Bulgaria

Bulgaria is situated on the Balkan Peninsula in Southern Europe. The country borders with five other countries: Romania to the north, Serbia and the Former Yugoslav Republic of Macedonia to the west, and Turkey and Greece to the south. The Black Sea acts as the eastern border of the country.

The Bulgarian economy is an open free market one. It has a somewhat advanced private sector and several enterprises strategically owned by the state.

In 2007, Bulgaria entered the European Union. Although it occupies the first position for the lowest-income member state of the Union, the country witnessed rapid economic growth in the past couple of years. In 2013, Bulgaria is expected to join the Eurozone.

The Bulgarian economy relies mainly on industry. It is an open market economy, even though the service sector more and more contributes to the GDP growth. Bulgaria produces a considerable amount of raw materials and manufactures iron, gold, coal, copper, electronics, vehicle components, refined petroleum fuels, firearms and construction materials.

The main field crops of Bulgaria are corn, wheat and barley. The state’s main industrial crops are sunflower, sugar beets and tobacco. It also exports a lot of vegetables such as peppers, cucumbers and tomatoes. Production of grapes and apples, which are Bulgaria’s main fruit products, has declined, although the export of wine has increased considerably.

The country is a key regional producer of electricity. However, it still depends on imported natural gas and oil (mostly from Russia), along with the domestic generation of electricity from the Kozloduy nuclear power plant and coal-powered plants.

Bulgaria’s real estate and property business is booming, because of the numerous foreign investments made in the sector. The tourist sector is also very well developed. Numerous tourists visit Bulgaria each year. The majority of them are attracted by the diverse and beautiful scenery, well-preserved cultural and history heritage, and the harmony of rural and mountain areas.

Tips for Doing Business in Bulgaria

• Working hours in Bulgaria usually are from 9:00 am to 6:00pm, Monday through Friday.
• Punctuality is valued and expected. If you happen to arrive late to a business meeting, apologize for the inconvenience. Allocate free time after each of your meetings, because they often take longer than expected.
• Always ask what language meetings are to be held in. Bulgarians usually have a good command of English, especially the younger generation, however, it non English speakers are common. You might need to hire a personal interpreter for your business meeting.
• Greetings usually consist of a firm handshake and exchange of business cards.
• Bulgarians will probably be direct and succinct in their business communication.
• Bulgarian businesses are hierarchical. Senior team members have authority and are treated with high degrees of respect. However, a group consensus is sought when making decisions, especially important ones.
• The bureaucratic system in Bulgaria is cumbersome and characterized by extensive rules and regulations. Therefore, expect business and interactions with administration to take a long time. Patience and solid relationships are vital for business in Bulgaria.
• It should be taken into consideration that Bulgarians nod their heads for ‘no’ and shake their heads for ‘yes.’ Ask for verbal confirmation if you are confused by this factor.

Official Holidays

Jan 1 – New Year’s Day
Mar 3 – National Day (Day of Liberation)
Apr 24 – Orthodox Easter
May 1 – Labour Day
May 6 – St George’s Day (Day of Bulgarian Army)
May 24 – St Cyril and Methodius Day (Day of Culture and Literacy)
Sep 6 – The Unification of Bulgaria
Sep 22 – Independence Day
Nov 1 – Day of the Bulgarian Revival Leaders
Dec 24 – Christmas
Dec 31 – New Year’s Eve