2007 welcomed Bulgaria into the European Union and into the global trading relationship with many countries. And 2008 promises even greater trade and investment achievements with bilateral investments into the world’s economy. The Bulgarian economy will continue to grow at a 5.5%-6% per year, and corporate tax rates were lowered to 10%. This is causing investors from various countries to take notice of the talent pool and the capabilities of the resources available.
Information and Communication Technologies
As Bulgarian companies push forward to increase their competitiveness in the EU, the Bulgarian government continues to adapt with EU commerce practices. At the same time the legislation works on various aspects of the digital economy, new and expanded opportunities exist in the information and communication technology sectors.
International information technology companies find Bulgaria attractive because of the 0% export tax, comparative low salaries and high skill level of the local workforce. Both fixed and mobile segments of the Bulgarian ICT market still have high growth potential with large investments expected in both segments. A number of foreign companies are opening call/service centers, software development companies, and various other ICT related companies have opened offices in Bulgaria.
There are opportunities for participation in tenders for sale of computers, peripherals and servers for government procurement. The government of Bulgaria has an e-government initiative that will provide major opportunities. With these intentions many global companies are taking advantage of the blossoming opportunities.
U.S. providers of advanced telephone service solutions, as well as value-added telecommunications services are in demand. Other best prospects include Internet services, wireless and broadband Internet access technologies, cable television, and voice-over-Internet, routers, switches, access servers, equipment for mobile telephony, cable operators’ equipment and fixed wireless equipment. With these services being made available in Bulgaria, the initial outlay of a large capital investment and operating costs is a lot less than in many other economies.
With these needs Gate2Shop, Microsoft, Siemens are just a few of the companies that have taken advantage of the resources available in Bulgaria. These companies have hired from the vast talent pool here and made the best of the growth in this part of the world.