No announcement yet.

Economy of Bulgaria | Икономика на България

  • Filter
  • Time
  • Show
Clear All
new posts

  • Economy of Bulgaria | Икономика на България

    Bulgaria President inaugurated new engineering centre of Visteon Electronics Bulgaria

    Sofia. Bulgarian President Rosen Plevneliev inaugurated the new engineering centre of Visteon Electronics Bulgaria EOOD on Wedensday.
    The company designs and manufactures electronics components and equipment for cars of brands like BMW, Ford, Renault/Nissan, Mazda, GM, VW, Daimler, and Honda.
    Over 680 employees, who are experts in software, hardware, and mechanics, work in the Visteon Electronics Bulgaria Technical Centre.
    Visteon Bulgaria is the second-largest development centre of the company.

    “Bulgaria modernised itself and provides better and better conditions for the business and the foreign investors. Our country already positioned itself as regional centre of innovations, communication and information technologies, as well as in the automobile sector, which is one of the industries of the future,” Bulgarian President Rosen Plevneliev said speaking at the ceremony.
    “World giant Visteon chose to invest in Bulgaria and with its new engineering centre the heart of the company and the ideas for the future will be now born and developed in Bulgaria.
    Your success is our success,” Mr Plevneliev said addressing the management and the employees of the company, which currently works on more than 30 projects – new developments, which set the tract of the future of the automobile sector.
    “Over the past four years the automobile cluster in Bulgaria opened more than 20,000 jobs and more than 30 companies, among which there are many strategic investors,” the Bulgarian Head of State said further.

  • #2
    Magna Powertrain to build plant in southern Bulgaria

    Magna Powertrain is planning to build a new plant in Stara Zagora, southern Bulgaria. The new facility will produce parts for automobile air conditioning systems and will employ 1000 people in the first phase.

    The municipality announced it will supply the Canadian company with a 160-acre plot for the new production plant. Magna Powertrain currently operates 314 factories in 29 countries and employs more than 123,000 people.


    • #3
      Japan's Yazaki to open third auto parts plant in Bulgaria by 2018 - media

      Author: Yazaki Bulgaria, Licence: All Rights Reserved

      SOFIA (Bulgaria), June 6 (SeeNews) - Japanese automotive components maker Yazaki Bulgaria plans to invest 30 million euro ($33.2 million) in a new plant, its third in the country, local media reported on Monday.

      The new plant which will cover an area of 30,000 sq m near the town of Dimitrovgrad in southeastern Bulgaria, should be operational in two years and will hire more than 3,500, Yazaki's CEO Roma Budriene said, cited by Capital Daily.

      Yazaki Bulgaria has contracted local firm Horizont-Ivanov to purchase the land and to build the plant, which will be leased to the Japan-owned auto parts producer. Horizont-Ivanov will invest 20 million levs in the new factory.

      Meanwhile, Yazaki Bulgaria has rented a 6,500 sq m building in Stara Zagora for 27 months, where it will start production for a newly attracted client until the new plant is built, the daily also said.

      Yazaki's two operating plants in Bulgaria are located near the towns of Yambol and Sliven, also in the southeast of the country. They have a total staff number of over 5,000. In southeast Europe, Yazaki also operates plants in Romania and Croatia.


      • #4
        Iran Interested in Pumping Gas to Bulgaria-Greece Link

        July 11, 2016

        Bulgaria's Energy Minister Temenuzhka Petkova (R) with Iranian counterpart Bijan Namdar Zangeneh, July 11, 2016.

        Photo by GIS

        Iran is seriously interested in delivering gas to the interconnection between Greece and Bulgaria, the latter country's Energy Minister Temenuzhka Petkova has announced.

        After meeting counterpart Bijan Namdar Zangeneh in Tehran, Petkova has noted that Iran stands ready to deliver amounts of gas to both countries via the link as soon as it is ready.

        The Islamic Republic also eyes the LNG terminal in the city of Alexandroupoli which it could also supply.

        Petkova has made the minister familiar with Bulgaria and Greece's talks over a possible joint venture that could be used to build the terminal.

