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Business Profile
Economy: Bulgaria has a strong agricultural sector, in which the main products are wheat, maize, barley, sugar beet, grapes and tobacco, although its relative importance has declined in recent years. Attar (oil) of roses is exported from the Valley of Roses near Kazanluk to perfumiers across the world. The country is also one of the world’s leading wine exporters. Mineral deposits include coal, iron ore, copper, manganese and zinc. Coal, supplemented by gas supplied by pipeline from Russia, meets most of the country’s energy requirements (although there is also a controversial nuclear power programme centred on the reactor complex at Kozloduy). Manufacturing industry is concentrated in engineering, metals, chemicals and petrochemicals and, more recently, electronics and biotechnology. Bulgaria is a major producer of bulk carriers and of fork-lift trucks. In the service sector, tourism and road transport are both important foreign exchange earners. In general, Bulgaria has suffered the usual problems experienced by centrally planned economies adjusting to market conditions. Successive governments have generally – though often reluctantly – followed the path taken by other former communist governments, under which most of industry and agriculture was privatised, trade liberalised and reforms of the fiscal and banking systems instituted. In 1997, a currency control board was established which fixed the value of the Bulgarian Lev to the Deutschmark. Many of the measures were stipulated by the IMF, which Bulgaria joined along with the World Bank and the European Bank for Reconstruction and Development, in 1990. Bulgaria has applied to become a full member of the EU and expects to join in 2007. Russia remains the country’s main trading partner, accounting for about one-third of total trade, followed by Germany, Italy and Greece.
Business: Suits and prior appointments are necessary. Interpreters can be organised through tourist agencies. If arranged in advance through foreign trading organisations, services are free. It is common for the visiting business person to offer hospitality to the contact in Bulgaria. Office hours: Mon-Fri 0900-1730.
Commercial Information: The following organisation can offer advice: Bulgarian Chamber of Commerce and Industry, 42 Parchevich Street, 1000 Sofia (tel: (2) 987 2631; fax: (2) 987 3209; e-mail: bcci@bcci.bg; website: www.bcci.bg).
Conferences & Conventions: The National Information and Advertising Centre to the Ministry of the Economy (see Contact Addresses section) can offer advice.
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