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.
Bulgaria is strategically located on the borders of Asia and Africa and sits on the Danube, the largest river corridor in Europe. The Danube is also connected to large metropolitan centers via a network of canals. The ring road around Sofia supports most road cargo going to and from those major markets towards Turkey, Africa and Asia.
The two major Black sea ports of Varna and Burgas support a massive tourist economy as well as most of the freight links supporting trade between former southern Soviet Republics and all routes West. Speaking of tourism, a neat trick that Bulgaria pulls is being both a summer and winter destination; with major ski resorts, Bansko and Borovets, in close proximity to the Capital.
“The country is the largest electricity exporter in south-eastern Europe. About 14% of the total industrial production relates to machine building, and 20% of the workforce is employed in this field.”
https://itismadeineurope.com
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.
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.
“According to Statista, the IoT market in Bulgaria is rapidly growing, projected to reach $684.40 million in 2024 and expected to rise to $1,081 million by 2029, with a 9.57% annual growth rate.”
www.trade.gov
One of the final takeaways from this post is that Bulgarians are a proud and strong people. They value family, art, culture, good food and fine wines. These throwbacks to earlier Greek, Roman and Ottoman traditions permeate much of the monumental buildings, churches and community structures. This is a core quality of the people, reflected in the unique meaning of: Made in Bulgaria.
