Sofia Investment Agency team is glad to present the new Sofia Business Guide – just published and now available for download from our website.
Sofia Business Guide covers a wide range of topics, such as local economic data, labor force, education, transport and connectivity, industrial spaces, priority industries. The Guide also serves as a step-by-step handbook on how to start your business in Sofia as it contains latest data on business taxes, investment incentives, how to register a company action list, among others.
By summing up and assembling the most important and up to date information in the 60 pages of the Sofia Business Guide, we wanted to give a general, but detailed, overview of Sofia as an investment destination and to assist for a successful onset those who have considered beautiful Sofia as a place to set up their business and everyday live.
The document is available in 4 languages – English, French, German and Bulgarian and can be downloaded from Invest Sofia’s website. Data is presented predominantly in graphics, tables, and infographic.
Feel free to use all content and graphs in your business endeavors whenever you present your projects to foreign partners and potential investors.
For users from abroad, our team is available for further information and detailed analysis on specific topics, as well as for ongoing support on every stage of the investment plan.
Sofia Investment Agency would like to thank the Institute for Market Economics, Bulgarian Outsourcing Association, Puzl CowOrKing, Colliers Bulgaria, Forton I Cushman &Wakefield and Innovation Starter for all the information and support they provided.
Sofia Investment Agency together with Sofia Municipality and Urban Mobility Center today launched its official participation in a special training and networking programme for digital transformation of urban environment and society. The programme is part of the European Commission’s Digital Cities Challenge project in which Sofia as a city won a place together with 15 other European cities.
The EU initiative aims to help the selected cities develop digital policies and introduce them in the daily life of residents, entrepreneurs, employees, and institutions. Sofia will receive strategic support in solving and implementing specific urban projects.
In Brussels, SIA’s team joined the first from a series of four academy seminars which aim at introducing Digital City teams, allowing Digital Cities to meet their peers and Digital City team leaders, presenting good practices of external inspiring examples related to digital transformation, providing an overview and description of digital transformation trajectories, and providing important networking opportunities to promote collaboration and mutual learning among Cities. All Digital City Challenge participants will agree on a comprehensive concept and next steps action plans, as well as on priorities and milestones.
Sofia will present main motivations and expectations behind joining the project. A separate session is dedicated to the Industry perspective – what kind of companies develop their activity through digitalization, what are the benefits of digitization for companies, how does it transform the way they work (impact on working organization and competencies needs, and what do they need to succeed in their digital transformation.
More details from the meeting will follow soon.
A team of Sofia Investment Agency visited Poland between January 22 – 24 to take part in business meetings with representatives of 10 public and private organizations in Warsaw, Krakow and Lodz. Vladimir Danailov, Executive Director of Sofia Investment Agency, and an Investment Analysis Department team of the Agency launched an open dialogue on potential partnerships in joint projects with the Polish Investment and Trade Agency, the Mazovia Development Agency, representatives of the European Funds and Economic Development Directorate at Warsaw Municipality, Poland’s Industrial Development Agency, Center for Innovation – Warsaw, Lodz Special Economic Zone, Krakow Technology Park, Malopolska Development Agency, Municipality of Krakow, Urban Development Directorate – Investor Support Center and Science Park for Biotechnology and Center for Innovation.
The Bulgarian team of the Agency introduced to its Polish colleagues the business environment in Sofia as well as investment opportunities in the city. For their part, the Polish host organizations presented opportunities for bilateral business contacts and the conditions for development of specific industries in Poland. At the meetings with organizations we also discussed successful practices for developing a more favorable business environment in the cities of the two countries and effective incentives for investors, implemented by both countries.
Właśnie skończyliśmy spotkanie robocze z naszymi kolegami z Sofia Investment Agency. Dziękujemy za ciekawą dyskusję!
We just finished a very interesting meeting with @InvestSofia. Thank you, guys for very insightful remarks! #BIZ #FDI #PAIH #ARP #CEZAMAT #Warszawa #familyphoto pic.twitter.com/fo7EV0Fgy0
— PAIH (@PAIH_pl) January 22, 2018
We are convinced that the three-day meetings were useful and interesting for both parties and the contacts made will turn into fruitful business relationships and lead to the implementation of new business projects. Our team thanks our colleagues from Poland once again for the interesting discussions and willingness to support together Bulgarian businesses in Poland and Polish companies in Sofia.
If you are interested in an investment opportunity in Poland or looking for a partnership with a Polish organization, do not hesitate to contact our team at contact@investsofia.com for specific guidelines and opportunities that we have found during our visit.
More about some of the organizations we have established partnerships with.
The Polish Investment and Trade Agency (formerly Polish Information and Foreign Investment Agency), helps investors to enter the Polish market and find the best ways to utilise the possibilities available to them. We guide
The outsourcing industry in Bulgaria is changing rapidly and is looking for new specialists. About 20 000 new job openings are expected by 2020. This was announced at a joint press conference of Sofia Investment Agency (SIA) and the Bulgarian Outsourcing Association (BOA), where Plamen Tsekov, member of the Management Board of BOA, and Vladimir Danailov, Chief Executive Officer of Sofia Investment Agency, presented current data on the outsourcing sector from reports of the two organizations.
The industry has fundamentally changed its content in recent years. Based on key customer support services (call centers) in the period 2010 -2013, where processes and technologies were relatively standardized and uniform, the need of the business grew into customer service with high added value. It demanded the processing of far more complex processes involving much more analytical activity, building, maintaining and providing growth in core business activities such as marketing, sales, accounting, human resources, etc. That is why this sector is in need of specialists in human resources management, financial and accounting outsourcing, IT specialists, Plamen Tsekov said. Some 80-90% of the outsourcing activities in Bulgaria are concentrated in Sofia. The added value of the outsourcing sector in Sofia reached a record-breaking BGN 2.2 billion, according to official statistics, Vladimir Danailov said.
The problem with the staff is in the focus of SIA and together with the business and the Ministry of Education and Science, a new digital platform is being developed to give schools and universities a specific opportunity to work with business representatives in the city, Danailov stressed. Nowadays, our sector of the economy requires not only proficiency in two or more foreign languages, but also engineering and business skills, Tzekov added.
According to the Bulgarian Outsourcing Association’s report, the outsourcing business is expected to generate a turnover of EUR 2.5 billion by 2020. The sector is seen to reach 4.3% share of GDP and to increase its number of employees to 62,500. By the end of 2016, more than 47,800 people have been employed in this industry and the data for 2017 is expected to report an increase of about 12%. A total of 1.5% of all income taxes paid in the state treasury in 2016 come from the outsourcing industry and 0.9% of companies’ operating income is for taxes.
The outsourcing industry is the backbone of the middle class in
The Invest Sofia team won a place in the Digital Cities Challenge project of the European Commission. Thus Sofia is among the 15 cities that will be supported by the project in initiatives for digital transformation of urban environment and society. Sofia will be included in a special mentoring and networking program and will receive strategic support in solving and implementing specific projects for the city.
The European Commission’s Digital Cities Challenge initiative aims to help 15 European cities to promote the use of cutting edge technologies. Thus they will stimulate their growth, create jobs and become more attractive places to live in. The initiative includes cities in Europe, currently showing steady progress in digitization and strongly motivated to benefit from digital transformation.
As part of the project, Sofia will receive free support, mentorship and assistance in implementing projects that promote further innovation and productivity and above all improve the quality of life in the city.
What else is expected:
– Free advice and assistance from experts who will be familiar with city environment, current challenges and future ambitions;
– Access to tools that allow an assessment of the digital maturity of the city and outline future results that are to be achieved;
– Access to training sessions, European networks and platforms to build a local team of experts;
– Dialogue with other European cities that have begun or are about to begin the process and have good practices for exchange of experience and ideas;
The team of Invest Sofia won the project at the very first stage of the competition, when the first 5 cities were selected. The project will last for 18 months as of January 2018 to June 2019. The remaining cities of all 15 will be included in a 14-month program and will be selected in February at the second stage of the application.
The organization responsible for the implementation of the Digital Cities Challenge project is Invest Sofia, and the contracting authority for the implementation of the program is Sofia municipality. At the end of its participation in the European Commission’s project, Sofia will have a developed clear strategy and action plan for the transition to digital transformation. It will include actual, achievable and measurable steps that are to be taken in the short, medium and long run. A community of local stakeholders willing to be involved in the digital transformation process will
Sofia Municipal Privatization & Investment Agency and the Ministry of Education and Science signed a Memorandum of Understanding, which aims to link academics and students with the business. A free to use and unlimited in access web platform will be developed where companies will be able to announce available internships and trainings as well as vacancies. The future “Digital map of the educational system for staff training in Sofia” will provide latest data on the number of students currently studying in the professional schools and universities, as well as on their majors.
