The head of the “Investment Analysis” department at Invest Sofia – Viktor Goussev participated in the conversation which is part of the project “Guidelines for developing policies to increase the capacity of small and medium-sized enterprises in the construction sector through digital transformation”. The meeting was held at the request of the Korean researchers involved in the project. Their main question was about the Agency’s participation in the National Recovery and Resilience Plan, the digitalization of small and medium-sized enterprises in Bulgaria and how it affects the inflow of foreign direct investments, as well as public-private partnership projects related with digitalization and connectivity. Slaveya Minova from the “Digitalization, Innovations and Investments” Directorate at the Metropolitan Municipality also took part in the conversation.

Partners in the project “Guidelines for the development of policies to increase the capacity of small and medium-sized enterprises in the construction sector through digital transformation” on the Bulgarian side are the Ministry of Economy and Industry and Sofia Tech Park in cooperation with the University of Architecture, Civil Engineering and Geodesy.

The event was initiated by the Minister of Innovation and Growth – Mrs.Milena Stoicheva, and organized by the European Innovation Council. Its aim was to present the different directions of the Horizon Europe program and to explain the possibilities for supporting innovators and researchers in deep technologies. The head of the “Investment Analysis” department at Invest Sofia, Viktor Gusev, and Radostina Belcheva, chief expert at the Agency, took part in the meeting.

The European Innovation Council is the European Commission’s largest initiative to support innovation throughout the life cycle from early stage research to proof of concept, technology transfer, funding and scale-up for start-ups, small and medium-sized enterprises. Through its three instruments – Pathfinder, Transition and Accelerator, the Council provides funding to scientific organizations, start-ups and SMEs in the form of grants and equity participation or investments of up to €17.5 million per start-up beneficiary. The organization has a budget of 10.1 billion euros for the period 2021-2027.

BgGPT has been developed for the Bulgarian state. Users, public and private organizations can now register to test the product

The INSAIT Institute at Sofia University “St. Kliment Ohridski” has officially launched BgGPT – the first open, large-scale, last-generation artificial intelligence language model in Bulgarian language. The product will be freely available to Bulgarian public and private organisations. Registrations are now open for those wishing to test working with the system via a bot, API access to develop their own applications, direct access to the model for customisation, and for training on specific own or company data.

The product launch was attended by Prime Minister Acad. Nikolay Denkov, Minister of Education and Science prof. Galin Tsokov and the Rector of Sofia University “St. Kliment Ohridski” – prof. Georgi Valchev.

BgGPT is specially trained for the specifics of the Bulgarian language, which will allow the creation of applications and solutions for the benefit of Bulgarian education, business, healthcare, public administration and others, according to the official announcement of Sofia University. In its first version, the model was trained on over 3 billion sentences and consisted of 7 billion parameters.

What is different from other platforms such as ChatGPT, Bard, Bing is that BgGPT is not corporate owned and can be freely used by Bulgarian public and private organizations. It is also a strategic advantage for Bulgaria’s national security that the data used to create the model is not shared with foreign corporations.

BgGPT will be fully available on 3 March 2024 at https://bggpt.ai. Users can now request early access here. In this first phase, priority will be given to users from scientific, educational, public and business organisations. INSAIT will also hold outreach meetings and events with the tech community.

According to prof. Martin Vechev, Full Professor at ETH Zurich, Founder and Architect of INSAIT and tech entrepreneur, the AI model in Bulgarian positions our country as one of the few countries in the world that has its own GPT technology, which will be accessible to all and will be independent of large private corporations. The development of the Sofia-based scientific institute makes the clear statement that Bulgaria can be a technological leader, not just a consumer of new technologies.

The INSAIT Institute for Computer Science, Artificial Intelligence and Technology was opened in Sofia less than two years ago. It is structured as a special unit of Sofia University. It

Our partners from Manpower Bulgaria kicked off the year with an event presenting the results of their regular survey on expected changes in salaries and compensation packages for the first half of 2024. The HR Navigator data was presented in an online workshop and discussion titled “Quality of Life in Bulgaria.

The analysis comes from the seventh consecutive survey on “Salaries, benefits and fringe benefits – trends (SATR H1/2024)”, conducted by Manpower Bulgaria and Assert International Bulgaria. According to data from the survey among businesses in the country, the past year has seen stability in the processes of increasing wages and fringe benefits for employees. The next expected range of increase in fixed monthly remuneration in H1/2024 is between 9% and 11%. Nearly 50% of companies plan to increase the number of employees by mid-year. Salaries are also expected to rise in an attempt to move closer to European levels.

The focus of the event this year was not only on salaries but also on the current economic trends in the country – the changing prices and their effect on purchasing power. In the topic “Quality of life in Bulgaria: the value of money today” experts gave a different perspective on what it means to receive a given salary and what standard it would provide you today. All this was in the context of whether we are living better after the significant wage jump in the last 2 years.

At an official ceremony held today at the Sofia Balkan Palace Hotel in Sofia, the Innovative Enterprise of the Year 2023 awards were presented. The event was held as part of the national Innovation Forum “Innovation and Sustainable Growth”, organized by the Applied Research and Communications Fund and Enterprise Europe Network – Bulgaria. At the invitation of the initiators of the forum among the guests were the CEO of Invest Sofia Ph.D. Maria Hristova and Radostina Belcheva, Chief Expert at the Agency.

Bulgarian Commissioner for Innovation, Research, Culture, Education and Youth Iliana Ivanova and Prime Minister Nikolay Denkov were among the special guests at the National Innovation Forum, which again this year brings together representatives of the government, business and academia. Projects such as the Institute Insight, which is unique for the region, the Institute “Big Data for an Intelligent Society” (GATE) at Sofia University “St. Kliment Ohridski, the PlanaCIST Institute in Plovdiv, which develops innovations in various fields, and the supercomputer in Sofia Tech Park, one of the scientific and applied structures that make Bulgaria unique among the neighboring countries, were among the best examples of successful Bulgarian projects at European and global level that were mentioned during the forum.

For the Innovative Enterprise of the Year 2023 Awards, 21 enterprises from different industries were shortlisted this year. All nominated and awarded companies can use the “Excellence in Innovation” brand.

The awarded companies are:

• Innovation for a better quality of life – the Sofia-based startup Algaya Ltd. with the Vodoraslo brand;
• Social Innovation – Outro Bulgaria Ltd. Biotechnology and Health Cluster Bulgaria awarded an additional prize;
• Innovation in Creative Industries – Zekeng AD;
• Digital Transformation – Giga Automa Ltd;
• Innovation Management – Lulis Mel Bulgaria EAD;
• Innovative start-up – Tsarina Winery Ltd. The Artificial Intelligence Cluster Bulgaria awarded an additional prize;
• Green Innovation – 2 companies were awarded;

In the Market Leadership category awards were given to:

• – Bizportal AD and Barin Sports AD (additional awards from Leader BG and Unified Innovation Center of BAS)
• – an additional award from Industry Info went to LogiSoft Ltd;
• – an award from PARA was given to Melexis Ltd.

The companies were judged by an independent jury of experts from government institutions, industry organizations, academia and entrepreneurs on the impact of the innovation they had created. Prizes are awarded for the introduction of a new or significantly improved product

With a livestream Manpower Bulgaria held the December edition of its HR Navigator series – a discussion format on HR topics, which the company implements as a joint project with Sofia Tech Park – Clubhouse. At the invitation of the organizers, the edition was attended by the CEO of Invest Sofia Ph.D. Maria Hristova, the Head of Investment Analysis Department Viktor Gusev and Radostina Belcheva, Chief Expert at the Agency.

This next episode was requested by the audience itself and was a continuation and deep diving of a previous discussion that raised the topic of raising leaders inside organizations. The conversation this time focused on one of the most significant career transitions – the transition from team member to team leader. The topic is key for any organization interested in understanding how to support and develop its future leaders.

The key skills and strategies needed to successfully transition from an executive role to a leadership position were addressed. The episode was hosted by Ekaterina Tonova, Learning & Development Project Manager at Assert International Bulgaria. In the studio with her, the topic was discussed by Vesela Mangeyna, FCCA with extensive expertise in the field of personal and career development, and Diana Kostova, Head of Learning, Development and Motivation at Kaufland Bulgaria.

