The Bulgarian government has accepted a draft memorandum on economic cooperation with east China's Jiangsu province.
Exchanging information on investment policies, opportunities for establishing joint industrial projects and joint ventures, and opening offices and branches will be the key activities Bulgaria and Jiangsu would promote from now on, according to the memorandum.
Jiangsu is one of the most economically vibrant Chinese provinces, home to many of the world's leading exporters of...
The Bulgarian Black Sea resort Albena is expecting a 20% increase of German tourists this summer, in comparison to last year.
Yovka Strashilova, Deputy Director in the Sales Department in the resort, said that last year the number of German tourists in Albena were 16% more than the previous year.
She has explained the increased interest with the advertising campaign, organized for the second consecutive year by Albena Jsc in cooperation with tour operators. In her opinion, the lower...
The investment will be handled by Elmib Bulgaria, the Bulgarian subsidiary of Hungary's Elmib, announced Elmib CEO Peter Reicher, the Budapest Business Journal reported citing the Vilaggazdasag business daily.
Reicher told the newspaper that the company expects to complete the 15 MW solar park in the Eastern Bulgarian town of Sungurlare within a year and a half.
Once up and running, the electricity produced by the solar park will be fed into the Bulgarian national grid, thus saving 11 400...
A bilateral protocol on economic cooperation was signed between Bulgaria and Serbia on Tuesday.
The document was inked by Bulgaria's Minister of Transport and IT Alexander Tsvetkov and Serbia 's Minister of Trade and Services Slobodan Milosavljevic. The collaboration between partner institutions from the two countries on export growth, the cooperation between small- and medium sized companies and trade chambers, as well as organizing business forums have been pointed out as its key...
Texas-based company TransAtlantic Petroleum has closed deals on the acquisition of 100% of Direct Petroleum Bulgaria EOOD, Direct Petroleum Morocco Inc., and Anschutz Morocco Corporation.
The deal with Direct Petroleum Exploration, Inc. was closed on February 18, 2011, TransAtlantic Petroleum said in a statement on Monday.
It issued 8 924 478 of its common shares to Direct Petroleum, and paid USD 2 M in cash consideration at closing in addition to USD 492 000 in cash...
Serbian Prime Minister Mirko Cvetkovic has confirmed his country's continued interest in acquiring a share of Bulgaria's future second nuclear power plant "Belene".
The economic aspects of Cvetkovic's visit in Sofia on Monday were overshadowed by the incident over the weekend in which Serbian authorities obstructed the remembrance of Bulgarian national hero Vasil Levski by the Bulgarian minority in Serbia.
Bulgarian PM Borisov and Cvetkovic, however, did focus their talks on certain...
The number of overnight stays of Bulgarians in hotels and mountain cabins is down by 0.2% or 2 300 during the last quarter of 2010, compared to the last quarter of 2009.
The data was released Monday by the National Statistics Institute, NSI.
The number of stays of foreigners is, however, up by 22% or 5 100 during the same period. Greeks have the largest share with 21% of all foreign visitors' hotel accommodations. Almost all of the foreign visitors (over 99%) have chosen to stay in...
The Saudi Arabian business wants direct flights to Bulgaria to be launched, Dr. Fahad Al-Sultan , Secretary General for the Council of Saudi Chambers of Commerce and Industry, said Monday.
Al-Sultan met with Bugaria's Economy and Energy Minister Traicho Traikov during the International Energy Forum (IEF) gathering in the Saudi capital, Riyadh. Besides the official Bulgarian delegation headed by Traikov, representatives from the Bulgarian Chamber of Commerce and Industry were present at the...
Bulgarian Minister on Economy, Energy and Tourism, Traicho Traikov, has stated the expected growth in tourism sector for the 2010/2011 winter season is 5-10%.
"Tourism is one of Bulgaria's economy sectors, which handled the recession the best," Traikov said Thursday at the opening of "Vacation & Spa Expo" in Sofia.
He said that the growth in the tourism sector in the country last year was 5%, while expectations for this year's winter season are for 5-10% increase.
In his words,...
Bulgaria's wine exports have increased with 10% year on year in 2010, reaching 57.6 million liters, the country's Agriculture Minister, Miroslav Naydenov, has announced.
Naydenov spoke on the professional holiday of vine-growers and wine-makers, celebrated on Monday. On this day, a special ritual - the first pruning of the vines for the season is done across the country. The celebrations are rooted in the ancient Dionysus festivities, celebrating Dionysus - the God of Wine, who was known to...