On the occasion of the signing of the Memorandum, Vladimir Danailov, Chief Executive Officer of the Agency said: The mission of the Agency is to support the development of a healthy and stable economic, business and social environment in Sofia and for this reason the Agency is committed to strengthening the relationship between business and education by partnering with the Ministry of Education and Science in our efforts. Our daily communication and meetings with partners, and discussions with representatives of educational and business organizations, made it clear that both sides need access to up-to-date information on the number of specialists in professional schools and universities as well as on the vacant positions on the labor market. This brought to life the idea of creating a single digital map / platform providing useful information to both communities: business and education. We would like to thank the Ministry of Education and Science and especially Minister Krassimir Valchev and Deputy Minister Tanya Mihailova for supporting us in this idea and I am sure that this partnership will bring positive results for the business and the education.
It is expected the web-based platform to start in March 2018, initially in Sofia Municipality, but later on to be developed as a national project.
Foreign investments in Bulgaria increased by 38.8% year-on-year in the third quarter of 2017
They totaled EUR 293.3 million for the period July -September, according to BNB data. Together with the previous two quarters, the total amount of foreign investments in Bulgaria reached EUR 744.2 million.
Most investments in the country came from the Netherlands and the sector with the largest share of foreign investments was the manufacturing industry, with just over EUR 330 million for the period January – September 2017. This was three times more for this sector, compared to the corresponding nine-month period in 2016. The trade sector also recorded an increase in terms of foreign investment (EUR 251.3 million, compared to EUR 236.4 million). In addition, real estate operations also reported growth. A drop was registered in the Hotels and Restaurants and Mining sectors.
Debt instruments again contributed the most to the amount of investments. Reinvested earnings and equity had low but positive values.
Sofia Municipal Privatization & Investment Agency opened its new office on 12 Gurko Str. We hope that this will improve our cooperation with our colleges from Sofia municipality and prosperous business partners doing business in our city.
For 2017, 5 reports were prepared upon request of Sofia Investment Agency, presenting current data on the environment in Sofia – an economic profile of the city, its labor force, the outsourcing industry, the IT sector and the development of tourism, Vladimir Danailov, Chief Executive Officer of the Agency, announced at 
the opening. He added that Sofia continues to be the largest regional economy in the country, providing the highest standard of living. It is characterized by good absorption of European funds, which is a major source of public investment. A total of BGN 3.5 billion was absorbed by the end of September this year and the IT sector’s share rose from 3.8% to 5.7% of the total output and to almost 50% of the wider branch of information technology.
The agency was established in the summer of 1992 and for its 25-year history it has the highest number of deals 
concluded by a privatization body in the country – nearly 2900, Dr. Verginia Stoyanova, Executive Director of Sofia Municipal Privatization & Investment Agency said. As a result, the cash receipts total some BGN 500 million. The funds from privatization enabled Sofia Municipality to implement its own investment program. A number of projects have been implemented in the last few years, including the construction of new schools and kindergartens, reconstruction and renovation of healthcare facilities, construction of new playgrounds and sports facilities. At the same time, the concluded deals, controlled directly by the Agency and accounting for only 9% of all sales, brought additional investment in the amount of BGN 160 million and created more than 18 000 jobs. Nikolay Stoynev, Chairman of the Supervisory 
Board of Sofia Municipal Privatization & Investment Agency and Deputy Chairman of Sofia Municipal Council, thanked the Agency’s team for their efforts. Sofia enables more and more successful business partnerships that bring even more added value to the economy of the city, he said.
London will offer temporary free offices for Sofia entrepreneurs willing to work in the British capital. This was agreed by Vladimir Danailov, Executive Director of Sofia Investment Agency, and his colleague Tony Margiotta from British agency “London and partners”. They held a meeting within the program of the delegation, led by Mayor Yordanka Fandakova in London. Following the meeting, a draft agreement for collaboration was drawn up which is to be discussed at an expert level and executed.
The document will engage London to provide full support for Sofia business by offering support for setting up a company, finding staff, contacting and introducing to local businesses.
In turn, Sofia Investment Agency will offer the same specific support to London entrepreneurs willing to invest in Sofia, Danailov said.
