Sofia, Bulgaria: An Introduction green, modern, developing July 2018 Nadia Soultanova Head 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 MAYOR OF SOFIA SUPERVISORY BOARD (City Council Members)
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, public authorities, 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
Bulgaria: Ground and Sea Transport BLACK SEA
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 Fixed exchange rate to the EURO 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.
Bulgaria English Proficiency Index 2017
Global Peace Index 2018 Bulgaria ranks 26 th in the world in terms of peace and safety Source: Institute for Economics & Peace
Sofia at a glance Sofia is the capital of Bulgaria and its largest city. 40% 1/6 x 2.3 5-7% 21.6% 52% 1.3 M OF OF BULGARIA’S NATIONAL GDP ANNUAL OF BULGARIA’S OF FDI POPULATION BULGARIA’S INDUSTRIAL per capita GROWTH WORKFORCE TO BULGARIA (2017) GDP PRODUCTION IN out of 7.1 M USD 7 240 vs . 16 650 GDP
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
Information Technologies Share of IT sector in Sofia’s Economy 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
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 40 000 DAILY Sofia workforce by year COMMUTERS
Sofia Economy
Digital Connectivity 27th of 162 countries in the world in broadband internet speed. 9 th 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 - MOSCOW 1 -2 Flights /Day 3 hours flight duration
Sofia - Connectivity
Tourism In In Top 3 cities in Europe in visitor growth - 9.4% (2009-2016)
Education 110 0 000 Population aged 16 and over by education level in Sofia university students or 40% of all students 40% 23 23 in the country universities 63 63 research centers + several independent software schools 51% % 45% of the population of the population holds university degree speaks English
Sofia: Universities University Students Sofia University 24 000 University of National and World Economy 21 430 New Bulgarian University 12 000 Technical University 9 202 Sofia University of Mining & Geology 2 000 Sofia University of Architecture, Civil engineering & Geodesy 5 000 University of Finance Business & Entrepreneurship approx. 1 000 Medical University 8 000 National Sport Academy 10 000 University of Forestry N/A Higher School of Transport Todor Kableshkov N/A American University in Bulgaria (Blagoevgrad) 1 116 Southwest University Neofit Rilski 12 600 Plovdiv University 15 000 Medical University Plovdiv 4 000
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?
So Sofia ia In Inves estm tmen ent t Agen Ag ency 12 Gen. Gourko St, Sofia, Bulgaria contact@investsofia.com investsofia.com +359 2 980 04 67 / +359 2 986 45 32 Sofia Investment Agency @InvestSofia / SofiaInvestmentAgency
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