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Bulgarian Deputy PM invites Indian investments in Bulgaria

Nov 19, 2019

NEW DELHI, 19 November 2019: Ms Mariyana Nikolova, Deputy Prime Minister of Bulgaria for Economic and Demographic Policy, today said that Bulgaria offers one of the lowest corporate tax regimes in European Union and foreign companies tend to expand their businesses after setting up base in the country.

Speaking at an 'Interactive Session' with the Bulgarian Deputy Prime Minister and the accompanying business delegation, organized by FICCIMs Nikolova said she hoped that new initiatives and partnerships will be established to further strengthen the links between Bulgaria and India.

"Our taxes are one of the lowest in European Union. Besides having corporate tax of only 10%, we do not tax profit reinvested in municipalities with high unemployment rate. Our tax on dividend is a mere 5%. We also offer a two-year exemption from VAT for imports of equipment designated for investment projects worth over 2.5 million euro," she said.

Inviting the Indian business community for their participation and investments in Bulgaria, Ms Nikolova said that for the Bulgarian government, an important indicator of investor confidence is that after their establishment in Bulgaria, foreign companies tend to expand their production capacity.

"In 2018, President Ram Nath Kovind visited Sofia. This is a clear sign of the efforts to maintain a constructive political dialogue which focuses on furthering the development of relationship between Bulgaria and India. Business and industrial associations have a leading role in this process," she added.

Presenting the business and investment opportunities in Bulgaria�s tourism sector, Mr Lyuben Kanchev, Deputy Minister of Tourism of Bulgaria, said that the country is particularly focusing on cultural and historical tourism. Bulgaria ranks third in terms of archeological monuments in Europe after Italy and Greece, he added.

Dr Boyko Takov, Executive Director of Bulgarian Small and Medium Enterprises Promotion Agency, said, "This year marks the first anniversary of the signing of the memorandum of cooperation between the Bulgarian Small and Medium Enterprises Promotion Agency and the Federation of Indian Chambers of Commerce and Industry (FICCI). It aims to stimulate exchange of economic and business information, business delegation and organize trade fairs and joint events."

Mr Tsvetan Simeonov, President of Bulgarian Chamber of Commerce and Industry said that Bulgaria considers India as friendly country and a serious partner. Recalling the Bulgarian Chamber's first agreement with FICCI in 1976, he said that sectors like tourism and food processing can be the new areas of cooperation.

Mr Rakesh Bakshi, Senior Executive Committee Member, FICCI and CMD, RRB Energy Ltd said, "Renewable energy, IT & ITeS, pharma, and agri products are some of the key areas for cooperation between India & Bulgaria. Tourism offers enormous potential as only 6.3% of Indian tourists visit Bulgaria, whereas Western Europe attracts 63% of the Indian tourists.