World Travel Guide

City Guide  - Sofia  - Business
Business

Business Profile: Bulgaria is among one of the most industrialised former Eastern Bloc countries: the main industries based in Sofia are machinery and electronics, car assembly, textiles and food products. During the period between 1989 and 1997, political instability and economic collapse caused Bulgaria to lag behind other Central European nations in terms of economic growth and reform but today the business environment in Sofia and in Bulgaria as a whole is improving - GDP growth was 5% in 2000. Nevertheless, inflation and unemployment rates are still high - 10.1% inflation and 18% unemployment in 2000. The average monthly salary is Lv170 (£55).

The Bulgarian government is keen to attract foreign investors and has passed new laws to protect and assist foreign businesses. Many neighbouring European countries, as well as the USA, are now investing here, attracted primarily by a highly qualified and relatively cheap labour force. Bulgaria is working hard to align its laws with European Union Standards, in the hope of gaining EU membership. The World Bank and the European Bank for Reconstruction & Development have offices in Sofia, as do the business consultants PriceWaterhouse-Coopers, KPMG and Ernst & Young.

Business Etiquette: Business etiquette in Sofia is basically the same as in any other European city. English is generally well understood, although employing an interpreter will help minimise the risk of misunderstandings. Visitors should note that that nodding of the head means 'no', while shaking the head means 'yes'! Initial contacts should be made in writing - the rather erratic telephone system can cause communication problems. It is also a good idea to confirm appointments in writing. Arrangements should be kept. Bulgarians require punctuality in their business dealings. Bureaucracy tends to be slow and complicated, so patience is essential. Standard office hours are 0900-1800. Inviting business contacts to lunch or dinner is a common practice: lunch usually begins at noon and dinner at 1900 or later. Favourite topics of conversation are sports, new economic and political changes. Regarding dress, light clothes are sufficient for summer, spring and autumn, while coats are necessary in winter. However, for business, it is best to dress formally, irrespective of the season.



Copyright © 2001 Columbus Publishing
    
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