Memorandum of Cooperation to be Signed with Varna within our Initiative to Build a National Union of the Major Industrial Centers in Bulgaria

Sofia Investment Agency is negotiating a partnership agreement with Varna – another large city in Bulgaria, to work together to attract foreign investors to our country. The cooperation between the two cities will be part of the joint initiative launched at the end of last year between Sofia and Plovdiv to build a national union of the major industrial centers in Bulgaria.

The partnership with Varna will be signed between Sofia Municipality and  Varna  Municipality. It will aim to develop investment profiles of the cities and through joint efforts and a unified marketing strategy to attract strategic investors to the location with the most appropriate profile.

According to the Institute for Market Economics, Varna Region reports moderate investment activity. The number of enterprises remains high (70 per 1,000 compared to 59 for the country), and domestic and foreign investment is growing. Foreign direct investment reaches EUR 3968/person (compared to EUR 3560/person in the country).

Varna Municipality is working to develop a business-friendly environment that will allow sustainable growth and the establishment of high value-added businesses. In recent years, large companies have expanded their activities in our country by opening offices in our Black Sea capital. At the end of last year, Paysafe chose Varna as its first office outside Sofia for Bulgaria. Sofia-based Pontica Solutions also chose Varna for its second office in the country.

We believe that Varna Municipality is an important partner in our initiative for the national coalition of the major industrial centers in our country, and we will be able to exchange best practices, as well as implement the most appropriate investment projects for both cities.