One of the major industries in Bulgaria is IT. Everybody knows that the sector is well paid. Outsourcing contracts to BG, because of its strategic location, young, well educated population (university fees are low) and fast internet (Bulgaria is 4th in the world in internet speed). It is a “no brainer” for most foreign companies.
When you think of Bulgaria, your first impression may be a sleepy hangover from the Soviet times. You may not even be able to find it on a map. You probably do not know that 80% of the sensors in European cars are made here, or that BG is the second largest e-bike manufacturer on the continent.
The knowledge transfer from IT and related industries is rapid, creating a vibrant startup and SME sector. The same cheap flights that bring the summer and winter tourists also carry company execs and decision makers wanting to make networked business hubs in the region.
We covered sensor technology, the large manufacturing base, high technology and strategic location. You can see why IoT and telecommunications are innovation driven industries coming out of Bulgaria. The ability to build infrastructure in the post communist collapse has propelled the sharp minds to the top of world business. Allied to the ability to import and export easily in terms of ideas and products, what you have is a reawakening of smart, communicative, people.