© WKÖ/FIW
Author: Austrian Chamber of Commerce
This year it was once again “women only” at the sixth WKÖ female entrepreneur trip to Sofia/Bulgaria in November, initiated by Frau in der Wirtschaft (FiW). With the support of AUSSENWIRTSCHAFT AUSTRIA, Frau in der Wirtschaft offered the 45 participants from all over Austria a colorful, top-class program. The focus of the trip was visits to top companies and institutions from the energy and food sectors, the wood industry, the cosmetics industry and innovations, as well as an exchange with the Council of Business Women Bulgaria (CWBB). The CWBB promotes the professional development of women in SMEs and supports young female managers in realizing their potential.
"In our annual business mission 'Women Only', we specifically accompany female entrepreneurs on their way to export, show them good local market opportunities, network and encourage them. The Austrian economy is strongly export-oriented. It is important to me that women also take advantage of their opportunities here ", emphasizes Martha Schultz, WKÖ Vice President and FiW Federal Chairwoman, on the occasion of the "all-female" trip to Bulgaria organized by the Austrian Chamber of Commerce (WKÖ).
Schultz: Austria's economy is becoming more and more female
Austria's economy is becoming more and more female - the approximately 140,000 female entrepreneurs are a driving force and make an indispensable contribution to the domestic economy. More than one in three companies in Austria is already headed by a woman and women are also setting a record at 45.1% when it comes to founding companies. “It is time for this economic reality to finally be reflected in our everyday lives,” emphasizes Schultz, who has been campaigning for improved conditions for female entrepreneurs for years, especially a rapid and comprehensive expansion of childcare in Austria. Schultz sees the federal government's announcement that it will invest 4.5 billion euros in childcare as an important step: "I am pleased that our consistent demands and loud calls for improvements in child education and childcare have now had an effect."
Bulgaria: Austria, as the second largest foreign investor, is the driving force behind the Bulgarian economy
Austrian direct investments in Bulgaria are growing continuously and most recently stood at 5.579 billion euros - making Austria the second largest foreign investor in the country behind the Netherlands and ahead of Germany and Belgium. Many economic sectors have a strong red-white-red character, such as insurance, energy, telecommunications, building material production, logistics and retail. Major Austrian investments were made by Telekom Austria, EVN, Vienna Insurance Group, Kronospan, OMV, REWE/Billa, Palfinger and Wienerberger, among others. In total, more than 30,000 people are employed at Austrian company branches in Bulgaria.
With a bilateral trade volume (goods and services), an all-time high of over 3 billion euros for the first time in 2022, Bulgaria is one of Austria's most important economic partners in Southeastern Europe. Austrian deliveries of goods to Bulgaria increased in the previous year by a high 37.2% to almost 1.15 billion euros, and imports of goods from Bulgaria grew by a remarkable 39.8% to around 990 million euros. The most important exports "Made in Austria" included mechanical engineering products, processed goods, including iron and steel, vehicles and chemical products (here mainly pharmaceutical products). The strongest imported goods were also mechanical engineering products as well as motor vehicles and bicycles, orthopedic devices and skis (mainly because of the factory of an Austrian manufacturer). Metals such as zinc and copper also occupy a traditionally important place. “Made in Austria” products such as food, machines, clothing and shoes are popular in Bulgaria.
The exchange of services also developed dynamically, where Austria traditionally has a deficit with Bulgaria. Austrian service exports reached EUR 350 million (+21.8%) in the previous year, while service imports from Bulgaria reached EUR 895 million (+20.9%). These include forwarding services, payroll accounting, technical planning services, programming work - these are often provided by Bulgarian subsidiaries for their Austrian parent companies.
The half-year figures for 2023 are also pointing upwards for both goods and services trade; the enormous momentum from the previous year is unlikely to be able to be fully maintained in light of a deteriorating economic climate:
- Austrian goods exports +11.73%
- Imports of goods from Bulgaria +11.19%
- Austrian service exports +11.3%
- Service imports from Bulgaria +4.3%
Good opportunities for red-white-red companies on the Bulgarian market
“Thanks to the good quality image and the highly differentiated range of goods and services that Austrian companies can offer, there are generally very positive prospects for domestic companies to successfully work the Bulgarian market,” emphasizes Schultz. AUSSENWIRTSCHAFT AUSTRIA provides on-site support with a comprehensive service program including machine and health focuses. Technologies and machines for Industry 4.0/digitalization are in demand, and investments in the areas of agricultural technology, health and IT also offer business opportunities for Austrian companies. New opportunities are emerging in the “green economy” and in the infrastructure sector. Food “Made in Austria” is a perennial favorite.
“Thousands of Austrian companies score points in Bulgaria with innovative and high-quality offerings and are successful with numerous projects in the metal and wood processing industries, but also in the energy sector,” emphasized the economic delegate for Bulgaria, Philippe Kupfer. "The tourism industry, which is important for Bulgaria, needs further investments in the coming years in order to develop from a largely low-cost destination. This offers good delivery opportunities for Austrian providers. Bulgarian tourism companies recently counted around 11 million arrivals, of which almost 190,000 were guests from Austria."
Notice
Short profiles of the company visits:
Sofia Mel
GoodMills Bulgaria EOOD is one of the largest & most modern mills in the Balkans and currently has around 60% market share in Bulgaria. The company was founded in 1986 and acquired by the Austrian Leipnik-Lundenburger Invest Beteiligungs AG in 2009.
Nasekomo
Nasekomo is a Bulgarian-French scale-up that breeds and processes the black soldier fly on a mass scale in order to produce proteins, oils and fertilizers from its larvae for the feed and agricultural industries.
Kronospan Design Center Sofia
Kronospan was founded in 1897 as an Austrian family business and is now a leading manufacturer of wood-based materials. With the fall of the Iron Curtain, Kronospan recognized the opportunities for expansion in the new markets in Eastern and Southeastern Europe. In Bulgaria, two factories and the Design Center are operated as sales areas.
Bio Benjamin
Bio Benjamin is a family-run Bulgarian chocolate producer with a mission to revolutionize the world of chocolate. The chocolates are 100% vegan, organic, gluten-free and contain no refined sugar. They use high-quality, fair trade cocoa beans from small farms in Nicaragua, Peru and the Congo. The products are now sold in 20+ states.
wooden spoon
wooden spoon is a Bulgarian cosmetic company inspired by the idea of offering the purest and genuine natural care for the skin. Wooden Spoon combines raw and unprocessed organic oils with valuable herbal extracts that not only transform the overall feel of the body and face, but also effectively help keep the skin healthy, rejuvenated and irresistibly soft.
Sofia Tech Park
As a state institution (part of the Ministry of Innovation), the Sofia Tech Park supports startups, SMEs, science and innovation. It houses, among other things, a super computer and various research laboratories, for example on AI, cybersecurity & bioinfotech.