Bulgaria - the cost-efficient gateway to Europe!
Healy Consultants Group PLC
27 May, 2015
Did you know Bulgaria is one of the largest exporters of Rose oil in the World? Imagine endless fields full of roses and a picturesque mountain in the back. Truly a magnificent picture. Bulgaria is associated with high quality roses and yoghurt, a source of pride for the locals. However, not everything in the country is perfect.
Bulgaria is a relatively new member of the European Union and the country is at the end of the line with lowest GDP in the union. Wages remain low and well-educated Bulgarians prefer to leave the country and live abroad.
However, there are several economic signs from the past couple of years that prove Bulgaria is on the right track. In this article, we aim to show the positive growth of the country in 3 sectors: global trade, fiscal policy and infrastructure.
Bulgaria has low labour costs and the government attempts to stimulate business activity with a low corporate tax rate of 10%, one of the lowest in the Union.
These low tax rates and cost-efficient operations allow Bulgarian exports to attract import and export operations with Turkey, China and North America, while the EU is still the largest market for Bulgarian goods. Exports account for almost 50% of Bulgarias GDP, which was US$52.59bn on exports of US$26.8bn in 2012.
Responsive fiscal policy
Bulgaria boasted the top spot in the Most Impressive Borrower in Central & Eastern Europe category of the Global Capital Bond Awards 2015, in accordance to the Finance Ministry in Sofia. This comes as a contrast to Greece, Spain and many other economies struggling with irresponsible borrowing and spending, which led to the EU debt crisis in 2009. The placement of 3.1bn of triple-tranche bonds was at the best possible market conditions, proving the markets security in the country.
In the next five years Bulgaria will enjoy many new upgrades to its infrastructure. The second half of the Maritza highway is almost ready, and the main highway, Trakia, will be renewed. This is great news for foreign investors and logistics companies which aim to take advantage of the convenient location of the country a gateway to three continents, namely Europe, Asia and Africa.
With a stable and responsible fiscal policy, new infrastructure, and cost-efficient solutions, Bulgaria may become of the trade beacons of the Balkans a gateway of investment in Europe!
Visit our website to learn more about expanding your business in Bulgaria.
For business services in Bulgaria, please email your queries to our Bulgarian business expert Mr. Petar Chakarov at firstname.lastname@example.org or contact at +65 6735 0120.
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