        The meeting, which is part of an official delegation's visit to the Islamic Republic, comes amid reports in Iranian media that Tehran seeks to revive the Nabucco project through its participation in a gas distribution center on Bulgarian territory.

        Separately, Prime Minister Boyko Borisov has announced Bulgaria and Iran will explore a transport corridor project that, apart from goods, could also carry gas.


        • #5
          China's CITIC Group eyes car wheels production in Bulgaria-government

          Jul 22, 2016

          SOFIA, July 22 (Reuters) - Chinese state-owned conglomerate CITIC Group is looking at producing aluminium car wheels in Bulgaria, the Bulgarian government said on Friday.

          CITIC presented a plan for the construction of a plant in the Danube town of Ruse, creating 300 new jobs, the government said in a statement following a meeting between a Chinese delegation, led by CITIC Group President Wang Jiong, and Bulgarian Prime Minister Boiko Borisov.

          The company assured the government that production at the $100-million plant would comply with all European Union environmental standards.

          Chinese companies are considering investments in luxury property developments, an airport and a metals mine in Bulgaria that could amount to more than 2 billion euros ($2.2 billion) in total.

          Bulgaria is the EU's poorest country and badly needs to boost foreign direct investment, which dropped significantly to about 1 billion euros-1.6 billion euros ($1.1 bln-$1.8 bln) a year after the global financial crisis in 2008-09 put an end to a construction and real estate boom. ($1 = 0.9076 euros)

          (Reporting by Angel Krasimirov; editing by Adrian Croft)


          • #6


            • #7
              Lufthansa Technik Sofia invests 30 mln euro in hangar expansion

              -Expansion works to be completed by the summer of 2017.

              -Should boost the company' operations by 60% and will lead to a 30% increase in the numbers of employees (up to 1300).

              -Lufthansa Technik Sofia will become the company' biggest department outside of Germany.



              • #8
                Bulgaria strives to become tech capital of the Balkans

                The nation’s history as the former Soviet Union’s IT hub has given it a head start

                Darin Madzharov, studying for a PhD in computer science in Belgium, was growing impatient with his sister’s calls on Skype seeking help with her Sofia high school science course. So he responded with a stream of video tutorials, which her classmates and friends snapped up.

                “They became so popular that I gave up my PhD, came back to Sofia and launched an educational website,” the 28-year-old says.

                His site, Ucha (“learn” in Bulgarian) took off thanks to €30,000 in funding from Launchub, a local accelerator backed by the European Investment Fund (EIF) and the EU’s Jeremie tech start-up programme. Two Bulgarian angel investors came up with €200,000 in a further raising and this year is set to make a profit.

                “For 20 lev (€10), the price of a meal, you can sign up for a year’s worth of lessons covering any national curriculum subject,” says Mr Madzharov.

                Bulgaria is striving to catch up with central Europe, where economies based on low-cost manufacturing and exports are shifting to innovative and creative industries. A generation of westernised engineers and programmers with a global outlook now underpins the country’s emergence as the technology capital of the Balkans.

                Computer science and engineering graduates are no longer migrating in droves to the US and Germany. Local companies employ about 40,000 software engineers while the IT sector contributes more than 3 per cent of the country’s output, compared with less than 1 per cent four years ago.

                “Bulgaria is an interesting hub for IT development with higher-quality [people] and lower costs than elsewhere in Europe,” says Asparuh Koev, chief executive of Transmetrics, an award-winning start-up that uses big data and predictive analytics to improve efficiency in the transport industry.

                Sofia and Plovdiv, Bulgaria’s second city, have become flourishing outsourcing centres, providing jobs for thousands of IT graduates. Some of these go on to develop products that attract the attention of technology watchers and foreign venture capitalists.

                Innovation is what sets Bulgarian outsourcing companies apart, according to Dimitar Mantchev, managing director of Programista, a software developer based in Sofia and Plovdiv. “You make customised software and build a client base, then one of your teams develops a new product and you grow much faster.”

                Bulgarian IT skills were born under communism. Its state-owned electronics companies specialised in computer hardware and basic programming for the Soviet bloc countries. “It’s a strength that we’ve already had two generations of engineers with a strong R&D background,” says Daniel Tomov, founder of Eleven, an accelerator fund backed by the EIF and the Jeremie programme.

