site.btaSofia Has Attracted EUR 231,000 Mln Investments since 2002

Sofia Has Attracted EUR 231,000 Mln Investments since 2002

Sofia, March 10 (BTA) - A total of 231,000 million euro have been invested in Sofia over the last 15 years, Sofia Municipal Privatization and Investment Agency (SMPIA) CEO Vladimir Danailov said at a meeting here on Friday with commercial attaches and counsellors for economic affairs at 20 foreign embassies in Bulgaria and with presidents of bilateral chambers of commerce in this country.

Sofia attracts half of the foreign investments in Bulgaria, and companies from 77 countries, but mostly from Germany, Austria and the Netherlands, have invested in the capital city in recent years. They take advantage of the favourable investment climate, including some of the lowest taxes on business.

Sofia accounts for a sixth of Bulgaria's industrial production, Danailov stressed. The capital has 25 per cent of the country's labour force and generates 40 per cent of its GDP. Almost half of the residents of Sofia aged between 25 and 64 (49 per cent) are university graduates, the SMPIA CEO stressed.

Promising industries like IT and business process outsourcing are booming in Sofia. With 25,000 IT specialists, Bulgaria's capital ranks third in the world in the per capita number of ITs. The design of electronic games - a relatively new creative industry, employs 7 per cent of the city's workforce, Danailov said.

He told BTA that his Agency prioritizes the creation of a portfolio of specific investment opportunities in Sofia. "We gather information on the challenges that foreign business people face here and help them get a foothold," Danailov said. The SMPIA circulates a monthly newsletter about business activity in Sofia and investment opportunities. The Investor Class B, introduced for small and midsize business last year, is particularly important for SME promotion. This class qualifies an investor to acquire property that is being privatized without bidding. The target group are small businesses like bakeries and companies with a staff of 10 or 15 who want to expand, the CEO explained.