2007 welcomed Bulgaria to the European Union and global trade relationship with many countries. And 2008 promises even greater trade and investment achievements with bilateral investments in the world economy. The Bulgarian economy will continue to grow at a rate of 5.5% to 6% per year, and corporate tax rates have been reduced to 10%. This is causing investors from various countries to take notice of the talent pool and capabilities of the available resources.
Technology of the information and communication
As Bulgarian companies move to increase their competitiveness in the EU, the Bulgarian government continues to adapt to EU business practices. At the same time that legislation works on various aspects of the digital economy, there are new and expanded opportunities in the information and communication technology sectors.
International information technology companies find Bulgaria attractive due to 0% export taxes, comparatively low wages and the high level of training of the local workforce. Both fixed and mobile segments of the Bulgarian ICT market still have high growth potential and large investments are expected in both segments. Several foreign companies are opening call/service centres, software development companies and several other ICT related companies have opened offices in Bulgaria.
There are opportunities to participate in tenders for the sale of computers, peripherals and servers for government purchases. The Bulgarian government has an e-government initiative that will provide great opportunities. With these intentions, many global companies are taking advantage of the burgeoning opportunities.
There is demand from US providers of advanced telephone service solutions as well as value-added telecommunications services. Other better prospects include Internet services, broadband and wireless Internet access technologies, cable TV and voice over Internet, routers, switches, access servers, mobile phone equipment, cable operator equipment, and fixed wireless equipment. With these services available in Bulgaria, the initial outlay of large capital investment and operating costs is much less than in many other economies.
With these needs, Gate2Shop, Microsoft, Siemens are just some of the companies that have taken advantage of the resources available in Bulgaria. These companies have hired people from the vast pool of talent here and have taken full advantage of the growth in this part of the world.
dennis gannon
MarCom