Thorsten Geißler: Sofia is Developing and is an Example of Success that the City Government Can be Proud of

Over the past year, over 70 foreign companies have come to explore Sofia as a place to invest in

Sofia is developing and is an example of success that the city government can be proud of. This is what Thorsten Geißler, head of the Bulgarian office of the Conrad Adenauer Foundation, said in a forum of the German-Bulgarian Chamber of Commerce and the Konrad Adenauer Foundation in the presence of Sofia Mayor Yordanka Fandakova.

Mr Geißler also pointed out that German investors had invested BGN 6.8 billion in Bulgaria, which makes Germany the second biggest foreign investor in the country.

Mayor Yordanka Fandakova said that since the establishment of the municipal Sofia Investment Agency, Sofia has had a proactive policy to attract investment in business development and has been inviting companies to invest in a sustainable ecosystem for the city. Our priorities are high-tech and clean manufacturing, said Mayor Fandakova. The available specialists, good infrastructure and tax policy make Sofia a preferred place for foreign investment, Yordanka Fandakova added during the forum.

We present Sofia and the conditions that the city offers. We have invited 12 hotel chains because we would like to develop our city as a tourist destination, especially for congress tourism, Ms Fandakova pointed out. The good traditions in engineering education helped the rapid development of start-up projects. A total 95% of startups in Bulgaria are based in Sofia and the ecosystem is fully built with venture capital funds, accelerators and incubators, and developed companies are already investing in R&D centres.

More than 70 companies from over 40 countries have come to explore Sofia as a place to invest, said Vladimir Danailov, director of Sofia Investment Agency. The environment and infrastructure have evolved, the business climate has improved, and investors also take into account the quality of life in a city before making any investments, Mr Danailov said.

In a few days, Sofia will participate in Expo Real in Germany, and in addition to its own booth, there will be a special panel dedicated to Bulgaria, to which many investors have been invited. Our city also hosts more than 30 international events.