On 13 December, at the Hyatt Regency Hotel in Sofia, the Bulgarian Association for Innovation, Business Excellence, Services and Technology (AIBEST) presented the results of its annual report in the presence of members, partners, entrepreneurs and institutions. At the invitation of the Association, the release of the data and a discussion on its analysis was attended by the CEO of Invest Sofia, Ph.D. Maria Hristova, the Head of Investment Analysis Department – Victor Gusev, and Radostina Belcheva, Chief Expert at the Agency.

The analysis on the state of the knowledge industry in Bulgaria was prepared by SeeNews. The document compares data from 802 Bulgarian companies with activities in business services and technology. The sector’s 2022 results were presented by Iliya Krastev, Chairman of AIBEST. According to him, the tech and outsourced services industry continues to grow at a double-digit rate, but at a slower pace compared to the previous year. The industry is growing at 16.8% (vs. 22.4% in 2021) to €4.935bn. Revenues account for 5.8% of annual GDP. If the average growth of the sector over the last 5 years is maintained, revenues are expected to reach 9.2% of GDP by 2025.

AIBEST has conservative expectations for the industry’s performance in 2023 and for next year’s results due to the slowdown in the technology industry and the global economy as a whole. The geopolitical situation and multiple conflicts around the world are also having an impact, creating uncertainty for investors. According to the Association, global economic factors such as high-interest rates, recession in some major markets, etc. – are also having an impact.

Beyond external factors, the industry is also hampered by the political instability in the country, the lack of a government strategy for the development of priority sectors, tax uncertainty and last but not least – the insufficient number of specialists concerning the needs of the market. The quality of education, which is often not corresponding to the real needs of companies, is also a factor. According to Iliya Krastev, all this could lead to stagnation in the sector in the long term and to companies leaving the Bulgarian market.

Despite the challenges, companies in the industry remain the employer of choice because of good working conditions, career development and the many times higher salaries compared to the national average. In one year, the number of employees in the sector has increased by 15,000 and to date

On 7 December, the Investment Council of the Bulgarian Chamber of Commerce and Industry held its Annual Meeting. The Council reported on the activities carried out in 2023, outlined the priorities for the next year and held a vote on the Council’s leadership for the next term. The meeting was held in the presence of members and partners of the organization, among whom were our CEO Ph.D. Maria Hristova and the Head of the investment department Viktor Goussev.

A number of events of the Council, in which Invest Sofia takes an active part every year, are of practical benefit to business and support the growth and internationalization of companies in Sofia and Bulgaria. Among them are the consultative sessions on the appropriate forms of funding for the companies, the international conference on financial and investment opportunities for SMEs – SIM EXPO, B2B forums with countries from Europe and the world, thematic seminars on available financial instruments for energy efficiency, renewable energy sources, digitalization, science transfer, as well as dozens of opportunities for companies to participate in international development programs because of BCCI’s EU partnerships.

As its priorities for 2024, the Council has again set the organization of: investment, business seminars and webinars on various financial instruments; bilateral business meetings for partnerships with companies from other countries; activities on the development of investment and financial products with BCCI members and partners; participation in conferences to promote the activities and projects of its members; conducting foreign trade missions and attracting investors; contacts with representatives of employers’ organizations, industry organizations, trade unions, trade unions and other organizations.

Vladimir Tomov was re-elected as the President of the Investment Council. Invest Sofia would like to thank Mr. Tomov and his entire team for the fruitful cooperation in our common projects for the development of the entrepreneurial and investment environment in Bulgaria. 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.

With an official event, the Association of Industrial Capital in Bulgaria (AICB) celebrated 27 years since the establishment of the Association. The organization invited partners from business and institutions to join the birthday gathering. Among the official guests of the reception was our CEO Ph.D. Maria Hristova, together with experts from sectoral organizations, company managers, representatives of the executive and legislative authorities, diplomats, and representatives of academia.

AICB celebrated the holiday with a business cocktail in the foyer of the National Theatre “Ivan Vazov” and an invitation to the guests to attend the play “The Perfect Man” on the stage of the theatre.

More than 10,000 enterprises with more than 500 000 employees and more than 100 branch organisations are currently part of AICB. The Association represents more than ¾ of the economic activities in Bulgaria, making it the most representative business organisation. The Association advocates for the best practices in ndustry, and protects the interest of manufacturers, SMEs, public companies and companies providing services of general interest, being a trusted social partner at the national level.

