Prime Minister Boyko Borissov takes part at a Round Table at the U.S. Chamber of Commerce

The Prime Minister of the Republic of Bulgaria H.E. Boyko Borissov takes part at a Business Round Table Discussion at the United States Chamber of Commerce. The event is part of the official agenda of the Bulgarian delegation and will take place on November 25th, 3 p.m. (US Time), right after the meeting with the President of the United States of America Donald Trump.

The round table is inspired and co-organized by the American Chamber of Commerce in Bulgaria (AmCham), and the organization will be represented there by Olivier Marquette, AmCham Bulgaria President, and Petar T. Ivanov, Executive Director.

The Bulgarian Prime Minister will be welcomed by Mr. Myron Brilliant, Executive Vice President and Head of International Affairs and Ms. Marjorie Chorlins, Senior Vice President for European Affairs.

At the meeting is expected to attend senior representatives of companies’ members of the US Chamber of Commerce such from telecommunications, energy, technology, finance, pharmaceutical and other sectors.

Focus of the meeting is the investment opportunities in Bulgaria and its business climate that favors foreign direct investments. The AmCham delegation will present the experience of the American companies in Bulgaria, their significance and value for both their stakeholders and the local economy.

The U.S. Chamber of Commerce Building is an historic Beaux Arts style building located at 1615 H St., NW., in Washington, D.C. It was designed by Cass Gilbert and built in 1925. It was listed on the National Register of Historic Places in 1992, for its architecture.

Economic Data for Bulgaria and the United States

Bulgaria has a stable role in the commercial and investment relations with the United States of America. It was highlighted by the recent Transatlantic Economy 2019 research which was conducted independently by Daniel Hamilton and Joseph Quinlan for the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies and commissioned by the American Chamber of Commerce to the EU (AmCham EU) and the U.S. Chamber of Commerce.

The USA has created 9,996 jobs in Bulgaria, and in its turn, Bulgaria has created 102 jobs in the States.[1]

The FDIs show the impact of the American economy on Bulgarian one. The total volume of US FDIs in Bulgaria for 2017 is USD 848 million. During the same period, Bulgarian companies have invested USD 28 mln in the United States. The foreign affiliate sales in Bulgaria totaled USD 2,4 billion in 2017 (estimates).

U.S. affiliates in Bulgaria employed app. 10,000 workers, placing Bulgaria 6th among the EU13 in terms of U.S firms’ employment abroad.

The export of goods shows positive trade outflow for Bulgaria – it has exported goods for USD 659 mln, and the USA has exported goods totaling of USD 382 mln. It is an interesting fact that Bulgaria exported 1.5% of its goods to the U.S. (direct export), but when the intra-EU trade is excluded from the total, our country’s share almost triples – to 4% of the Bulgarian goods being exported to the US. Similar is for the USA: the direct export of US goods to Bulgaria is 0.8% of the total goods imported by Bulgaria, and when the intra-EU trade is excluded, its share grows to 2.1%.

The top five U.S. goods imports from Bulgaria are: computers and electronic production (USD 106 mln); Machinery manufactures (USD 81 mln); Apparel and Accessories (USD 75 mln), Chemicals (USD 75 mln), and Crop production (USD 42 mln).

Top five U.S. goods exports to Bulgaria are: Computers and Electronic production (USD 136 mln); Transportation (USD 60 mln); Machinery manifactures (USD54 mln); Chemicals (USD 27 mln), and Electronic Equipment (USD 17 mln).

With regard services the balance is negative to Bulgaria: U.S. services imports from Bulgaria is at USD 406 mln and U.S. Services Exports to Bulgaria are at USD 469 mln.

Bulgaria exports to the states of New York (USD 69 mln), New Jersey (USD 61 mln), Michigan (USD 41 mln), California (USD 41 mln), and Illinois (USD 37 mln).

Top states trade partners exports of goods are California (USD 116 mln), Texas (USD 64 mln), Connecticut (30 mln), Illinois (USD 17 mln), Iowa (USD 15 mln).

U.S. Investments in Bulgaria

In late 2018 AmCham Bulgaria, together with the Institute for Market Economics presented the first of its kind survey on the significance of the U.S. investments in Bulgaria. It highlights the following results:

  • The overall volume of the U.S. investments in Bulgaria represent 5,7% of the total FDI in the country;
  • The share of the Top-5 sectors with major American representation is 11,17% of the total FDI;
  • By analyzing the end capital ownership (new methodology) of the U.S. investments, they reach at least BGN 4.5 billion
  • This new methodology lifts the USA to the sixth place in the FDI ranking of Bulgaria (from 13th place before)
  • The American investments are focused in 5 sectors: manufacturing, energy, agriculture, trade and ICT.
  • They are located in the regions of Razgrad, Stara Zagora, Gabrovo, Sofia, Varna, Dobrich.
Additional resources

[1] Those jobs are directly supported by major-owned affiliates and show estimate for 2016. Total U.S.-related jobs are likely to be higher, because these figures do not include jobs created by trade flows, indirect employment effects through distributors of suppliers, or via non-equity arrangement such as strategic alliances, joint ventures, or other deals.

Photo: by AgnosticPreachersKid at English Wikipedia, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=17980382