Bulgaria at a glance. Location and key data

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1 Bulgaria at a glance Location and key data Area: 110,910 sq. km Number of inhabitants (2011): 7.4 mln Capital and largest City: Sofia Other cities: Plovdiv, Varna, Bourgas, Ruse, Stara Zagora, Pleven, Veliko Tarnovo Natural Resources: oil, gas, coal, iron ore, copper, lead, zinc, antimony, chromite, gold, silver, magnesium, nickel, pyrite, marble, limestone, salt, arable land Major industries: electricity, water and gas supply; food, beverages and tobacco; machinery and equipment; base metals, chemical products, coke, refined petroleum Currency: Lev (BGN). Fixed exchange rate with Euro. EU Member since 2007, NATO Member since 2004 Government type: parliamentary republic Last government elections: July 2009 Page 1

2 Bulgaria at a glance Geography, landmarks and economic overview Kozloduy NPP Veliko Tarnovo Rousse Dobrudja Belogradchik Balchik Sofia Varna Sunny Beach Sozopol Sandanski Maritza Iztok Bansko Plovdiv Page 2

3 Macroeconomic indicators show consistent pre-crisis economic growth and quick post-crisis recovery Real GDP Growth Inflation (HICP) 6.6% 6.4% 6.5% 6.4% 6.2% Bulgaria EU-27 Bulgaria EU % 0.4% 1.7% 6.1% 6.0% 7.4% 7.6% 2.5% 3.0% 3.4% -5.5% Unemployment FDI Inflow 12.2% 10.7% 9.1% 6.9% 6.3% 9.1% Bulgaria 9.2% EU % mln. 2,736 3,152 6,222 9,052 6,728 2,437 1,209 1, Source: Bulgarian National Bank, Eurostat Page 3

4 FDI in Bulgaria comes mostly from EU countries and is concentrated in four main sectors FDI by host country, ( mln.) FDI flows by industry, ( mln.) (1) Netherlands 6,018 (2) Austria 5,809 (3) Greece 3,664 (4) UK 2,733 (5) Germany 2,523 (6) Cyprus 2,257 (7) Russia 1,486 (8) USA 1,283 (9) Italy 1,279 (10) Hungary 1,272 Real Estate 8,204 Finance 7,652 Trade 6,522 Manufacturing 6,479 Construction 2,705 Energy 2,699 Telecom 2,260 Other 2,664 Source: Bulgarian National Bank Page 4

5 Why invest in Bulgaria? Political and business stability EU and NATO member Currency board Low budget deficit and government debt Low cost of doing business 10% corporate tax rate Lowest cost of labor within EU Access to markets European Union / EFTA Russia Turkey / Middle East Educated and skilled workforce Government incentives Page 5

6 Government financial indicators are remarkable not only in the region, but on a pan-european scale Average government debt ( ) 130% 120% 110% Greece Italy 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -11% -10% Portugal France Hungary Germany United Kingdom Malta Ireland Iceland Austria Cyprus Poland Spain Netherlands Finland Turkey Sweden Croatia Norway Slovakia Denmark Lithuania Slovenia Czech Republic Romania Latvia Bulgaria Luxembourg Estonia -6% -5% -4% -3% -2% Belgium -1% 0% 1% 15% 16% Average budget deficit/surplus ( ) Source: Eurostat Page 6

7 Bulgarian economy maintains its excellent performance despite global challenges Budget deficit for 2012, % of GDP Egypt -10.9% Japan -9.8% United Kingdom -8.3% Spain -8.0% Greece -7.0% United States -7.0% India -5.6% Czech Republic -5.0% France -4.5% Netherlands -4.1% Poland -3.7% Denmark -3.6% Euro Area -3.3% Italy -3.0% Hungary -2.8% Austria -2.6% Brazil -2.5% Turkey -2.0% China -1.6% Sweden Switzerland Germany Source: Eurostat, The Economist, National Statistics BG 0.0% 0.0% 0.1% Bulgaria was the only European country with increased credit rating by Moody s in 2010 and /10 04/10 07/10 10/10 01/11 04/11 07/11 10/11 Estonia Lithuania Bulgaria Hungary Ireland Turkey Greece Page 7

