Tsvetan Simeonov: Austrian Companies in Bulgaria Provide Objective and Honest Assessments of the Investment Climate in Our Country

• ADVANTAGE AUSTRIA presented the "big picture" of the market in Bulgaria through the perspective of Austrian investors.

• Stability and resilience are the key words in the Austrian companies' forecast for 2025, despite global economic uncertainty.

On January 21, 2025, in the presence of media, leading business organizations, and representatives of the business community, ADVANTAGE AUSTRIA presented the results of its annual survey on the business climate in Bulgaria, conducted among Austrian investors. The survey was carried out at the end of 2024 with the participation of 98 managers of Austrian companies operating in Bulgaria.

The event was attended by Philippe Kupfer, Commercial Counsellor at the Austrian Embassy and Head of ADVANTAGE AUSTRIA; Tsvetan Simeonov, President of the Bulgarian Chamber of Commerce and Industry (BCCI); and representatives of Austrian companies, including Iliya Velikov, Managing Director of GoodMills Bulgaria; Alexander Sipek, Managing Director of EVN Bulgaria; and Viktor Karadzhov, Manager of the Global Business Services Center at “Palfinger Bulgaria”.

With an optimistic message, Tsvetan Simeonov gave opening remarks, spotlighting BCCI’s focus on the workforce development and strengthening economic stability in Bulgaria. He also highlighted Austria's crucial support for Bulgaria's full accession to the Schengen Area. "At this moment, we enjoy the freedom of movement without unnecessary delays and costs, benefiting both the people and businesses. The advantages will be significant. In recent discussions and meetings with our Greek partners, we have also heard their positive attitudes and optimistic expectations," Simeonov noted.

Simeonov expressed gratitude to ADVANTAGE AUSTRIA for conducting the survey and to Austrian companies in Bulgaria for their objective and honest evaluations. "These assessments allow us to compare, monitor the pulse of business attitudes and expectations, and respond promptly to threats, while supporting entrepreneurs in an effective and informed way to tackle challenges," he added.

In his presentation, Philippe Kupfer focused on how the global business climate impacts Austrian companies in Bulgaria:

"Today, global economies are more interconnected than ever, and economies like those of Austria and Bulgaria rely heavily on exports. Geopolitical developments are particularly significant," he said, adding, "Austrian companies highly value Bulgaria as a trade partner and investment destination. Austrian enterprises are stable investors, as well as reliable partners and employers. We have come here to stay."

During the meeting, Philippe Kupfer provided detailed insights from the annual survey of the Austrian companies.

The expectations for the upcoming 12 months can be summarized as follows: stability and continuity, a slightly more optimistic outlook, and less skepticism compared to the previous year. Austrian companies remain cautiously optimistic: 13% of respondents anticipate improvement, more than half (54%) expect no changes, and 33% are preparing for a potential decline.

Regarding regulatory and market realities in Bulgaria, the representatives of the Austrian-Bulgarian companies rated Bulgaria's customs and tax systems as good or very good (74%), access to credit and capital markets (67%), and the quality of local suppliers (65%). At the same time, Austrian companies see opportunities for improving the political stability (98%), combating corruption and crime (94%), and reducing bureaucratic hurdles (91%).

The full survey report and presentations by Austrian investors who participated in the press conference can be found [HERE].