Sofia, Bulgaria: An Introduction green, modern, developing July 2018 Nadia Soultanova Head of Investment & Business Development Sofia Investment Agency
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Sofia, Bulgaria: An Introductiongreen, modern, developing
July 2018
Nadia SoultanovaHead of Investment & Business Development
Sofia Investment Agency
“Sofia is quickly catching up on the
more mature ecosystems. The
general spirit and forward-looking
attitude of people and startup
companies is a great motivator.
Sofia has some of the best tech
talents in Europe at the moment
and in general is a great place to
live.”
Timo Railo, co-founder of Appzio, a Sofia-based start-up
AGENDA
SOFIA INVESTMENT AGENCY
BULAGRIA OVERVIEW
SOFIA OVERVIEW
MOVING TO SOFIA
LIVING IN SOFIA
WORKING IN BULGARIA
Sofia Investment Agency
Sofia Investment Agency is part of the general administration of Sofia Municipality
SUPERVISORY BOARD
(City Council Members)
MAYOR OF SOFIA
Sofia Investment Agency’s mission is to support Sofia to
develop as an attractive and preferred place to start and
grow a business by local and foreign companies.
Our services include:
Information and analyses relevant to establishing business activities in Sofia
Facilitating contacts and networks with potential partners, publicauthorities, research and educational institutions
Practical assistance in setting up a business in Sofia
Aftercare programme to grow your business once you are here
Bulgaria at a glance: Geography
7.1 million people
111 K sq. km
European Union Member State
NATO member state
Bulgaria at a glance
Interesting facts about Bulgaria:
Mountainous country
3000+ hot mineral springs
Cultural heritage sites from ancient Thracians,
ancient Rome, Byzantium
Bulgaria in the European Union
Bulgaria is an European Union member country since January 1, 2007
• Part of the common labor market i.e. Bulgarian citizens can freely move and work in all EU countries
• Not part of the Schengen agreement i.e. travel freely within the EU but borders do exist.
Trade with other countries in the European Union:
• No VAT• No duties imposed• 4 day ground delivery & next day air delivery• Most goods pass the border with an invoice only
BLACK SEA
Bulgaria: Ground and Sea Transport
Bulgaria: GDP Growth
Real GDP Growth, %, 2017
GDP: 53.2 Billion (2017)
GDP per capita: USD $ 7 240 (2017)
GDP growth: 3.6% (2017)
Forecast for 2018 @ 3.5%, driven by consumption and export.
Currency
The fixed rate is in effect since 1997. The Bulgarian lev was initially pegged to the Deutsche Mark.
The fixed rate will remain in place until Bulgaria enters the Eurozone and adopts the Euro.
No added currency risk.
Fixed exchange rate to the EURO
Bulgaria English Proficiency Index 2017
Global Peace Index 2018
Source: Institute for Economics & Peace
Bulgaria ranks 26th in the world in terms of peace and safety
1/6 OF BULGARIA’S
INDUSTRIAL
PRODUCTION
40% OF
BULGARIA’S
GDP
52% OF FDI
TO BULGARIA
1.3 MPOPULATION
(2017)
out of 7.1 M
21.6% OF BULGARIA’S
WORKFORCE
x 2.3 NATIONAL GDP
per capita
USD 7 240 vs. 16 650
5-7% ANNUAL
GROWTH
IN
GDP
Sofia at a glance
Sofia is the capital of Bulgaria and its largest city.
Sofia Urban Development Planned
New brand hotels opening in Sofia by 2020:
Sofia economy by sectors*
*Value added at factor costs, Sofia 2016 (in%)
Promising Industries in Sofia
90% of the technology companies in Bulgaria
72% of the Bulgarian IT professionals
40 000 people employed
average monthly gross salary 3 times higher than the
average for the city
2.1% of the total export of Bulgaria (78% growth since
2011)
6% of Sofia’s economy
11 000 university students in IT related majors
10+ software schools and academies
Information Technologies
Share of IT sector in Sofia’s Economy
Growing Start-up Ecosystem
11 investment funds
10 + Incubators
Over 30 Digital events
Over 10 software schools
Growing Start-up Ecosystem
Sofia Success Stories
Sofia: Population
65% of the population is in working wage
Population of Sofia grew by 120 000 people (2003 – 2016)
Sofia workforce by year
40 000DAILY
COMMUTERS
Sofia: Workforce
Sofia Economy
Digital Connectivity
27th of 162 countries in the world in broadband internet speed.
9th in the world for speed of mobile internet.
• Average speed of 17.54 Mbps.
• 96% - 4 Mbps Broadband Adoption (IPv4) in Sofia
• Broadband subscription costs from 8 EUR-36 EUR
(10-100mbps) per month
No roaming fees for calls or mobile internet within
the European Union.
Sofia Airport
Connecting Flights from Sofia
SOFIA - MOSCOW1 -2 Flights /Day
3 hours flight duration
Sofia - Connectivity
Tourism
In Top 3 cities in Europe in visitor growth - 9.4% (2009-2016)
Education
Population aged 16 and over by education level in Sofia
23 universities
45% of the population speaks English
63research centers + several independent software schools
51% of the population holds university degree
110 000university students or 40% of all students in the country
Sofia: Universities
University
Sofia UniversityUniversity of National and World EconomyNew Bulgarian UniversityTechnical UniversitySofia University of Mining & GeologySofia University of Architecture, Civil engineering & GeodesyUniversity of Finance Business & EntrepreneurshipMedical UniversityNational Sport AcademyUniversity of ForestryHigher School of Transport Todor Kableshkov
American University in Bulgaria (Blagoevgrad)Southwest University Neofit RilskiPlovdiv UniversityMedical University Plovdiv
24 00021 43012 0009 2022 0005 000approx. 1 0008 00010 000N/AN/A
1 11612 60015 0004 000
Students
Employer tax rates
Employer social security tax rates
Maternity leave 12 + 12 months
(small employer contribution)
Paid vacation 20+ days
Other social benefits
Why Sofia?
Sofia Investment Agency
12 Gen. Gourko St, Sofia, [email protected]+359 2 980 04 67 / +359 2 986 45 32
/ SofiaInvestmentAgency
Sofia Investment Agency
@InvestSofia
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