Trade & Investment Newsletter 17 - 23 March 2025
BULTISAD-Bulgar-Türk Ticaret ve Sanayi Odası -Bulgarian-Turkish Chamber of Commerce
Enhancing trade and investment relations between Turkiye and Bulgaria
SPECIAL UPCOMING EVENTS
🔹 The Türkiye Exporters Assembly - Türkiye İhracatçılar Meclisi (TİM), under the coordination of the Ministry of Trade of the Republic of Türkiye, in cooperation with the BULTISAD-Bulgar-Türk Ticaret ve Sanayi Odası -Bulgarian-Turkish Chamber of Commerce and the Bulgarian Chamber of Commerce and Industry (BCCI), with the support of the Commercial Counsellor’s Office of the Turkish Embassy in Sofia, cordially invite you to Bilateral Business Meetings (B2B).
📅 Date: 25 March 2025, 9:00 AM
📍 Location: Grand hotel Millennium, grand ballroom
The event will begin with an Opening Ceremony, attended by representatives from key institutions of both countries. This will be followed by Bilateral Business Meetings (B2B), providing an excellent opportunity for Bulgarian companies interested in trading with Türkiye to connect and establish valuable business partnerships with Turkish companies.
🔗 Don't miss this opportunity to strengthen international trade relations!
Please use the following registration link: https://lnkd.in/dCuwRXy3
Stara Zagora – Host of the Prestigious Regional Business Conference by Lider.BG
On March 26, 2025, at 2:00 PM, Stara Zagora will become the center of economic dialogue, where leading business executives, representatives of local and central authorities, as well as international and Bulgarian investors, will discuss key investment opportunities and the region's development.
The Regional Business Conference is organized in partnership with the Municipality of Stara Zagora, the Bulgarian-Turkish Chamber of Commerce and Industry, the Bulgarian-Romanian Chamber of Commerce, the Stara Zagora Chamber of Commerce and Industry, the Agency for Regional Economic Development – Stara Zagora, the Bulgarian Investment Agency, and other key institutions.
Registration link: https://lu.ma/th0ovdrv
ABOUT IIIrd BUGRAS FORUM
As BULTISAD, we're thrilled to share the success of the 3rd Burgas Business Forum, which took place on March 14, 2025. This landmark event brought together key stakeholders from Bulgaria, Türkiye, and Romania to strengthen economic ties and explore new horizons for collaboration. Our productive partnership with the Bulgarian SME Promotion Agency and the Bulgarian-Romanian Chamber of Commerce was the key for organizing this incredible Burgas forum!
A huge thank you to the moderator of the event Mr Boyko Takov, all esteemed speakers, panelists, Bultisad members and participants who made this forum a remarkable success!
Special thank you to our sponsors of the event: CTP Bulgaria , METRICA Ltd. , PERHOME LIMITED , Ersin Şen , NTZ Transport Ltd. , BulgarTürk Consultancy , Duratiles , Eco Globe, Kosestone.
Economy and Finance:
Bulgaria’s Economic Growth Outpaces Expectations, Inflation to Determine Eurozone Path
In the fourth quarter of 2024, Bulgaria's economy showed a stronger performance than anticipated, expanding by 3.4% in real terms compared to the same period in 2023. This resulted in an overall economic growth of 2.8% for the entire year, according to preliminary data from the National Statistical Institute (NSI). UBB Chief Economist Emil Kalchev noted that this growth was mainly driven by final consumption, which rose by 4.3% in real terms, accounting for 77.8% of GDP.
Bulgaria Meets All Criteria for Eurozone Accession, Says National Bank Governor
Bulgaria is fully meeting all nominal criteria required for joining the eurozone, according to Dimitar Radev, Governor of the Bulgarian National Bank (BNB). Speaking at a conference organized by "Capital" meda, Radev emphasized that active participation in the European project remains the best strategic position for Bulgaria, particularly amid growing geopolitical risks. He reassured that the Bulgarian economy is well-positioned despite the challenges, but acknowledged that 2024 ended with a historically low fiscal reserve.
Uncertainties Surround Bulgaria's Eurozone Entry as Inflation and Politics Stir Concerns
Bulgaria’s prospects of joining the eurozone in January 2026 remain within reach, according to the latest analysis from ING’s research unit, ING Think. However, experts caution that some uncertainties are emerging that could affect the timeline.
Bulgaria starts the year with BGN 2bn trade gap in January’25
According to preliminary data, foreign trade with third countries in Jan’25 resulted in a trade deficit of BGN 1.7bn, compared to a deficit of BGN 0.6bn a year earlier. Imports/CIF (BGN 3.8bn) increased by 30.8% YoY, while exports/FOB (BGN 2bn) were down by 10.5% YoY. January 2025 exports to the EU (BGN 4.2bn) increased by 1.9% YoY, while imports (BGN 4.4bn) declined by 2.6% YoY over the same period. This resulted in a negative trade balance with the EU for the month of BGN 242m, compared to a BGN 439m deficit in the corresponding period of 2024. Total trade balance in Jan’25 was negative and amounted to BGN 2bn (+89% YoY), as total exports declined 2.5% YoY to BGN 6.2bn, while total imports grew by 10.4% YoY to BGN 8.2bn.
Bulgaria Commodities Export
Bulgaria Commodities Import
Euro Adoption in Bulgaria Won’t Affect Loan Conditions
The introduction of the euro in Bulgaria will not lead to changes in loan or deposit interest rates, BGNES reports. According to experts, any claims suggesting otherwise are attempts at political manipulation and misinformation. Fixed interest rates on loans will remain unchanged after the euro is introduced, ensuring that clients will not face less favorable terms.
February Inflation in Bulgaria Meets Price Stability Criterion for Euro Area Entry
The inflation rate in Bulgaria already meets the price stability requirement under the Maastricht criteria for euro area entry. This is according to the aggregated data for February on consumer price dynamics in the EU and the euro area, published on Wednesday by Eurostat.
Bulgaria's Electricity Generation Grows by 20.2% in 2025 Y/Y
Bulgaria's electricity production has increased by 20.2% to 10,239,425 megawatt hours (MWh), according to operational data from the Electricity System Operator (ESO) for the period January 1- March 16, 2025, compared to the same period in 2024. At the same time, consumption also increased, albeit more moderately, by 8.77% to 9,707,797 MWh.
Bulgaria Among EU Countries with Largest Annual Increase in Hourly Labour Costs in Q4 of 2024
In the fourth quarter of 2024, hourly labour costs rose by 4.3% in the EU and by 3.7% in the euro area, compared with the same quarter of the previous year, Eurostat said on Wednesday.
In the fourth quarter of 2024 compared with the same quarter of the previous year, the highest increases in hourly wage costs for the whole economy were recorded in Croatia (+13.9%), Poland (+13.8%), Romania (+13.1%) and Bulgaria (+13.0%). Three more EU Member States recorded an increase of 10% or more: Hungary (+11.9%), Latvia (+11.4%) and Lithuania (+10.7%).
Social and Labor:
Bulgaria Falls Behind in Global Happiness Index, Lowest Among EU Nations
Bulgaria has maintained its position at 85th place out of 147 countries in the latest World Happiness Report, making it the lowest-ranked European Union member in the index. Despite this, the country has shown a gradual improvement in its overall life evaluation, which now stands at 5.554 points—an increase of 1.573 points since the first edition of the report in 2012. The ranking places Bulgaria alongside Venezuela, Indonesia, and Algeria, with North Macedonia, Armenia, Hong Kong, and Albania following closely behind.
Supreme Administrative Court Upholds Consumer Protection Commission's Order Against Vivacom's Contract Termination Penalties
Consumer Protection Commission (CPC) Chair Maria Filipova said on Wednesday that the Supreme Administrative Court (SAC) has upheld the decision of the Sofia Administrative Court to suspend Vivacom Bulgaria's request to halt the CPC's order banning unfair practices related to contract termination penalties.
Bulgaria Sees Record Influx of Non-EU Workers, but Labor Shortages Persist
Bulgaria has seen a record influx of workers from non-EU countries in recent years, yet the demand for labor in various industries remains unmet. Since the start of the year, 4,202 third-country nationals have been registered for seasonal employment alone, already making up 40% of all seasonal workers recorded for the entire year of 2024. This information was provided by Minister of Social Affairs Borislav Gutsanov in response to a parliamentary inquiry.
Restaurant, Hotel Businesses Protest against 20% VAT Rate, Ready to Renew Nationwide Protests Next Week
Representatives of the restaurant and hotel sectors in Bulgaria continue their protests against the return of the 20% VAT rate, demanding that it remain at 9%. According to them, the increase will lead to bankruptcies, and they are organizing numerous actions in various cities, supported by other industry organizations from small and medium-sized businesses. "If it stays at 20%, we will go bankrupt," said a participant in the protests.
Lidl launches a summer internship program for students across the country
Applications for Lidl Bulgaria's Summer Internship Program Are Now Open!
Lidl is welcoming young people aged 16 to 18 to gain new skills, valuable experience, and a competitive salary this summer. The company is opening the doors of its 136 stores in 58 cities to students who want to make the most of their summer.
