Plovdiv Regional Roundtable "USA-Bulgaria: Economic Partnership for more Business Opportunities"
Round Table in Plovdiv Puts at Focus Best Business Practices in Region, AmCham Key Initiatives and US Embassy Services
The successful business model of Plovdiv and economic partnership between US and Bulgaria was at focus during the regional round table organized by the Municipality of Plovdiv, AmCham, and the US Embassy. Sixty representatives of the local business in Plovdiv learned more about AmCham key initiatives, services and business opportunities of the US Commercial Service and different types of business visas, as well as about latest trends in the economic development of Plovdiv. Special thanks to Cisco Systems Bulgaria and EY Bulgaria who kindly supported the event.
Stefan Stoyanov, Plovdiv’s deputy mayor said that over 70 thousand people are employed in the manufacturing industries in the region and over 300 000 – in the economy. “This is one of the most dynamic economic regions in Bulgaria. Half of the GDP of the city is production and there is just 4% unemployment in the region. The municipality would like to attract more European funding for research and development centers to support the industry, further explained Stoyanov. Currently, there are more than 50 companies in the region which produce spare parts for the automobile industry.
Plovdiv’s economic model was admired by Maria Galindo, senior commercial officer, U.S. Department of Commerce.
Although the macroeconomic indicators of Bulgaria are very good, the flow of foreign investments is low, said Alex Nestor, AmCham executive director in its welcoming words. He outlined three key priorities in AmCham’s 2017 White Paper: sustainable economic and business environment; human capital development; and rule of law and law enforcement. Nestor further said that clusters are good business model for Bulgaria where small and medium business, academia and government can work together to improve business environment and attract more investors.
In its White Paper in the area of taxation AmCham recommends retention of the 10% flat tax on income of individuals and corporations; impact assessment and suspension of the trend of regular increases of the maximum social securities threshold and improvement of the collection rates of unpaid public debt (VAT, income tax, social security contributions), said Milen Raikov, partner, Tax & Law EY (Ernst & Young) Bulgaria. He added that Bulgaria is losing its tax attractiveness compared to other neighbour countries as the social securities threshold is slowly but gradually increasing.
Smart cities concept was presented by Plamen Zhechev, manager Public Sector, Cisco Bulgaria. Smart cities are based on the principle of information and data exchange between different sectors of a city. Cities are facing rapid urbanization, economic constraints, and environmental sustainability and they can improve operational effectiveness, productivity, cost-efficiency and overall citizen quality of life via digital platform that incorporates transportation, utilities, safety and security and environment.
In its survey on the regional profiles of Bulgarian communities, Petar Ganev, senior economist, Institute for Market Economics, outlined several cities with best and good economic indicators: Sofia, Plovdiv, Stara Zagora, Burgas, Varna, and Rousse.
Peter Delin and Stanislava Dimitrova of US Commercial Service in Bulgaria presented facilitation of services provided to foreign and Bulgarian companies, including the advocacy center for transparency in public procurement; the role of US financing agencies, and the upcoming trade shows in the US.
Kate McGeary, consul general at U.S. Embassy presented different visa programs, including 10-year one and the Business visa program that facilitates bilateral economic and investment partnership between US and Bulgaria.
Date(s) - 29/03/2017
12:30 pm - 4:30 pm
The American Chamber of Commerce, Plovdiv Municipality and the U.S. Embassy in Sofia are inviting you to a
“USA-Bulgaria: Economic Partnership for More Business Opportunities”
The event aims to create a platform for discussion between the business representatives from the region, Plovdiv Municipality and a business delegation by the American Chamber of Commerce in Bulgaria.
The US Commercial Service within the U.S. Embassy will present its services for Bulgarian companies and the business visa application procedure.
The full agenda for the event can be found here in Bulgarian and English. The invitation can be found in Bulgarian HERE.
Participation is free of charge for AmCham members, deadline for registering is March 28th 2017.
With the kind support of:
Registration is now closed for this event.