                Until this year, a lack of venture capital had left fast-growing start-ups short of funding. But the situation has now improved because investors are willing to commit more cash, says Lyuben Belov, co-founder of Launchub, which has backed more than 40 start-ups using EU funds.

                Mr Belov is setting up Launchub Ventures, a €20m fund with private backers, to provide up to €1.5m of funding for later-stage companies. “We have all the ingredients of a successful ecosystem — mentors, recycled capital, angel investors and investment funds. And there are about 30 companies that are doing really well with 30-50 employees and revenues above €2m.”

                Neveq Capital Partners, which has pioneered investments in Bulgarian IT companies, has launched a fund supported by the EIF to invest between €300,000 and €3m in local start-ups targeting the global market. Its portfolio has more than a dozen businesses, among them Vayant, a leader in airfare search technology backed by Lufthansa.

                “Funding is still going to be a challenge for later-stage companies but international venture capital funds are showing more interest,” says Pavel Ezekiev, a partner at Neveq.

                Yet some entrepreneurs worry that a looming skills shortage risks undermining Bulgaria’s regional IT hub hopes.

                “Universities don’t have the resources to teach cutting-edge skills so we’re going to face a situation where demand outstrips supply,” says Roddy Dervishev, founder of Sibiz, which designs high-performance microchips.

                A 13-year veteran of Silicon Valley who came back home, Mr Dervishev is one of several leading entrepreneurs committed to sponsoring IT facilities at Bulgarian universities.

                Some industry watchers insist the only way for Bulgaria to sustain growth is to source IT skills from outside the EU, from neighbouring Serbia and Macedonia and even Russia and Ukraine.

                The country is also attracting businesses to move here. Last year Vlad Ellis moved his company, Speedflow Communications, which provides customised billing software and voice-over-internet-protocol services for international telecoms operators, from Ukraine to Bulgaria. Half his 50-strong workforce moved with him.

                Now based in Plovdiv, Mr Ellis says: “The costs are a bit higher but there are talented people here and you don’t have political risk.”
                Source: FT


                • #9
                  SOFIA (Bulgaria), December 16 (SeeNews) - French aviation systems manufacturer Latecoere plans to open a production plant in Bulgaria's Plovdiv, a French embassy official said on Friday.

                  Latecoere plans to open the aviation equipment plant at the end of 2017 in Trakia Economic Zone of Bulgaria's second largest city of Plovdiv, the official who declined to be named told SeeNews on Friday.

                  The company plans to hire 100 in the new plant with prospects of increasing staff to 400 in the course of time, the official added.

                  The Latecoere Group works in the fields of aerostructures, wiring, embedded systems and engineering services. Its main customers are Airbus, Boeing, Bombardier, Dassault and Embraer.


                  • #10
                    SpaceX successfully launches Bulsatcom’s BulgariaSat-1 satellite


                    • #11
                      Some news from Bulgaria.

                      Skyscrapers Will be Built in Only Three Areas in Sofia

                      July 19, 2017

                      Skyscrapers will be built in only three areas in Sofia and there will be no such buildings in the historic city center. This was announced by the MPs from GERB at the suggestion of the chief architect of Sofia, Zdravko Zdravkov, according to bTV.

                      Buildings of over 125 meters will be built on the Circular Highway after the Lyulin Tunnel, after 7 km on Tsarigradsko shosse Blvd and behind the Central Station.

                      The idea is not to close the view to Vitosha, as well as to preserve the green areas.

                      Tomorrow is the Official Start of the Second Phase of Line 3 of the Sofia Subway

                      July 20, 2017

                      The event will take place on 21 July at 13:00 at the crossroads of 'Ovcha Kupel' Blvd and 'President Lincoln' Blvd.

                      The construction is part of a project for extension of the metro in the capital, Line 3, Stage II, section: "ул. Jitnica - bc Ovcha Kupel - Ring Road ".

                      The project is included in the operational plan "Transport and Infrastructure" 2014-2020. Reports Novini.

