German Companies in Bulgaria Expect Rise in Jobs, Investments, Turnover in 2011

The German-Bulgarian Chamber of Industry
and Commerce expects more jobs to be created, more investments
to be made and larger turnovers to be generated in 2011, the
Chamber's CEO Mitko Vassilev said. He presented a poll among its
members, which has been conducted since 2005. Sixty-eight out
of about 450 member companies participated in this year's poll.

Nearly 42 per cent of the Chamber's members want to hire new
staff. So far the German companies have created some 50,000 jobs
in Bulgaria.

One in three companies is planning to invest more in 2011, while
20.9 per cent will cut down investments; 58.2 per cent have
posted larger sales and 13.4 per cent fear that their revenues
will fall.

German statistics show that in 2010 Bulgarian export to Germany
increased 33.3 per cent and German export to Bulgaria grew 15
per cent.

If Bulgaria emerges from the crisis by 2015, two-way trade and
German investments are expected to double from 2009. Vassilev
said the Chamber is working to attract German manufacturers of
furniture and textiles and companies from the renewable energy
sources industry.

German companies describe the tax burden in Bulgaria as very
good, and their attitude towards the tax system varies between
good and satisfactory. Delayed VAT input tax recovery is cited
as an obstacle to doing business in Bulgaria. The companies say
political stability is good and legal security is satisfactory.
However, they find room for improvement in the fight against
corruption. Labour force qualifications and costs are described
as satisfactory.

The German companies suggest that Bulgaria should step up its
efforts to improve the effectiveness of governance, as well as
infrastructure, the judicial system and the fight against
corruption.

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