Bulgaria has registered a 23.8% boost in its exports to other EU member states year on year in the period January – November 2010, according to the National Statistical Institute's preliminary data.
Bulgaria's exports in the period amounted to BGN 17 B. The largest growths were recorded in the sections "Crude materials, inedible (except fuel)" and "Chemical and related products". A fall was observed only in exports of one section – „Beverages and tobacco"
Bulgaria's main trade...
Bulgaria has achieved the much desired restoration of its accreditation for the international trade with greenhouse gas quotas by the UN Committee for Compliance with the Kyoto Protocol.
Bulgaria's Environment Ministry announced Saturday the permit to trade with Bulgaria's carbon quotas – which is expected to bring in fresh revenues for the state budget – was restored during the 12th meeting of the Kyoto Protocol Compliance Committee in Bonn, Germany, on February 3-4.
The Ministry...
Bulgarian public relations expert Maxim Behar has been selected to moderate the opening debate of the World PR Forum in Davos, Switzerland.
The World Forum for Communication Top-Managers will start on February 17 in Davos, Switzerland, and will continue for two days.
Bulgaria's PR guru Maxim Behar will be in charge of the debate between two of the world's leading experts in PR and marketing – Paul Holmes, Founder and CEO of The Holmes Report and the SABRE awards, and Garrett Johnston,...
Bulgaria's composite business climate index improved by 1.9% in January compared with December 2010.
The index is already 6.6 percentage points over its lowest value in the past two years, according to data of the National Statistical Institute.
The improvement is largely due to the increase of the business climate in industry by 4.2% compared with December 2010 because of the managers' better expectations for the next six months.
The indicator for production activity of the Bulgarian...
A Bulgarian-Japanese business forum was held in Tokyo Monday within PM Boyko Borisov's official visit to Japan.
The meeting was co-organized by the Tokyo Chamber of Commerce and Industry and the Bulgarian Chamber of Commerce and Industry, and was opened by the chairman of the Japanese-Bulgarian Economic Council, Koichiro Fukui.
Bulgarian Ministers of Economy and Energy Traicho Traikov and of Agriculture Miroslav Naydenov also took part in the forum.
The Bulgarian party stressed on the...
Bulgarian Prime Minister, Boyko Borisov, and Regional Minister, Rosen Plevneliev, are breaking Sunday the ground of the road junction Burgas - Sozopol and of the road Burgas - Sredets.
The contractor is the Varna-based "Hidrostroy." The project is being realized under the "Transit Roads V" program, with a loan from the European Investment Bank and through State financing. Its value is estimated at EUR 4.2 M without Value Added Tax (VAT).
Construction control, for the cost of BGN 148 000,...
SmartSoft, a Varna-based Bulgarian developer, has announced the launch of its new optical character recognition software called SmartOCR.
In a company statement, SmartSoft has pointed out that SmartOCR, a software application which delivers SmartSoft's optical character recognition technology, enables users to turn scanned paper documents and screenshots into fully editable and searchable digital files.
The companies says that the patent-pending SmartOCR technology delivers accuracy rates...
China's National Nuclear Corporation has reportedly voiced interest in the building of a seventh unit at Bulgaria's Kozloduy nuclear power plant, the closure of which was one of the conditions for the country's EU accession.
Representatives of the company have visited the site of the nuclear plant at the beginning of this week, local Standard daily reported, citing undisclosed sources.
Bulgaria's new center-right government of GERB party announced at the end of November last year that it...
Bulgaria's first and biggest mobile operator M-Tel has wrapped up the deal for the acquisition of cable operators Megalan Network and Spectrum Net, it said in a statement.
The price of the deal, which was announced in the middle of September, is EUR 83 M.
M-Tel, which is part of Telecom Austria Group, acquired 100% of the two Internet providers. However, both companies will continue to work independently for a period of about 18 months.
With the acquisition of the two cable operators,...
The Bulgarian banking system is concentrated, with most of the system's assets owned by large Western European institutions with a strong presence in South Eastern Europe.
The information was reported in a review released by Moody's Investor Service Thursday.
"Competition in the market remains strong, particularly given Bulgaria's current economic downturn, as all the banks find it increasingly difficult to find good-quality lending opportunities to grow their business," the analysis...
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