The AICB celebration was attended by Prime Minister Nikolay Denkov, Minister of Labour and Social Policy Ivanka Shalapatova, Minister of Energy Rumen Radev, Deputy Speaker of the National Assembly Kristian Vigenin, Ombudsman Diana Kovacheva, BNB Deputy Governor Petar Chobanov and others.

For the 30th time, the Bulgarian Chamber of Commerce and Industry (BCCI) presented its Annual Awards. At an official ceremony at the Sofia Balkan Palace Hotel, the Chamber awarded companies, ambassadors, trade representatives, media, and journalists for their best practices and results achieved during the year. The Chairman of the Parliament Rosen Zhelyazkov, the Prime Minister Nikolay Denkov and the President of BCCI Tsvetan Simeonov greeted the award winners. Among the guests were company executives, politicians, and diplomats. At the invitation of the organizers, the official ceremony was attended by our Chief Executive Officer Ph.D. Maria Hristova and Victor Gusev, Head of Investment Analysis Department at Invest Sofia.

The companies in the BCCI’s Top 100 Ranking were rewarded for their good business practices, the ambassadors and trade representatives – for their contribution to the development of diplomatic and economic relations between Bulgaria and their countries, and the media and journalists – for objective coverage of the positions of the Chamber and its members on hot economic issues and role of the Chamber in finding the best solutions.

In the subcategories of the “Top 100 Enterprises” the awards went to A1 Bulgaria EAD, Geotechmin Ltd, AES-3C Maritza East 1, Telink Business Services Group AD, and Iskar Services EOOD. In the category “Branch Organizations – for contribution to the achievement of the goals and objectives of the BCCI” the award was presented to the Bulgarian Association of Labour, Health, Safety. The Chamber of Commerce and Industry – Vratsa received recognition in the category “Regional Chambers of Commerce and Industry”.

The statuette in the category “Trade Representative” was awarded to Dimitrios Michas, Minister Plenipotentiary for Economic and Commercial Affairs at the Embassy of Greece in Bulgaria. Our southern neighbour country has been Bulgaria’s second largest trading partner for the past two years. Giuseppina Dzara, Ambassador of Italy to Bulgaria, was awarded for her services to the development of economic relations between the two countries and for her contribution to the achievement of the goals and objectives of the BCCI. According to data for the first half of 2023 Italy is the third trading partner for our country, with more than 14,000 enterprises with Italian participation, mostly small and medium-sized companies. This number is growing with nearly 1,000 new companies every year.

In the Media category, BNT was awarded for its dissemination of objective information on the role of BCCI and its members on

On the 5th of December, a meeting on “Talent and Competencies for the Media and Creative Industries” was held at the Launchee event space in Sofia. The event was organized by the Sofia City of Knowledge Cluster and aimed to present the latest trends and opportunities in these fields. The discussions were attended by Invest Sofia’s CEO Ph.D. Maria Hristova and Radostina Belcheva, Chief Expert at the Agency.

During the seminar, the results of previously conducted surveys on competencies in creative industries were discussed, as well as test results among entrepreneurs and managers in media and creative activities. Entrepreneurs, managers, start-ups, experts, trainers, consultants and mentors joined the event, from fields such as architecture; visual arts; design; crafts; publishing; computer games; cultural heritage; fashion; music and recording; radio and television; advertising; software and electronic publishing; film and video production; photography, etc.

During the event were discussed topics such as business models and successful entrepreneurship in media and creative activities, sustainable development of projects in culture and arts, tools for self-assessment of the competencies of those working in these two fields, etc. The sessions focused on the new talents, knowledge and skills needed in an environment of rapid digitalization and the imposition of advanced technologies, technology transfer and globalization, which remove market constraints and stimulate the emergence of new niche markets. The meeting also focused on the competency framework and business models for the media and creative industries and emphasized the role of talent and the ability to quickly acquire new knowledge and skills through training.

The meeting “Talent and Competencies for the Media and Creative Industries” was initiated by the XD Media HUB project, whose main objective is to contribute to the competence enhancement of entrepreneurs in the creative industries through the creation and implementation of a toolkit. The project has developed a competency framework, and training modules. Any expert in the mentioned fields can take an anonymous competency test on the website here.