He, together with Nikolay Stoynev, deputy chairman of Sofia Municipal Council and chairman of the Supervisory Board of Sofia Investment Agency, introduced the opportunities for business development in the capital to their colleagues from “London and partners”. London has similar agreements with cities like Lisbon, Paris, Tel Aviv and Los Angeles.
The London agency is 50% funded by the British capital’s municipality, and 50% by the business. It employs about 150 people who develop projects in the field of promoting and attracting foreign entrepreneurs, education and tourism.
Business delegates from Wiener Neustadt, Lower Austria, explored investment opportunities in the metallurgical, financial, movie and construction industries in Sofia. Vladimir Danailov, CEO of Sofia Investment Agency (SIA), met the Austrian executives led by Martin Weber, representative of the city council.
How to establish companies and joint projects with Bulgarian partners were the main topics during the meeting between the business delegates from Wiener Neustadt and SIA representatives. Vladimir Danailov presented the priority industries in Sofia Municipality, the development of the city, as well as the opportunities of the capital as a historical, social and cultural city.
The business representatives from Austria showed greatest interest in the municipality’s policies focused on R&D and innovation development, high-tech industries and high-tech manufacturing, Danailov said. The Austrian delegates announced their intention to return to Sofia for scheduled face-to-face meetings with local business partners.
On September 20, 2017, at 10.00 am in Sofia Tech Park’s John Atanasov building, Bulgarian companies interested in business contacts with Polish companies can take part in a Bulgarian-Polish Business Forum organized by the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA). The bilateral meetings within the forum have a free access and are funded under Action 3 of project BG16RFOP002-2.003-0002 “Organization of trade missions and forums for Bulgarian producers and foreign buyers”, where the BSMEPA is an institutional beneficiary under Operational Program “Innovation and competitiveness” 2014-2020. The Polish delegation includes a group of 17 Polish businessmen who are interested in establishing business relationships with Bulgarian companies. The following activities of the companies and organizations will be present from Poland:
| Pesa S.A.
|
Production of electric and diesel trains, locomotives and trams |
| SOLARIS Bus & Coach S.A.
|
The company is a European leader in the production of modern public transport vehicles: buses, trolleybuses and trams |
| TRAKCJA PRKiI S.A. | Construction and modernization of railway infrastructure |
| CONTRACTUS sp. z o.o.
|
Export of dairy products and trade with agricultural machinery |
| Grupa Energotherm sp. z o.o. | The company provides services improving the quality and parameters of energy devices |
| 3CARGO | Transport and logistics |
| Igoria Trade S.A. –
|
The company offers payment services in the EU, serves currency transactions |
| Grupa ZUE | Construction and modernization of railway infrastructure |
| PPH „EWA-BIS” sp. z o.o. –
|
Wholesale of fruits and vegetables, importer of fruits and vegetables |
| Fabryka Cukiernicza KopernikS.A. | Manufacturer of confectionery |
| InterBusiness 91
|
Supply and trade of medical equipment and spare parts, diagnostic tests and reagents, medical devices and consumables |
| Makarony Polskie S.A. | The company is a leading macaroni maker in Poland and the region |
| Grupa Mera
|
The group is a leading manufacturer of ticketing systems (ticket vending machines – stationary and mobile, parking meters and ticketing management systems) in Europe |
| Woodwaste Sp. z o.o. | The company offers specialized, bulky feedingstuff (mainly for ruminants) |
| Mayor of Lomza | Regional cooperation |
| Representative of the Polish Entrepreneurship and Trade Development Agency | https://www.paih.gov.pl/en?lang_id=17 |
The forum is part of the program of an official Polish delegation, led by Polish Prime Minister Ms. Beata Shidlo, who will visit Bulgaria at the invitation of Bulgarian Prime Minister Boyko Borisov. The business forum aims to promote bilateral trade and economic relations between Poland and Bulgaria, as well
Sofia Investment Agency received a Certificate of appreciation from Business Club Magazine. The media company is the organizer of “Strong Regions for a Strong Economy” – a series of events dedicated to regional development policies.
Supporting the business on the territory of Sofia Municipality is a top priority for the Agency, CEO Vladimir Danailov said. He presented major entrepreneurial and business development opportunities: manufacturing facilities terrains, Certificate Class C plots, as well as SIA’s facilitating and support services for expanding into foreign markets.