More than 600 % revenue jump for the IT companies in Bulgaria

Bulgaria was promoted as a center of development in Europe

During the International Conference of Digital Innovation WEBIT.APAC 2016 in Singapore, Bulgaria was promoted as an established center of development in Europe. The sector of information and communication technologies is growing rapidly and Bulgaria is gaining worldwide popularity. This was said by Rumen Simov, Head of the department “Measures for internationalization conducted abroad,” in the Executive Agency for Promotion of Small and Medium Enterprises. The Software industry already formed nearly 2% of Bulgaria’s GDP with revenues of around 860 million USD. For the past 10 years the IT companies ‘revenue has jumped by more than 600 %, said Simov.

About 60% of the sales coming from export and main markets are the USA, Canada and Europe. In Bulgaria Approximately 10,000 companies operate in the ICT sector, said Rumen Simov. The companies in this sector are expecting a growth rate of 5% for this year, according to him.

The advantages of Bulgaria as a regional center in Europe for IT outsourcing are highly educated and proven professionals, employees with strong foreign language skills, favorable tax environment.

Bulgaria is the best outsourcing destination in Europe for 2015

To promote the Bulgarian small and medium enterprises, Rumen Simov presented the opportunities of the ICT business in Bulgaria before 300 participants in the WEBIT.APAC 2016. He also marked that during the European Outsourcing Awards, the country was declared as the best outsourcing destination in Europe for the last year.

During the exhibition SWITCH 2016, Bulgaria presented for the first time its ICT sector at the international conference of Digital Innovation Webit.APAC in Singapore. Over the past few years Webit.APAC has become a leading Asian event for technologies, investments in companies, digital marketing and innovation. It is hosted by The National Research Foundation (NRF) and the office of the Prime Minister of Singapore Xiang Lun. The Executive Agency for Promotion of Small and Medium Enterprises in Bulgaria is a conference partner organization. This participation was part of the project “Creating conditions for sustainable development and successful integration of Bulgarian enterprises in the European and international markets by providing support for participation in international fair trades and conferences”, funded by OPIC 2014-2020.