As a start of their partnership in the country, Manpower Bulgaria and Sotheby's International Realty Bulgaria conducted a survey on the attitudes of new and existing investors regarding the climate for business development and the expected developments on the labor market in 2023 and beyond. Commissioned by them, the survey was executed by Assert International Bulgaria, and Sofia Invest was the distribution partner.
Employers who have invested in Bulgaria in the last five years were invited to respond to the survey. It included 118 respondents from a total of seven business sectors: automotive; science and education; manufacturing; banking, finance and insurance; shared service centres; information technology; retail and FMCG.
The key findings of the "Bulgarian Business Climate for Investment Assessment" analysis are:
- The average assessment of the business climate in Bulgaria in 2023 is 3.61 out of a maximum of 5.
- In the real estate market in central urban areas and upscale neighborhoods, properties are selling quickly, while in other areas with undeveloped infrastructure there is a slowdown in sales.
- Businesses' assessment of human capital provision is medium to low (2.9 out of 5), mainly due to difficulties in attracting and retaining skilled professionals.
- Compared to other Eastern European countries, respondents cite Bulgaria as the better destination for investment.
- The real estate market has current projects for new construction in attractive locations, where the investment can bring a profit of 20 to 40% in the relatively short term.
- The real estate market has current projects for new construction in attractive locations, where the investment can bring a profit of 20 to 40% in the relatively short term.
- Half of the respondents plan to expand the size of their investment in the country this year and next.
An event was held on Oct. 12 to present and comment on the results
The exclusive event to present the results included a panel discussion moderated by Maria Stoeva, Director for Bulgaria at Assert International and Director of Sales and Business Development at Manpower Bulgaria and panelists Ivan Sherbanov, Manpower Executive Director for Bulgaria, North Macedonia and Kosovo, Hristo Angelkov, Managing Director of Sotheby's International Realty Bulgaria and Viktor Gusev, Head of Investment Analysis at the Sofia Municipal Agency for Privatization and Investment (SOAPI).
In addition to commenting on the survey data, the participants shared their personal experiences of working with investors, along with forecasts and tips for the upcoming calendar year for companies planning to expand their operations and investment projects.
The full survey can be found here.