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Financial Times: Bulgaria's Business Trusted Index reached its ninth peak in October 2017

January 11, 2018

"The business confidence index to Bulgaria reached its ninth peak in October 2017. Unemployment dropped from 8% in early 2016 to 6.1% by the end of 2017. According to Eurostat, this figure is the lowest since the global financial crisis. Bulgaria has made significant progress in its ten-year EU membership and the living standard from 2007 to 2017 has increased significantly, "the Financial Times said in its annual review for 2017.

Successful investors like "Software Group" and "William Hughes" are talking about the opportunities that Bulgaria offers to investors who have chosen it to expand its business.

Kalin Radev is the founder of the "Software Group" and says that the IT industry will stimulate economic growth and even have the potential to attract foreign specialists. His company is an example of this because his team consists of experts from countries like South Africa, Macedonia, Ireland.

According to data, 10,000 Bulgarians return from abroad every year. These are IT specialists with great experience and valuable skills, which are widely sought by the IT industry, which generates 3.6% of the country's GDP.

Ben Cox, general manager of William Hughes, said that Bulgaria's choice was a great success for his company, pointing out that their factory in Plovdiv had grown from one machine and 10 workers to 65 machines and 180 workers.

"Production of automotive parts has grown remarkably over the past 15 years, with hundreds and thirty foreign companies employing more than 40,000 workers, and apart from that, the automotive industry has sales of 2 billion euros in 2016. This is equivalent to more from 4% of the national production, growth is explosive since 2012, recalling that the industry had fewer than 40 companies and 9000 workers, "says Lyubomir Stanislavov, CEO of Automotive Cluster Bulgaria.

The outsourcing sector, including Bulgarian and foreign firms, shows similar levels of expansion with the presence of 47,000 full-time employees. It is expected to grow to 62,000 by 2020. The sector contributed 1.5 billion euros last year to the economy, which is 3.6% of national output.

Despite positive developments in the review, investors share concerns about obstacles to court procedures and court decisions.

"The InvestBulgaria Agency (IBA) and the Ministry of Economy help to solve these problems quickly, there are several cases in which we have been able to provide support to investors facing the challenges of administrative courts and to speed up court procedures", commented Stamen Yanev, Executive Director of IBA.