INVESTORS - FREE OF TAXES -- News and Articles -- Industrial and Commercial Zones in Bulgaria

 

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INVESTORS – FREE OF TAXES

August-September 2004
Index Property magazine, Bulgaria

On 815 000 square meters on the territory of the municipality of Rakovski on 15th July started the building of the first until now private industrial zone in Bulgaria. Its good location – 8 km. to Trakia highway and 14 km. to Plovdiv city – makes it very attractive for investors with production activities.

At this moment Rakovski Industrial Zone has partly built underground structure. The possibility for gasification of the industrial region is a privilege. The existing on the one of the borders of the zone road will be reconstructed and finished. The state will invest resources into the power infrastructure and the building of a road section connecting the industrial zone with Trakia highway – has explained Pavel Ezekiev, the president of Bulgarian Foreign Investment Agency.

The investment
The investment in Rakovski Industrial Zone is calculated on approximately 100 million Euro. The project will be finalized in 5-6 years. It is a result of a private initiative which is undertaken from Sienit Ltd. and it is supported by the Municipality of Rakovski and Bulgarian Foreign Investment Agency. The land is bought by the "Factory for concrete elements" Ltd. Plovdiv – the owner of the factory for concrete elements witch is operating on the territory of the industrial zone.

The building company Sienit Ltd. witch has built the building projects of the Swiss company Sokotab, German company Liebherr Hausgerüte and the Italian company Mirolio will be main executor future production buildings.

Rakovski Industrial Zone Ltd. will manage the zone and will assure all needed services for immediately starting of production activities. The purpose is to be shortened all administrative procedures. Till now interest to the industrial zone has been shown from Turkish machine-building companies, an Italian company, Bulgarian and Russian companies notified the co-owner of Sienit Ltd, Mr. Plamen Panchev.

The first factory
The first investor in the Rakovski Industrial Zone is UK Company William Hughes. The enterprise has to go into exploitation in the beginning of October 2004, said Anton Nachev, a representative of William Hughes for Bulgaria. The construction of the building will be produced in the Factory for concrete elements. They have been provided two production lines – for pads for auto-seats and for wire shape Swing Wire.

Tax duties
It has not be disparage the fact that the companies will use preferences by the Corporative Tax Law – exemption of the profit tax for the companies doing production activities in the regions with high level of unemployment. The data given by the labor offices indicate that almost 30% of the population of the municipality has no permanent subsistence. To the zone it will start working a Center for prequalification of labor forces, said the major of the municipality of Rakovski Mr. Franc Kokov.

A representative administration building and a modern bus-station will be situated in the front side of the property close to the factory of William Hughes. It has been provided a building plot for an electrical substation.

Rakovski Industrial Zone was officially opened in the presence of Pavel Ezekiev, the president of Bulgarian Foreign Investment Agency, Mr. Pietro Luigi Gia the council general of Italy in Plovdiv, representatives of trade departments of the embassies of Great Britain, Russia, USA, Japan, Germany, China, Thailand and Turkey, businessmen and social persons. Mrs. Meglena Rusenova the vice-manager of the municipality of Plovdiv has made a token first breaking the ground of the factory of the UK Company William Hughes.

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Government Reform
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