Doing Business in Bulgaria

EENI- School of International Business

Subject - Doing Business in Bulgaria. Sofia. Syllabus:

1. Introduction to the Republic of Bulgaria (the European Union)
2. The economy of Bulgaria: The metallurgical sector is one of the pillars of Bulgaria
3. Doing Business in Sofia
4. The Bulgarian Foreign Trade
5. The Foreign Direct Investment (FDI) in Bulgaria
6. Main Bulgarian Companies
7. Access to the Bulgarian Market
8. Business Plan for Bulgaria

The objectives of the subject “Doing Business in Bulgaria” are the following:

1. To analyse the Bulgarian Economy and Foreign Trade
2. To evaluate the business opportunities in the Bulgarian Market
3. To analyse the trade relations of Bulgaria with the country of the student
4. To know the free trade agreements of Bulgaria as a member of the European Union
5. To develop a business plan for the Bulgarian Market

Description of the Subject: Doing Business in Bulgaria

The Republic of Bulgaria (Europe)

1. Capital: Sofia
2. Official Language: Bulgarian
3. Area: 110,879 square kilometres
4. Population: 7.3 millions of people
5. Type of Government: Parliamentary Republic
6. Borders of Bulgaria: Rumania, Serbia, Macedonia, Greece and Turkey
7. Religion in Bulgaria: Orthodox Church (Christianity)
8. Bulgaria belongs to the Orthodox Civilisation (European Economic Area)
9. Independence of Bulgaria: 1908 (Ottoman Empire), 1991 (Soviet Union)

The Economy of Bulgaria.

1. The Republic of Bulgaria is an economy of free market, and a median-upper income economy (World Bank)
2. GDP (nominal): 51,030 millions of dollars
   1. Agriculture: 5%
   2. Industry: 31%
   3. Services: 63%
3. GDP per capita: 12,800 dollars
4. Currency: Lev
5. Top raw materials: Copper (the third European producer), iron, coal, gold, bismuth, zinc
6. The metallurgical sector is vital for the Bulgarian Economy
7. Main products: electronic devices, fuels, building materials, car components, weapons
8. Corruption is very latent in Bulgaria
9. Bulgaria joined the European Union in 2007
10. Top Bulgarian Companies: BDZ, Bulgarian Air, Corecom, Madara, Payner Music, National Television of Bulgaria

The Bulgarian Foreign Trade.

1. The Main Bulgarian Exports are footwear, clothes, steel, iron, fuels, and machinery
2. The Top Export Markets are Germany (12%), Romania, Italy, Turkey, Greece
3. The Main Bulgarian Imports are fuels, raw materials, machinery, metals, chemical products and plastics
4. The Top suppliers of Bulgaria are Russia (17%), Germany, Italy, Rumania, Greece
5. As a member of the European Union, Bulgaria is the beneficiary of the Free trade agreements of the EU

International economic relations of Bulgaria

1. Free Trade Agreement between Bulgaria-Bosnia and Herzegovina
2. Organisation of the Black Sea Economic Cooperation
3. Central European Initiative (CEI)
4. Regional Cooperation Council
5. International Chamber of Commerce
6. World Bank
7. Economic Commission for Europe (UNECE)
8. European Union
9. World Trade Organisation
10. International Monetary Fund (IMF)
11. Group of States of the Council of Europe Convention against the corruption (GRECO)
12. United Nations
13. Organisation for Security and Cooperation in Europe (OSCE)
14. Organisation for Economic Cooperation and Development (OECD)

Examples of the subject - Foreign Trade and Business in Bulgaria: