Over 80 Indian companies operating in the spheres of machine building, energy, IT, and other sectors took part Monday in the Bulgarian-Indian Business Forum in New Delhi.
The forum took place parallel to the session of the Bulgarian-Indian Intergovernmental Joint Commission for Economic, Scientific and Technical Cooperation, which is co-chaired by Bulgarian Economy and Energy Minister Delyan Dobrev. Dobrev presented Monday opportunities for doing business in Bulgaria and the initiatives of the Bulgarian government aimed at attracting foreign investments. “Bulgaria maintains macroeconomic stability and has some of the lowest tax rates in the EU – 10% corporate tax, 10% tax on personal income, 5% dividend tax, etc. Equipment imports for projects worth over EUR 5 M are VAT-exempt. Bulgaria has negotiated Double Taxation Treaties with 68 countries, including India,” he pointed out. Dobrev went on to draw attention to one of the main priorities of the government, infrastructure development, adding that four highways were under construction. He also presented recent legal provisions aimed at attracting foreign investments.
Bulgaria’s Economy and Energy Minister said that investors in Bulgaria could also rely on EU funds and highlighted the opportunities offered by the National Company Industrial Zones. The state-owned company is specialized in the development of industrial parks and the management of industrial zones and innovation centers. Currently it manages eight projects with a total area of around 5 million square meters and 8421 thousand square meters of built-up area.
Dobrev did not hesitate to suggest that Bulgaria was the most attractive investment destination in the EU. He said that the government’s policy for stimulating investment had made a number of multinationals choose Bulgaria as a location for their production and high-tech services, including IBM, HP, ABB, Lufthansa, Liebherr, Johnson Controls, Montupe, etc. Meanwhile, Elitsa Panayotva, CEO of Sofia Tech Park, briefed forum participants on the opportunities for developing hi-tech production lines and offering hi-tech services and invited Indian investors to participate in Sofia Tech Park.
Later on Monday Dobrev is to meet with representatives of WIPRO, one of the largest IT services companies in India, ESCORTS, the largest Indian manufacturer of agricultural equipment, and Sutherland Global Services, a global provider of business process and technology management services.
During the forum, Bulgaria’s Rose Valley Tours signed a contract with Indian Roseleen International for rose oil export.