New German Investments to Create 3,500 Jobs in Bulgaria

Jerusalem, 28 September, 2022 (TPS) -- SOFIA, 28.09.2022 (BTA)
New German investment projects are being launched in Bulgaria in the field of vehicle component manufacturing and information and communication technology, which will create 3,500 new jobs. This emerged after caretaker Economy and Industry Minister Nikola Stoyanov met with senior business executives in Bavaria, Stoyanov’s ministry said in a press release here on Wednesday.

A company active in the automotive industry will start a project in Bulgaria within a few months. The company confirmed its intentions during a meeting with Stoyanov at its headquarters. It makes components for some of the world’s largest automakers.

Stoyanov noted that the auto industry has been developing rapidly in Bulgaria over the last decade, and a number of international companies have invested in this sector of the Bulgarian economy. The industry employs 70,000 workers and has 270 companies operating in it. “You can count on the government’s full support throughout the whole period of planning and implementing your investment,” Stoyanov said. He proposed that the talks continue in Bulgaria.

The minister was also a guest at the headquarters of one of Europe’s leading intercity bus service providers, FlixBus. In 2021, the Bavarian company chose the Bulgarian capital of Sofia to set up a knowledge hub, an expert center of activities ranging from information technology and digitization to marketing and accountancy. The FlixBus management said they are totally satisfied with their investment in Bulgaria and the talent of the country’s IT experts. Staff availability was one of the main reasons for them to choose Bulgaria.

The knowledge hub will employ 250 highly qualified experts, 60 of whom have already been hired. Stoyanov said: “Bulgaria is making consistent efforts to draw investments precisely like yours as they generate added value and ensure competitiveness and higher incomes. I am glad that your company chose Bulgaria from among the seven countries. My door is open at any time to discuss current issues or plans for further business expansion in Bulgaria.”

Investment opportunities in Bulgaria were also presented at Stoyanov’s meeting with the German Foundation for Family Businesses (FFB). It transpired at the meeting that the Ukraine war and the COVID pandemic have led many German companies to relocate their manufacturing plants closer to their main European markets. On the other hand, a number of German companies have already picked Bulgaria and are sharing their positive experience. These include Festo, Wurth, Ottobock SE and Liebherr. “Bulgaria is looking for investors that not just create jobs but can act as growth drivers in the coming years,” the guest said. He noted that the Bulgarian government prioritizes boosting people’s incomes, including by attracting employers who offer competitive pay rates. The government should provide incentives for the quality of the jobs created by the investors, not their number, he argued.

Stoyanov presented the Bulgarian industrial zones as sources of added value for new investments. He stressed the planned changes in the investment process, including a new investment law. “Every strategic investor in Bulgaria will receive full cooperation from our institutions to get through all administrative procedures as quickly as possible,” Stoyanov said.

FFB includes over 500 family businesses with an average annual turnover of EUR 1.6 billion and an average staff of 7,000. Most of them are located in the federal states of North Rhine-Westphalia, Baden-Wuerttemberg, and Bavaria. More than half of the large family enterprises operate in the manufacturing industries.