Ross-Fulbright International Consulting Firm:
Invest in
Bulgaria
Consultant’s Report
Foreign Investment Specialist: Phyllis Lam
Issue: September 2013
Table of Contents
Foreword
Operating a business in Bulgaria
1. Top 5 Advantages
2. Top 5 Disadvantages
1-5
6 - 11
Negotiating in Bulgaria
3. Business Negotiation Strategy and Style
12
4.
13 - 15
– Survey Results
Top 10 Features of Business Negotiation
Strategies and Style
Works Cited
Foreword
Dear Business Client Group,
In order to provide you with information on the business landscape of Bulgaria, I
have conducted a country analysis using information from company visits,
interviews, research reports, and news articles. I have visited and spoken with
management from Pravets Golf Club, Hewlett-Packard, and Titan Zlatna Panega
Bulgaria operating in Bulgaria. These are all foreign companies which have invested
and are growing in Bulgaria.
In this report, the country analysis outlines the top five advantages of doing
business in Bulgaria, followed by the top five disadvantages. This allows you to
weigh the benefit and cost of operating a business in Bulgaria.
The overview on business negotiation strategy and style in Bulgaria includes results
from a negotiation survey and top ten points, which you can reference when
negotiating with Bulgarian businesses. Mariya Andonova, junior legal counsel of
Siemens in Bulgaria, has also contributed exclusive insight into negotiation
strategies. Mariya had extensive experiences in advising startup companies on
negotiating legal agreements with venture capitalists.
I have also conducted interviews with multiple Master’s students from the Fulbright
International Summer Institute, who have shared their work experiences and
knowledge of business opportunities in Bulgaria. Belizar Marinov, a professional
from Eleven Accelerator Venture Fund for IT startup in Bulgaria, has also discussed
the development of entrepreneurship and SME in Bulgaria.
This report will be a helpful guide as Business Client Group is considering
investment opportunities in Bulgaria. I am eager to share my findings and assist you
in your business activities.
Phyllis Lam
Foreign Investment Specialist
Ross-Fulbright Consultant’s Report | Top 5 Advantages
Operating a business
in Bulgaria
1. Top 5 Advantages
Low Cost of
Doing Business
• Low corporate income tax rate of 10% (Hewlett-Packard Bulgaria). Lowest
corporate income tax rate compared to Bulgaria’s neighbors in Central and
Eastern Europe: 16% in Romania, 19% in Hungary, Slovakia and Czech
Republic (InvestBulgaria Agency – Invest in Bulgaria General Brochure).
• Additional tax incentives provided by the Bulgarian government include R&D
expenditure write-off and 2-year VAT exemption for imports of equipment for
investment projects for over €5 m (InvestBulgaria Agency – Invest in Bulgaria
General Brochure).
• Electricity cost in Bulgaria for industrial users is 0.078 €/kWh, which is only
63% of the EU average of 0.124 €/kWh (InvestBulgaria Agency – Invest in
Bulgaria General Brochure).
• Lowest monthly prime office rent within Central and Eastern Europe:
€13/square meters in Sofia compared to €19 in Bucharest, €20 in Budapest, €17
in Bratislava and €21 in Prague (InvestBulgaria Agency – Invest in Bulgaria
General Brochure).
1
Ross-Fulbright Consultant’s Report | Top 5 Advantages
Cheap and High Quality Labor
• Lowest labor cost within Central and Eastern
Europe: €345/month in Bulgaria compared to
€493 in Romania, €746 in Hungary, €802 in
Slovakia and €949 in Czech Republic
(InvestBulgaria Agency – Invest in Bulgaria
General Brochure).
• Under the system for early foreign language
teaching, 84.3% of students from first through
fourth grade (7 - 11 years) study a foreign
language, mainly English (InvestBulgaria
Agency – Invest in Bulgaria General
Brochure).
• Many Bulgarians are multi-lingual and have
studied in Germany, so they can
communicate with German customers and
understand their problems when using HP’s
products (Hewlett-Packard Bulgaria).
• Compared to Greek staff, Bulgarian staff is
more open-minded. Bulgarians are also
more willing to seek areas for improvement
(Titan Zletna Panega Bulgaria).
2
Ross-Fulbright Consultant’s Report | Top 5 Advantages
Stable Economic and Political
Environment
• Bulgarian Lev has been pegged to the
Euro since the adoption of the
currency in 2002. In addition, the
currency board is backed by the IMF
(InvestBulgaria Agency – Bulgaria –
investment climate and business
opportunities).
Stable currency reduces foreign
exchange risk when foreign companies
export or import goods from Bulgaria.
It is needed for foreign companies to
exchange Bulgarian Lev for booking
revenue and settling transactions.
• Bulgaria has the lowest government debt in the EU (18.9 % of GDP) and one of
the lowest budget deficits (-0.5%) as of 2012 (InvestBulgaria Agency – Invest in
Bulgaria General Brochure). Comparatively, debt to GDP ratio of the US and EU
are 101.6% and 90.6%, respectively; budget deficit of the US and EU are -8.5%
and -3.7%, respectively (Trading Economics).
When debt to GDP reaches 90%-plus, growth slows down by -1% per year
(Carmen Reinhart and Kenneth Roghoff). With a low debt to GDP ratio,
Bulgaria has relatively more growth potential for the future. Currently, the
Bulgarian government already has budget for offering tax incentives for
businesses, e.g. the Investment Promotion Act (InvestBulgaria Agency – Invest
in Bulgaria General Brochure).
• EU accession since 2007, NATO member since 2004 and WTO member since
1996. Being a member of world-class political organizations assures Bulgaria’s
political stability and economic prospect. From 2014-2020, Bulgaria will have
access to EU funding of more than €8 bn for business activities (InvestBulgaria
Agency – Invest in Bulgaria General Brochure).
3
Ross-Fulbright Consultant’s Report | Top 5 Advantages
Advantages of Information
Technology Sector
• Bulgaria is well-prepared for becoming a regional hub for IT services and
Business Process Outsourcing, as it hosts a number of global IT leaders, e.g.
Cisco, SAP, Microsoft, IBM and HP (InvestBulgaria Agency – Invest in Bulgaria
General Brochure).
Bulgaria also holds 3rd place in Europe and 10th position worldwide regarding
the absolute number of certified IT professionals (InvestBulgaria Agency –
Invest in Bulgaria General Brochure). The vibrant IT startup scene is also
supported by large amount of IT professionals (Belizar Marinov).
• Bulgaria has outstanding IT infrastructure,
ranking 3rd in the world in terms of fastest
Internet connection (1,611 Kbps download
speed) (InvestBulgaria Agency – Invest in
Bulgaria General Brochure).
• Bulgaria is a very well connected country;
Internet users account for 57% of the
population, as of 2011 (Novinite (Sofia
News Agency), May 15, 2013). • The Internet and social media are key
channels for sales and marketing in
Bulgaria. Examples include sites for discount coupon, popular disco clubs,
tourism and fashion. At least 80% of Bulgarian businesses that have online
presence are using Facebook to sell consumer goods. Commercial Facebook
pages average about 100,000 fans, while media and entertainment pages have at
least 35% or more (Novinite (Sofia News Agency), May 15, 2013).
As social media becomes more popular in human communication and
advertising, more businesses will rely on online sales and social media
promotions. Positioned for IT services, Bulgaria will develop more future
business opportunities in the IT sector.
4
Ross-Fulbright Consultant’s Report | Top 5 Advantages
Convenient Geographical Location
• Bulgaria borders Romania to the North, Greece and Turkey to the South, Serbia
and Macedonia to the West and the Black Sea to the East (Lex Mundi).
Proximity to many different countries lowers transportation cost and facilities
access to different markets. All means of transportation recorded positive
growth of 2-3%, with faster growth especially for inbound trips (Euromonitor
International).
• Bulgaria is only 3 hours flight from all major destinations in Europe, Russia and
the Mediterranean region (InvestBulgaria Agency – Bulgaria – investment
climate and business opportunities). The country is well positioned for business
travels, traveling and trade.
