Trade worth around 3.5 billion euros, 800 companies actively operating, investments of 2 billion euros in the country, turnover of 5% of GDP and 25, 000 jobs – these are the figures representing Italy in Bulgaria telling the unknown stories of businesses, often small and medium-sized ones, which, in the times of crisis, have made this country their choice for transferring their business activity abroad.

Despite the crisis Italy remains Bulgaria’s second largest European trade partner, second only to Germany, and the third one in the world as a whole, and is well placed in various economic sectors, for example, agriculture, manufacturing – in both areas of traditional manufacturing of textile, shoes and machines, and technologically advanced areas such as energy and information and communication technologies. The first data of 2013 indicate an increase of 23.6% in import from Italy and 25.4% in Bulgarian export to the peninsula.

These were the figures and topics discussed by representatives of the institutions and the business at the event “Pocket-size multinationals – Italian small and medium-sized enterprises on the Bulgarian market” which was held on 13 June, from 9.00 a.m., in Sheraton Hotel, Sofia.

The event organized by the Italian Institute of Foreign Trade (ICE) and Confindustria Bulgaria, an association of Italian businesses in Bulgaria, with the support of UniCredit Bulbank and Generali Bulgaria, gathered together, in 3 panel discussions in a row, Italian and Bulgarian experts.

“The topic under discussion today is extremely important for our association: actually small and medium-sized enterprises constitute the greatest part of the members of Confindustria Bulgaria. For Italian companies internalization is an opportunity, in this respect Bulgaria has a lot to offer to us, but it is also a risk. However, this should not make us give up. The path followed by Italian companies abroad is not free of obstacles, which, however, have not discouraged the numerous entrepreneurs who have decided to invest in this country and who, with their activity, contribute to the economic enhancement of Bulgaria, introduce innovations and create jobs,” said the president of Confindustria Bulgaria – Pietro Luigi Ghia.

The guests participating in the event included the Italian Ambassador in Sofia, Marco Conticelli, Vincenzo Boccia – president of Piccola Industria, part of Confindustria – the principal organization of manufacturing companies and service providers in Italy which numbers as its members around 150 thousand businesses of different sizes employing 5.5 million people in total, as well as Giovanni Sacchi, director of the service for coordination of the services for the promotion of the System Italy, which is part of ICE, who knows very well the realities of Bulgaria since he used to be director of the institute in Sofia.

Having reiterated the importance of the industrial issue in Italy, in this period of crisis, the president Boccia spoke of Bulgaria as a strategically located country which can serve as a platform for access to new markets and with which it is necessary to have a strategic alliance; in this regard the entire territory of the Balkans needs to be turned from a geopolitical to a geoeconomic area launching an open partnership development project in the name of progress in Bulgaria, Italy and Europe.

Internationalization focused on Bulgaria is a reality and proof of this was provided at the meeting by several entrepreneurs who have made their companies stronger and more competitive through their business activities in the country.

Italian companies, members of Confindustria Bulgaria told not only of their experience and the opportunities they have taken but also of the difficulties they faced: Plamen Dilkov - PVB Power (energy), Riccardo Caraglio - Gruppo Caraglio (electro-industrial systems and equipment), Giovanni Martinelli of GTT (logistics and import-export), Luisa Meroni - MBM Metalwork (machine manufacturing), and Andreas Rigoni - Rigoni di Asiago (bio-agriculture).

The conference was closed by focusing on the financial instruments available to companies. The final panel included as participants Andrea Casini, Chief Operating Officer of UniCredit Bulbank, and Diana Maneva, Executive Officer and Member of the Management Board of Generali Bulgaria, Nikola Stoianov, Executive Director of Bulgarian Small and Medium-sized Enterprises Promotion Agency, and Borislav Stefanov, Director of InvestBulgaria Agency, Vittorio Biondi – Director of Territory, Environment, Energy Section to Assolombarda, Stefano Bisoni – SACE Southeastern Europe branch.

Over the last three years UniCredit Bulbank’s credit portfolio of Italian enterprises almost doubled. In the opinion of UniCredit Bulbank’s Chief Operating Officer, Andrea Casini, Bulgaria offers good opportunities for competition which attract foreign investors, including Italian companies. Casini pointed out that the advantages of the country include the stable currency, the low tax levels, lower labour costs compared to other countries in the European Union, lower costs of services as well as the strategic location.

“Bulgaria is a stable country, a full member of the European Union, catering for the interests of its foreign investors and striving to maintain and further improve the conditions for a favorable business environment. The insurance market in the country is well regulated, with supervisory authorities monitoring compliance with all legal requirements for capital adequacy and sufficient solvency, fair competition and observance of good practices. On its part, the business, both Bulgarian and foreign one, can expect both insurance services of high level - innovative and flexible product solutions, and provision of services of the highest international level,” said Diana Maneva, Executive Director of Generali Bulgaria, in her speech.

More information for clients:

UniCredit Bulbank, Call Centre

Phone: 0700 1 84 84

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Ekaterina Ancheva, Phone: + 359 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch