Investing and Doing Business in Bulgaria - Boston
Tuesday, November 18, 2014 from 5:30 PM to 9:00 PM (EST)
Come find out why major technology as well as manufacturing companies have chosen Bulgaria as a strategic site for European expansion. In recent news:
Bedford, MA, October 22, 2014 (BUSINESSWIRE) - Progress Software Corporation (NASDAQ: PRGS) announced today it has entered into a definitive agreement to acquire privately held (Bulgaria-based) Telerik AD, a leading provider of application development tools, for $262.5 million. Telerik enables its 1.4 million strong developer community to create compelling user experiences across cloud, web, mobile and desktop applications. Telerik’s revenue for the last twelve months was over $60 million, with annual bookings growth of over 20%.
Invest Bulgaria Agency (IBA) in association with the European Regional Development Fund are pleased to invite you to an event that will bring together senior policy makers, corporate executives and advisors from Bulgaria and the US who will share their insights on investment and partnership opportunities in Information Technologies, Electronics and Electrical Engineering, Healthcare, Business Process Outsourcing, Chemistry, Logistics and related industries.
The panel will offer:
Perspectives on the significant government & EU incentives for attracting foreign direct investment and the macroeconomic environment
Insights and case studies from prominent foreign investors
Information on potential partners and specific business opportunities
Learn more about the incentives and advantages of doing business in Bulgaria and network with representatives of the tech giants who have already established presence: Cisco, CSC, SAP, HP, IBM, Oracle, VMWare and others. (Did you know that VMW’s Bulgarian site is its largest R&D site in EMEA and 3rd largest globally; recognized as the most mature and successful sites outside of Palo Alto)
The immediate advantages - skilled labor resources, lowest cost base and lowest tax rates in the EU, coupled with significant investment incentives:
A well-developed education system with traditional strength in STEM.A strong pool of labor resources in software development, ICT, electronics and mechanical engineering, services and other industries
3rd in EU and 10th worldwide in absolute number of certified ICT professionals
The lowest cost base in the EU, in terms of labor, property costs, commercial rents, industrial energy prices, etc.
Flat 10% corporate and personal income tax rates; 5% tax on dividends, 0% for EU citizens; one of the lowest tax burdens on labor costs in the EU
Zero tariff environment to the rest of the EU; majority of European capitals are 2 hour plane flight away; proximity to the vast markets of Russia, the Arab world and the Middle East
Consistently ranks Top 10 in the world in broadband quality and fastest internet speeds
An abundant system of foreign investment incentives and government programs to help businesses achieve a smooth and fast transition
USD 20 billion of dedicated EU Regional Development funds over the 2014-2020 period
The longer-term fundamentals:
A well-developed education system with traditional strength in STEM.
60% of working age population speaks one foreign language (2/3 of students learn English or German and the average BPO company offers services in more than 20 languages)
Open economy and a legal and regulatory framework consistent with the rest of the EU
Exemplary macro-economic fundamentals, the lowest budget deficit and government debt to GDP in the EU.
Lowest cost base, zero tariff to the EU market, fast becoming the regional hub
Traditional strengths in IT, electronics, manufacturing, chemicals, logistics and transportation as well as other industries
5:30 - 6:00pm - Registtration & Networking Cocktail
6:00 – 6:05pm - Welcome Address by H.E. Elena Poptodorova, Ambassador of the Republic of Bulgaria to the United States
6:05pm – 6:30pm – Presentations
Official Address by Svetoslav Mladenov, Exec. Director of InvestBulgaria Agency
Investment Climate and Competetive Advantages of Bulgaria - Yulian Balchev, Marketing Directorate, IBA
Benefits of Investing in Bulgaria - Thomas Higgins, Moderator, CEO Yatoto, former executive Bulgarian-American Enterprise Fund
6.30pm – Industry Specific Sessions - Moderator – Thomas Higgins
OUTSOURCING AND LOGISTICS - Ivo Konstantinov, Commercial Officer, Bulgarian Embassy in Washington
- Joel Morse – CEO, C3i
- Krassen Draganov, CEO, Netage Solutions
ELECTRONICS AND ELECTRICAL ENGINEERING
- Krassimir Marchev, Johnson Controls
- Roman Vassilev, CEO, Majio
INVESTMENT CLIMATE OVERVIEW: BULGARIAN-AMERICAN BUSINESS RELATIONS
- Valentin Georgiev, Executive Director, AmCham (American Chamber of Commerce in Bulgaria)
- Daniel Berg, Director EBRD Bulgaria (European Bank for Reconstruction and Development)
Q&A and NETWORKING COCKTAIL
Here’s what others are saying
...Bulgaria stands for a critical mass of highly-qualified, well-educated professionals who bring together proven practical understanding of business with high-level theoretical skills to deliver efficient, cost-effective, international solutions...
…Hundreds of small software companies do contract programming for some of the biggest customers in the world. Other giants, such as SAP and Computer Sciences have local labs in Sofia…
US State Department – Executive Summary Bulgaria investment climate 2014:
Bulgaria has a favorable foreign investment regime, including government incentives for new investment and low and flat corporate and income taxes. Bulgaria still offers the cheapest labor in the European Union (EU). The IT and business process outsourcing sector has attracted many U.S. and foreign companies to Bulgaria and many have set up global and regional service centers here….
The country’s geographic position places it at the crossroads of Europe, the Middle East, and the former Soviet Union. A stable U.S. ally, Bulgaria is a member of NATO, the EU, and the WTO.
Promising sectors for foreign investors include: information technology, telecommunications, environmental technology (including water and waste water infrastructure), healthcare, biomass, and agriculture (including the beverage/processed foods industry). Planned infrastructure projects which are coming online and may further improve the investment environment, including rail, motorways, tunnels, ports, and tourism resorts…