments and financing. Exhibitors and visitors include project developers and project managers, investors and financiers, consultants and agents, architects and planners, corporate real estate managers, expansion managers and also economic regions and cities reflecting the entire value chain of the real estate industry. With its indicative conference programme consisting of symposia, conferences and roundtables the fair acts as a communication and information platform for the latest trends, innovations and future prospects of the markets for real estate, investment and finance.
In 2018, Bulgaria and Sofia were present with their own stand at Expo Real for the first time in the history of the fair. Thus, Sofia became the first city to represent Bulgaria at an event at Messe München and the adjacent International Congress Center, where dozens of international forums, including EXPO REAL, are being held throughout the year. We are glad that this year our country is represented by one more Bulgarian city and colleagues from the Municipality of Plovdiv are with us at the forum.
Visit the Bulgarian booth at the largest European trade fair for property and investments EXPO REAL 2022 in Munich: Hall A1, Stand #247.