                      Road Junction 'Plodovitovo' is Now Open

                      July 20, 2017

                      The movement on the two newly built additional links on the road junction "Plodovitovo" on Trakia motorway will be launched today, reported bTV.

                      With the construction there will be a connection with ''Trakia'' highway and ''Maritsa highway'' from Burgas, Svilengrad and Sofia and the municipalities of Parvomay, Chirpan and Daskalovi Brothers.

                      The facility should make it considerably easier for drivers who now can make their road trip shorter with 40 kilometers.

                      Housing Prices in Bulgaria are Rising with one of the Fastest Rates in the EU

                      July 20, 2017

                      Household prices in Bulgaria registered one of the biggest increases in the first quarter in the European Union on an annual basis - 8.8%. This shows latest Eurostat data released on Wednesday. Reports Investor.

                      Thus our country ranks fifth in the ranking, with the Czech Republic having a 12.7% increase. Lithuania followed by Lithuania (10.2%), Latvia (10.1%) and Ireland (8.9%).

                      The statistics show that in the last few years there has been a steady rise in house prices in Bulgaria after it was only 0.7% in the first quarter of 2014. Though prices fell slightly in the fourth quarter of last year, they went up again in the first three months of 2017. Overall, house prices in the European Union grew by 4.5% in the first quarter. The increase in the Euro zone is slightly lower - 4.0%.


                      • #12
                        Second LIDL logistics center just opened in Bulgaria

                        Investment: EUR 80M



                        • #13

                          5 Y Chart

                          SOFIX Sofia stock exchange
                          BET Bucharest stock exchange
                          BELEX Belgrade stock exchange
                          ASE Athens stock exchange
                          XU100 Istanbul stock exchange


                          • #14
                            Bulgaria Needs New Nuclear Reactor Soon

                            August 25, 2017

                            Bulgaria should start developing new nuclear capacities as soon as possible, or else the country's energy security will be put at risk," said Aleksandar Nikolov, former NPP Kozloduy CEO and member of the Institute for Nuclear Research and Nuclear Energy with the Bulgarian Academy of Sciences, according to Standart News.

                            "Since the 2015 international climate agreement of Paris opposes the development of new thermo-electric plants, Bulgaria's only option is to develop nuclear energy capacities," he added.

                            "We have already purchased two sets of nuclear reactor equipment worth EUR one billion, so now we should only choose a proper site to install it", Nikolov went on.

                            In his words, Bulgaria's nuclear energy facilities should be 100% state-controlled and the government should develop a national nuclear energy strategy.

                            In his words, the new reactor can be installed on the site of NPP Kozloduy, or on that of NPP Belene, but in either case it should be managed by NPP Kozloduy, because of their long-established know-how and highly-trained personnel.


                            • #15
                              Seasonal Workers in Bulgaria are Mainly from Ukraine

                              August 30, 2017

                              Four fifths of seasonal workers in Bulgaria with work permits from the Employment Agency are citizens of Ukraine. This is the data of the Employment Agency, quoted by Dnevnik. Second is Moldova, but with only 4% of the issued permits.

                              From the beginning of 2017 to 25 August seasonal employment of up to 90 days was registered by 3 215 foreign nationals, third-country nationals with 571 employers' declarations, according to agency data. Most of the permits are issued to employers from the tourist business of the seaside resorts, while the requests from the mountain resorts are few. There are also requests in the "Agriculture" sector. There are no declined requests.

                              According to NSI data for the second quarter, the occupants in the hotel and restaurant industry are 176.7 thousand people, which means that the labor force imports cover less than 2% of the jobs, even if all permits are issued only in tourism.
                              A day ago, the National Institute of Statistics reported that most workers complain of labor shortages from employers in industrial production.

                              From the beginning of the year until the end of last week 125 "blue cards" have been issued to foreigners. Russia, Ukraine, India, China, Macedonia and the United States citizens are predominant. The professions are IT specialists, engineers, managers. 65 decisions were issued for positions in the IT sector included in the List of Professions for which there is a shortage of highly qualified specialists. Last year, 195 "blue cards" were issued.