5
Ross-Fulbright Consultant’s Report | Top 5 Disadvantages Operating a business
in Bulgaria
2. Top 5 Disadvantages
Small Market • Bulgaria has a small population of 7.5 million (New Europe Corporate
Advisory). The population is also decreasing where only a total of 62,000
babies were born in 2012, the lowest number since 1945 (Novinite (Sofia News
Agency), January 4, 2013). A small population might not drive sufficient
demand for new products and services.
• The Bulgarian population has low
disposable income for purchasing
goods and services, since Bulgaria has
the lowest wage (345 €/month, as of
2011) in Central and Eastern Europe
(InvestBulgaria Agency – Invest in
Bulgaria General Brochure).
• As of 2012, GDP per capita of Bulgaria
is $4,635 USD, which is roughly one
seventh of $31,949 USD of the Euro
Area (Trading Economics). Refer to
Figure 1 for more comparison.
From the perspective of a large foreign
investor, the fixed cost of expanding
might not justify for a small consumer
market (New Europe Corporate Advisory).
• Case Study: Pravets Golf Club was developed by Braemar Golf, a golf
management company from Scotland. Since Bulgaria has a small golfer
community of only about 200 people, the golf club has to develop a golf
academy and give out promotions in order to expand its customer base.
Creating a demand is important since golf in Bulgaria is still not as popular as
in the US. Generally, golf is a leisure activity only affordable for the upper
middle class. (Pravets Golf Club).
6
Ross-Fulbright Consultant’s Report | Top 5 Disadvantages 7
Ross-
Corruption
• Corruption and conflicts of interest are widespread, especially regarding public
tenders. The lack of functioning e-government services is partly to blame for the
low transparency of administration (Belizar Marinov).
• According to the Corruption Perceptions Index (CPI), the perceptions of public
sector corruption, i.e. administrative and political corruption, are high. The CPI
of Bulgaria is 3.7, on a scale of 0-100; 0 being the most corrupt and 100 being the
least corrupt (Transparency International).
• 86% of Bulgarians say the judiciary is affected by corruption. Specifically, 13%
Bulgarian responders have reported paying a bribe to courts over the past year.
Over 50% believe that the following areas are also affected by corruption:
medical services, police, public officials and civil servants, and businesses.
(Novinite (Sofia News Agency), July 9, 2013).
• Well-established human trafficking, narcotics, and contraband smuggling
channels still exist in Bulgaria. However, law enforcement capacity remains
limited. Authorities opt for easy-to-prove, low-level corruption cases.
As a result, progress on cases of high public interest that involved alleged
siphoning of millions from the state coffers, e.g. the public procurement for big
energy infrastructure projects, has generally not been pursued (U.S. Commercial
Services).
• The anti-government protests reflect the longstanding problem of corruption in
Bulgaria. The weak public institutions, which serve as a democratic façade for a
system of governance, allow illegitimate oligarchic and vested interests to
control institutional decision-making (SETimes).
Ross-Fulbright Consultant’s Report | Top 5 Disadvantages 8
Ross-
Bureaucracy and
Inefficient Legal Procedures
• Bureaucratic government apparatus creates problems for businesses in areas of
issuing permits, paying taxes, and trading across EU borders. Since electronic
applications and submissions are not widely used, it becomes even more
inconvenient for businesses (New Europe Corporate Advisory).
• Resolving commercial disputes through courts in Bulgaria is slow. The cost
required to enforce a contract (% of claim) is slightly lower in Bulgaria (23.8%)
than in Eastern Europe & Central Asia (25%). However, enforcing a contract
takes 564 days in Bulgaria, compared to the average of 400 days in Eastern
Europe & Central Asia. (World Bank Group and International Finance
Corporation).
• More legal procedures are also required in Bulgaria when settling business
disputes; 40 in Bulgaria compared to 36 in the region of Eastern Europe &
Central Asia. The procedures include filing and serving, going to trial and
enforcing the judgment (World Bank Group and International Finance
Corporation).
Ross-Fulbright Consultant’s Report | Top 5 Disadvantages 9
Ross-
More Insight on
Legal Procedures
By Mariya Andonova,
Junior Legal Counsel of Siemens Bulgaria
Overall, there is much bureaucracy in the Bulgarian litigation process.
Bureaucracy is especially serious when the case is complicated, tried in Sofia and
uses the general procedure. However, the process can be speeded up by using
alternative dispute resolution methods, e.g. mediation and arbitration.
1. Mediation
- still not widely. Usually used at the end of litigation. If parties are friendly with
each other, mediation takes around two months.
2. Arbitration
- widely used especially in commercial affairs, as big companies prefer to settle
their disputes through litigation privately and quickly with fewer elaborate
procedures. On average, it takes from three to four months, to a year. The
arbitration tribunals in Bulgaria have the capacity to issue a decision fast, so the
time is not that much.
3. Litigation in court
- procedures in Bulgaria can be really fast (through special procedures) or really
slow (through general procedure spanning five years). Since courts in Sofia are
overloaded on every level, appeal takes extra time. In Bulgaria, it is possible to
appeal a court's decision in front of the Appellate Court and Supreme Court of
Cassation (which is hard because the grounds for appeal are very specific). For
owners who wish to divide a real estate property without compromising, it can
take more than 15 years.
Ross-Fulbright Consultant’s Report | Top 5 Disadvantages 10
Brain Drain of Talent
• Bulgaria has being scoring higher rankings in education and qualifications,
compared to neighboring Southeast European countries. However, brain drain
has become an increasingly serious problem.
Since the fall of Communism, Bulgaria has experienced many migration waves.
According to the World Economic Forum Competitiveness report, Bulgaria is
ranked 127th in the world by brain drain. The ranking includes a total of 142
countries, with the last spot taken by the country with the most brain drain
(Novinite (Sofia News Agency), September 17, 2012).
• 90% of graduates from the German Language High School in Sofia have sought
professional development abroad. As a result of brain drain in the past 20 years,
Bulgaria has lost some €20 bn (Novinite (Sofia News Agency), June 22, 2012).
• R&D activity is inactive in Bulgaria
as the best talents in the science and
engineering fields usually migrate
to other countries for better career
opportunities. Little collaboration
between local businesses and the
universities in Bulgaria further
exacerbates the problem of brain
drain (Belizar Marinov).
• When asked if he plans to work
in Bulgaria after completing his
master’s degree in New
Bulgarian University, Sofia, Hristo said he planned to migrate to the US to
do neuroscience research. He argued that Bulgaria lacks the technology
and funding for scientific research, and that the higher education system
in Bulgaria is mediocre (Hristo Hristov).
• Companies in Bulgaria, e.g. HP and Titan, stressed the importance of
retaining their talent (Hewlett-Packard and Titan Bulgaria). Bulgaria has a
high quality and cheap labor force that foreign companies can leverage, if
only they can create attractive career opportunities and benefits for the
high quality labor to stay.
Ross-Fulbright Consultant’s Report | Top 5 Disadvantages 11
Competition from
Other Countries
• Turkey is currently having the most competitive economy in Southeast Europe,
according to the annual Global Competitiveness Report released by The World
Economic Forum in September.
The surveyed countries are ranked in WEF's Global Competitiveness Index
(GCI) on the basis of the scores they have received on each of over 100
indicators, grouped into 12 pillars. They include institutions, infrastructure,
macro-economic environment, health and primary education, higher education
and training, goods market efficiency, labor market efficiency, financial market
development, technological readiness, market size, business sophistication and
innovation (SETimes).
• Since they mostly rely on low prices to remain in business, baseline companies
are not very competitive in the international context (Belizar Marinov).
Case Study: According to Krasen, master’s student from Sofia University who
has worked in a local car battery business in Bulgaria, the automotive industry
in Bulgaria is threatened by competition from Turkey. The main reason was that
Turkey had a much larger market to drive demand. Greek auto firms used to
compete with Bulgarian firms, but since the debt crisis had started in Greece,
competition became less intense. Currently, although his Bulgarian firm is
producing cheaper car batteries, Chinese firms are attracting more business
because their batters are of higher quality. (Krasen Gouliev, August 23, 2013).
• Compared to the EU average, Bulgaria is lagging behind in terms of the activity
and costs in export and import of SME:
• SME importing from outside the EU (% of SMEs), 2009:
Bulgaria: 4; EU average: 5
• SME exporting from outside the EU (% of SMEs), 2009:
Bulgaria: 2; EU average: 3
• Costs required to import (in USD), 2012:
Bulgaria: 1,670; EU average: 1,101
• Costs required to export (in USD), 2012:
Bulgaria: 1,550; EU average: 1,032
Source: European Commission
Ross-Fulbright Consultant’s Report | Negotiating in Bulgaria
Negotiating in Bulgaria
Business Negotiation Strategy and Style
A Bulgarian Fulbright student was interviewed based on ten important
negotiating traits designed by Jeswald Salacuse from Tufts University. In the
“Assessment of Negotiating Style”, each trait is ranked along a continuum in
order to demonstrate the range of variations of the trait. The Bulgarian
student and I have each completed the assessment sheet to reflect our own
negotiating style.
3. Survey Results
Key differences between my assessment and the Bulgarian assessment:
1. Communications
2. Time Sensitivity
3. Agreement Building
4. Team Organization
5. Risk Taking
Interviewee: Nikolay Nikolov
Date: August 22, 2013
12
Ross-Fulbright Consultant’s Report | Negotiating in Bulgaria
6. Top 10 Features of Business Negotiation
Strategies and Style
1 Research your counterparty
• It is wise to spend time to understand your counterparty. (Krasen Gouliev).
• Before Bulgarians do business, they always try to research through Internet,
personal connections and in-depth investigation and find out whether the
counterparty is a “fresh meat” or an experienced businessperson. Showing
knowledge of the counterparty in negotiations demonstrates more commitment
to the cause (Mariya Andonva).
2 Be not too close with your counterparty
• Bulgarian businessmen do not tend to really befriend or get too close with the
other party. A good businessman always goes through the background of the
other party before negotiating, but not into personal details, which are never
touched upon during negotiations. (Mariya Andonova).
3 Bulgarians may be emotional
• Many Bulgarian businessmen are emotional, even for well-established
professionals. However, the more experiences the businessmen have, the fewer
feelings they show (Mariya Andonova).
4 Mixing business with pleasure
• It is a common thing to invite the other party to dinner or lunch to discuss
issues during that time (Mariya Andonova).
• Negotiations can be accompanied with long heavy nights in local pubs with
eating and drinking. To the Bulgarians, negotiations are not simply for getting
to agreement, but also for creating an enjoyable time (Christina Kasparyan).
13
Ross-Fulbright Consultant’s Report | Negotiating in Bulgaria
5 Different negotiation styles depending on
international or local business deals
• Overall, there are two types of negotiations in Bulgaria - with international
business and with local Bulgarian businesses. For an international deal,
Bulgarian businessmen are less emotional and more practical, time-sensitive
and detail oriented. For a local deal, they tend to devote more time and energy
during the negotiation (Mariya Andonova).
6 Lengthy negotiation process
• Several meetings are expected to arrange the details of the deal. In most cases,
processes are slowed down by bureaucracy and formalities, especially when
dealing with government agencies (Kwintessential).
• Usually, many meetings are required to arrange a deal; sometimes negotiations
can last for weeks and months. The length of time also depends on the size of
the deal. For a start-up that is seeking small funding, it will probably take two
to three weeks. For large deals, it will take months. Internal procedures and
approval processes in big companies will also slow down the negotiation
(Mariya Andonova).
• Referring to the negotiation survey the Bulgarian Fulbright student and I took,
Nikolay, however, evaluated his time sensitivity as high.
7 Detail-oriented
• When Bulgarians make decisions, the process is prolonged as each item must
be analyzed and agreed upon before the next item is discussed (Christina
Kasparyan).
• Bulgarian culture scores high on uncertainty avoidance. Much time is used to
go through all items of the agreement, even to the least important one, and
reduce the risk for error (Krasen Gouliev).
14
Ross-Fulbright Consultant’s Report | Negotiating in Bulgaria
8 Less inclined to compromise
• Bulgarians are less inclined to compromise, as doing so will be considered as
showing weakness (Krasen Gouliev).
• In the face of unexpected demands, it is possible for Bulgarians to ask for
additional thinking time, thus postponing the negotiating process. If pushed,
they will most likely offer a negative response (Christina Kasparyan).
9 Indirect communication
• In general, Bulgarians have an indirect communication style and prefer a nonconfrontational way of doing business (Insea Consult).
• It is common for Bulgarians to offer roundabout explanations when they intend
to reject their counterparty (Christina Kasparyan).
• Referring to the negotiation survey the Bulgarian Fulbright student and I took,
Nikolay evaluated his communication style as more indirect.
10 Decisions made by a single leader
• Bulgarians are strongly individualistic! without a strong sense of unity, or a
common cause to unite themselves (Mariya Andonova).
• Businesses usually have a strong hierarchical structure where rank is
important. Managers tend to be autocratic and expect their subordinates to
follow standard procedures without question (Kwintessential).
• As a result, negotiations with Bulgarians usually involve a single representative
from the high level management. The leader has the authority to make the final
decision, instead of reaching a consensus with the group (Christina Kasparyan).
• Referring to the negotiation survey the Bulgarian Fulbright student and I took,
Nikolay, however, prefers to make decision by consensus.
15
Works Cited
Andonova, Mariya, Junior Legal Counsel from Siemens Bulgaria, Interviews
between August 25, 2013 to September 9, 2013.
Euromonitor International, Transportation in Bulgaria, 2012.
European Commission, Enterprise and Industry SBA Fact Sheet 2012 Bulgaria,
2012.
Gouliev, Krasen, Master’s Student from Sofia University (majoring in
Communication – Language, Literature and Media), Interview on
August 23, 2013 and September 1, 2013.
Hewlett-Packard Bulgaria, Meeting on August 20, 2013.
Hristov, Hristo, Master’s student from New Bulgarian University, Sofia
(majoring in Anthropology and Psychology), Interview on August
22, 2013.
Insea Consult, Doing Business in Bulgaria. http://www.inseaconsult.com
/doingbusiness-bulgaria.html (accessed September 6, 2013).
InvestBulgaria Agency, Bulgaria – investment climate and business
opportunities, 2013.
InvestBulgaria Agency, Invest in Bulgaria General Brochure, 2013.
Kasparyan, Christina. Team Bulgaria, "DOs and DON’Ts In Dealing with
Bulgarian Business People." Last modified 2007. http://www.team
bulgaria.com/id-139/Doing_Business_in_Bulgaria.html (accessed
September 6, 2013).
Kwintessential, Intercultural Management – Bulgaria. http://www.kwint
essential.co.uk/intercultural/management/bulgaria.html (accessed
September 6, 2013).
Lex Mundi, International Guide To Doing Business In Bulgaria, 2011.
Marinov, Belizar, Professional from Eleven Accelerator Venture Fund for
IT startup in Bulgaria, Interview on September 3, 2013.
New Europe Corporate Advisory,Doing Business in Bulgaria: Challenges and
opportunities from Foreign Investors' Perspective, 2011.
Novinite (Sofia News Agency), “86% of Bulgarians Say Judiciary Is
Corrupt,” July 9, 2013. http://www.novinite.com/view_news.php
?id=151867 (accessed September 6, 2013).
Novinite (Sofia News Agency), “Brain Drain Lost Bulgaria EUR 20 B in 20
Years, Syndicate Estimates,” June 22, 2012. http://www.novinite.
com/view_news.php?id=140586 (accessed September 6, 2013).
