Bilateral Chambers address Goals & Scope of “Bulgaria – The New Nearshoring Destination” Initiative of BAI and Ministry of Economy

Positioning Bulgaria as the new top nearshoring destination is a strategic goal that have united 16 of the bilateral chambers of commerce in Bulgaria almost half a year ago.

The joint work of the managements and experts of the Bulgarian Investment Agency and the Bilateral Chambers of commerce in Bulgaria has made progress in terms of common approach for the implementation of the initiative “Bulgaria – the new top nearshoring destination”.

The bilateral chambers participating in the initiative sent on Friday, October 16th, 2020 an official letter outlining its purpose, scope, implementation, roles and responsibilities of the involved parties.

Overall goal

The overall goal is to position Bulgaria on the global market as the new nearshoring destination. It complements and further develops the main goal in terms of attracting foreign investment in our country. Its sub-goals are promotion to potential foreign investors of the investment climate in our country, as well as its subsequent improvement based on our joint work and feedback from the markets. Also, as a sub-goal, we find it appropriate to set an improvement in the business environment in our country in terms of facilitation of starting a business, the relationship between the responsible institutions at national, regional and local level.

These joint efforts should also lead to the retention of already established businesses of both local and foreign entrepreneurs.


Sectors

Bulgaria can attract investors from a number of sectors. We need to focus on high value-added sectors to ensure sustainable development, support education, reinvest profits and act as socially responsible corporate citizens.

We focused on two main multi-sectors, each of them with several sub-sectors:

  • Mechatronics
  • Automotive industry;
  • Mechanical engineering (automation and robotics);
  • R&D, ICT.
  • Chemical industry
  • Biotechnology;
  • Subsectors of the chemical industry;
  • Pharmaceutical industry.

Analysis and planning

For the strategic planning of the joint initiative it is necessary to use up-to-date data and qualitative analysis. Only in this way will we be sure that the investment of public funds, as well as the efforts of state institutions and bilateral chambers would be successful.

Our proposition to specifically identify the sectors for which we would like to attract investment, to apply an analysis of strengths and weaknesses, our advantage and disadvantage in industrial and institutional terms (SWAT and Gap analysis) – this could outline the framework of efforts that The Ministry of Economy would invest together with its structures and partners to attract the attention of potential investors who are considering relocation of their Far Eastern productions in Bulgaria.

Advisory Board

We would like to re-discuss the idea of ​​establishing an Advisory Board at the Ministry of Economy, which will include DTC and whose role is to discuss issues of improving the business environment in our country.

Once again – thank you for the opportunity for partnership in this strategic initiative for Bulgaria. We will be happy to contribute to its successful structuring and support its implementation and we believe that: “Together we are stronger, together we can do more”.


Read the full letter of AmCham and the bilateral chambers of commerce in Bulgaria to The Ministry of Economy and The Bulgarian Investments Agency