8 Bulgaria has one of the lowest business costs in Europe Lowest corporate income tax rate in Europe Cost of electricity for industrial users is 70% of the EU average Lowest cost of agricultural land in the European Union Bulgaria 10% Estonia /kwh, 2011 Bulgaria 1,595 / ha, 2008 Romania 16% Bulgaria Romania Romania 2,000 Hungary 3,000 Hungary 19% Slovakia 19% Turkey Germany Greece 4,000 France 5,000 Czech Rep. 5,000 Czech Rep 19% EU average Poland 5,000 Croatia 20% Hungary Czech Rep Germany Spain 10,000 11,070 Turkey 20% Slovakia UK 11,400 Source: Eurostat; Savills Page 8

9 Turkey and Middle East Bulgaria is only 3 hours flight from all major destinations in Europe, Russia and the Mediterranean region Strategic geographic location Major transport corridors passing through Bulgaria EU and EFTA Russia and CIS Page 9

10 The government supports specific industries under the Investment Promotion Act (IPA) Investments must be related to the following sectors: Manufacturing Research & development Education Healthcare High-tech services Warehousing and logistics Minimum investment amounts must exceed 10m 3.5 in regions with high unemployment and 2m for investment projects in high-tech services Benefits for certified investors include: Shortened administrative procedures Preferential acquisition of state or municipal land Financial support for professional training / education Infrastructure subsidies Labor cost subsidies Individual administrative services Page 10

11 Attractive FDI sectors Services: Transport and Logistics Information technologies Outsourcing of business processes Health and tourism related to healthy lifestyle Industry: Transport equipment and machine building Electronics and Electrical engineering Chemical industry Food and Agriculture Resources: Mining Oil Page 11

12 GLOBAL INVESTMENT DATA ANALYSIS Presentation by Courtney Fingar, Editor, fdi Magazine Investing in Bulgaria conference 6 December 2012, London

13 About fdi Intelligence The Financial Times Ltd s dedicated division for FDI: fdi Magazine: reporting on the business of globalization fdi Markets: crossborder investment monitor fdi Benchmark: corporate location assessment tools fdi Reports: customised reports and data research fdi Atlas: investment incentives navigator Bespoke FDI events and investor roundtables online portal

14 About the data Focus on greenfield FDI using the fdi Markets database Greenfield FDI is defined as new or expansion FDI projects which create investment and jobs and is the main target for most IPAs globally Greenfield FDI is different to official FDI flows data (ie, UN, IMF), which includes capital crossing borders typically with 10%+ stake in a foreign entity (ie, M&As) Data analytics becoming more important both as a means for corporates to identify, and justify, expansion decisions and also as a means for government agencies to present fact-based arguments for why a company should invest in their location Advanced methodologies like location assessment matrices are essential

15 Global FDI trends Global recession hit FDI hard in 2009 with a steep decline in FDI FDI project levels slowly recovered in 2010 and 2011; capex and jobs still at 2006 levels Europe holding back a bigger FDI recovery BRICS: India and China saw growth last year (15%, 3%); Russia saw decline Canada and Australia booming as source countries for FDI Software and IT the top sector by projects (+18% growth in 2011); metals the top sector for capex; renewable energy the fastest growing sector Greenfield FDI set to decline in 2012 Source: The fdi Report 2012

16 Global FDI picture Figures for 2011 Source: The fdi Report 2012

17 Renewable energy Project numbers increased 6x since 2003, +20% since 2010 $91bn capex US: top recipient as well as source country Figures for 2011

18 Expansions: a growing part of FDI Since the global economic crisis, expansion projects have become more important Accounted for 23% of global capital investment in 2011 the strongest share since fdi data began in 2003 Expansions seen as a lower-risk and lower-cost approach than new facilities Figures for 2011

19 Europe Europe FDI: -3% over 2010 Top sector: Renewable Energy CEE/CIS: -4% Bulgaria: +15% Figures for 2011

20 FDI in CEE and CIS region: Through October 2012, total of 21,140 FDI projects recorded a 14.6% share of global FDI Total capital investment: $670 billion; average investment size of $98 million

21 Source regions for CEE/CIS investment

22 Top destination countries in the region

23 Top industry sectors for FDI in the region

24 FDI in Bulgaria FDI projects peaked in 2008 Domestic market growth potential is the top motive cited by companies (50% of projects), followed by skilled workforce availability and natural resources Top source countries: Germany, US, Spain; but UK does largest investments Alternative energy provides the largest overall volume and highest average investment, at $220m per project In 2012 (TBC), decrease in projects #s and capex; increase in jobs created

Bulgaria investment climate and business opportunities. Hong Kong 14 March 2013

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