Novinite (Sofia News Agency), “Bulgaria's Birth Rate Plummeted to
Record Low in 2012,” January 4, 2013. http://www.novinite.com/
view_news.php?id=147702 (accessed September 6, 2013).
Novinite (Sofia News Agency), “The Social Media Bible, 3rd Edition Chapter on Bulgaria,” May 15, 2013. http://www.novinite.com/
view_news.php?id=147702 (accessed September 6, 2013).
Novinite (Sofia News Agency), "WEF Ranks Bulgaria among Top Brain
Drain Countries,” September 17, 2012. http://www.novinite.com/
view_news.php?id=143305#sthash.vx9gL2qI.dpuf (accessed
September 6, 2013).
Pravets Golf Club, Meeting on August 19, 2013.
Reinhart, Carmen, and Kenneth Roghoff. This Time Is Different: Eight
Centuries of Financial Folly. Princeton University Press, 2011.
SETimes, “Turkey is top business competitor in region; Bulgaria, BiH also
climb,” September 7, 2012. http://www.setimes.com/cocoon/
setimes/xhtml/en_GB/features/setimes/features/2012/09/07/
feature-04 (accessed September 6, 2013).
Titan Zletna Panega Bulgaria, Meeting on August 21, 2013.
Transparency International, Country Profile – Bulgaria. Last modified 2013.
http://www.transparency.org/country#BGR (accessed September
6, 2013).
U.S. Commercial Service, Doing Business in Bulgaria: 2012 Country
Commercial Guide for U.S. Companies, 2012.
World Bank Group and International Finance Corporation, Doing Business
in Bulgaria 2013, 2013.
Images
Cover Page:
Flickr. (n.d.). Sofia – Vitosha Boulevard – Bulgaria. Retrieved from
http://www.flickr.com/photos/30443610@N06/5570801448/
Table of Contents:
Media-Consulta. (n.d.). [Image of Knyaginya Maria Luiza Blvd]. Retrieved from
http://www.media-consulta.com/uploads/RTEmagicC_bulgariasofia_02.jpg.jpg
Top 5 Advantages – Low Cost of Doing Business:
A&A Architects. (n.d.). 126 m high building will be built in Sofia. Retrieved from
http://bnr.bg/sites/en/Lifestyle/Life/Pages/0402skyskraper.aspx
Top 5 Advantages – Cheap and High Quality Labor:
Wikimedia. (n.d.). Sofia University Rectorate. Retrieved from
http://upload.wikimedia.org/wikipedia/commons/thumb/6/62/Sofia_Univ
ersity_Rectorate_TB.jpg/250px-Sofia_University_Rectorate_TB.jpg
Top 5 Advantages – Stable Economic and Political Environment:
Livebulgaria. (n.d.). Bulgaria flag. Retrieved from
http://livebulgaria.files.wordpress.com/2010/05/bulgaria-flag.jpg
Top 5 Advantages – Convenient Geographical Location:
Google map. (2013). [Image of Bulgaria in Europe map]. Retrieved from
https://maps.google.com/maps?client=safari&q=bulgaria&ie=UTF8&ei=LZIsUq-gI4fArQGs04CYAQ&ved=0CAgQ_AUoAg
Top 5 Disadvantages – Corruption:
PressTV. (2013). [Image of protest in Sofia, Bulgaria]. Retrieved from
http://previous.presstv.ir/photo/20130224/hedstrom20130224133236810.jpg
Top 5 Disadvantages – Bureaucracy and Inefficient Legal Procedures:
Virtualtourist. (n.d.). [Image of lion statue outside Palace of Justice]. Retrieved from
http://www.virtualtourist.com/travel/Europe/Bulgaria/Oblast_Grad_Sofiya
/Sofia-379460/Transportation-Sofia-streets_and_roads-BR-1.html
Top 5 Disadvantages – Brain Drain of Talent:
Novinite. (2013). [Image of people leaving from the Sofia airport]. Retrieved from
http://www.novinite.com/view_news.php?id=143305