For the first time this year, Lidl is also accepting underage applicants (16 and 17 years old), expanding opportunities for young people to experience the dynamic world of an international company and earn their first paycheck.
Telerik joins Postbank and JA Bulgaria for the cause of financial literacy among students in our country
The partnership aims to create significant added value for the educational system.
A proposal has been made to introduce one-day vignettes for passenger cars
The project also introduces European environmental standards in determining toll fees for trucks.
Assoc. Prof. Dr. Atanas Atanasov: We can calculate our personal inflation using the calculator on the NSI website
"We have developed a Personal Inflation Calculator on the NSI website, which allows us to calculate our own personal inflation," said Assoc. Prof. Dr. Atanas Atanasov, Chairman of the National Statistical Institute (NSI), in the program "Revision" on Nova News.
He added that everyone can enter their monthly expenses and determine their personal inflation rate, which differs to some extent from the national indicator reported by NSI and depends entirely on individual spending patterns.
📊 Try it here: https://nsi.bg/bg/node/188/
Energy and Environment:
Bulgaria has the potential to establish itself as a center for renewable energy storage in Southeast Europe
President Radev discussed the opportunities with the President of the EBRD, Odile Renaud-Basso.
Electricity from Renewable Sources Reaches 47.4% in EU, Just over 30% in Bulgaria Last Year
Last year, 47.4% of net electricity generated in the EU came from renewable energy sources, up by 2.6 percentage points compared with 2023, show Eurostat data published on Wednesday. In Bulgaria, the share of renewables in net electricity generation was just over 30%.
Bulgaria Aims to Become a Leading Arms Exporter, Says PM Zhelyazkov
Prime Minister Rosen Zhelyazkov emphasized the need for Bulgaria to strengthen its defense industry and shift from being an importer to a net exporter of arms. Speaking to Bulgarian journalists in Brussels, he highlighted the importance of Bulgaria not only participating in the European defense market but also becoming a key supplier.
Port Burgas Operator Launches Project to Improve Railway Connectivity
The operator of the Burgas Port, BMF Port Burgas AD, launched Wednesday a project to improve railway connectivity of the facility, Burgas Municipality said on its website. The project is co-funded by the European Climate, Environment and Infrastructure Executive Agency (CINEA).
Infrastructure and Investment:
A multimillion investment has been launched in Pernik
"Print United" has performed the groundbreaking of a new production building.
Bulgaria calls 1.5 bln euro tender for Ruse-Veliko Tarnovo motorway section
Bulgaria's Road Infrastructure Agency (RIA) said on Tuesday it has launched a 2.97 billion levs ($1.66 billion/1.52 billion euro) tender for the construction of the third and final section of a motorway that would connect the cities of Ruse and Veliko Tarnovo.
Apple function Tap to pay is already available in Bulgaria
Small and medium business can use it for payments directly through Iphone
The EBRD launches a startup program in Bulgaria
Bulgarian high-potential startups can apply for the Star Venture program of the European Bank for Reconstruction and Development (EBRD), the bank announced. Selected startups will gain access to an intensive 24-month growth and expansion program.
VAT in the Digital Age package: What it means for businesses and how to prepare
The European Commission has officially adopted the VAT in the Digital Age (ViDA) package following re-consultation with the European Parliament.
This landmark reform aims to modernise the EU’s VAT system by leveraging digital tools, increasing efficiency, and enhancing fraud prevention mechanisms.
Tourism and Promotion:
The Ministry of Tourism has launched an international advertising campaign in National Geographic and 24 Kitchen
By the end of April, Bulgaria will be promoted as a destination for congress, culinary, and wine tourism.
Politics and Governance:
EU Parliament Calls for Swift Action on Animal Abuse Case in Pernik, Bulgaria
The European Parliament's Intergroup for Animal Welfare has responded swiftly to the disturbing case in Pernik, Bulgaria, where animals have been subjected to torture and filmed for profit over an extended period. MEP Emil Radev, from the EPP/GERB group, revealed that a letter from the Intergroup, signed by its chairman, has been sent to Bulgaria's Prime Minister, Minister of Justice, and Prosecutor General.
Bulgarians Lose Confidence in Election Integrity, Favor Machine Voting
Public confidence in elections has reached a historic low in Bulgaria, with a growing preference for machine voting. The latest survey conducted by the newly established Myara agency, between March 6 and 14, reveals public dissatisfaction, especially in the wake of the election scandal. The study, based on face-to-face interviews, indicates that Bulgarians are increasingly disillusioned with the electoral process.