BULGARIA is located between Europe, the Middle East, Russia and Africa
POPULATION: 7.1 million
FOREIGN LANGUAGES: English, German, French, Russian, Spanish, Turkish
COLLEGE DEGREE: 15%
CURRENCY: 1 Euro = BGN 1.95583
S&P CREDIT RATING: BBB-/A-3
Location and Population
Bulgaria is located in the Southeastern part of the Balkan Peninsula. Bulgaria is 520 km. east to west and 330 km. north to south. It stands at a crossroads between Europe, and the emerging markets of the Middle East, Russia and Asia, sharing borders with Greece and Turkey to the South, Republic of North Macedonia to the Southwest and Serbia to the West. The Danube River is the Northern border with Romania and Black Sea is the country s Eastern border. Bulgaria ranks 15th in size among European countries where 7.1 mln. people live in a area of 111 000 km².
Transport and Logistics
International highways cross the country making vital connections to Western Europe, Russia, Asia, Adriatic, the Aegean and Black Seas.
Legislation and Institutions
Bulgaria is a Parliamentary Republic and the Legislature is the basic power within the country. The Constitution provides for a multi-party, parliamentary system and free elections on the basis of universal suffrage. The National Assembly is vested with the legislative power and exercises parliamentary control. Its mandate is for a term of four years. The President serves as Head of State, and is directly elected once every five years for a maximum of two terms. The President is the Supreme Commander in Chief of the Armed Forces of the Republic of Bulgaria as well. The President appoints the Prime-Minister designate to form a government schedules the elections for a National Assembly and for the bodies of local self-government and sets the date for national referendums, pursuant to a resolution of the National Assembly promulgates the adopted laws with a decree countersigned by the Prime Minister or the minister concerned.
The Council of Ministers is the principal body of the Executive Branch. Chaired by the Prime Minister, it heads and implements the domestic and the foreign policy of the state, ensures the public order and the national security, exercises overall guidance over the state administration and the Armed Forces.
The municipality is the basic administrative territorial unit at the level of which self-government is exercised. The Municipal Councils, one of the local bodies of the executive branch, determine the policy of the municipality with regards to its development, the preservation of the environment, the health, social, educational, cultural activity, etc. The chief executive in the municipality is the Mayor. He manages the entire executive activity of the municipality, and is responsible for the public order maintenance, organizes the implementation of the municipality budget. The region is an administrative territorial unit where the state authority is decentralized for the purpose of pursuing an effective regional policy. The government of the region is performed by a regional governor, appointed by the Council of Ministers.
Bulgaria has an independent judiciary and based on Three-Instances-procedure. The Supreme Administrative Court and the Supreme Court of Cassation oversee the application of all laws by lower courts and judges the legality of government actions. A separate Constitutional Court rules on the constitutionality of laws and treaties. Judicial reforms are being implemented to bring Bulgaria s judiciary to European Union standards. The Supreme Judicial Council was established to organize the activities of the judiciary.
Investment Climate in Bulgaria
- Education levels among Europe top 5%
- Strong institutional support for foreign investors by IBA
- Ample opportunities for all-season outdoor recreation
Industrial Zones in Bulgaria
Industrial Zones development is an important factor for attracting new production enterprises. The Bulgarian state is stimulating Green field investments.
The Bulgarian state is trying to help attracting of new investors through a system of incentives formulated mainly in the Encouragement of Investment Act and Corporate Income Tax Law.
Current supply of industrial property is mostly coming from privatized properties, which were constructed in the late forties and beginning of the fifties. The existing structures therefore are of little or no value. The supply of contemporary warehouse space is very limited. Most of the structures are stand alone or small-scale projects and are usually owner occupied. Rakovski Industrial Zone is the first green field development of such scale, which offers tailored to particular needs space for rent and sale. The tendency towards consolidation, i.e. development of large-scale projects, rather than stand-alone facilities is valid for the industrial real estate sector as well. Industrial parks are actually the oldest cluster developments dating back from the 17 hundreds. Industrial parks are located either at ports /sea or river/, close to airports if they rely mainly on air-freight, on railroad terminals and/or on main transportation corridors. It is crucial for an industrial development to be located on the crossroads of strategic locations next to major transportation arteries so that the supply and distribution is obstacle free. Due to the strategic location of Bulgaria, 5 out of the 10 Trans-European Corridors pass through the country. And 3 out of these five pass in close proximity to Rakovski Industrial Zone – the first industrial cluster in Bulgaria, facilitating the movement of goods all around Europe…
The experience of the Central and East Europe approve convincingly that the industrial zones are centers for foreign and local production enterprises development and bring to a catalytic effect for attracting investments and local economies development
Disposing of new manufactures in industrial zones in Bulgaria in the recent years seems to get a great interest from local and foreign investors. Reasons are pretty clear - such a union of productions, facilitates their own functioning, reduces the expenses, raises the competitive power and it has proved its world-wide effectiveness a long time ago. Besides that kind of unions involves certain incentives by the side of Bulgarian state. It is an unwritten rule that the investments are in a direct ratio to the good business climate, good technical infrastructure and the good quality of life.
Investment Incentives in Bulgaria
The incentives are available to companies registered in Bulgaria, regardless owner’s nationality.
10% corporate tax as of January 1, 2007
Why Invest in Bulgaria
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For more information: TEZ.bg
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