Electrical Equipment / Components & Telecoms

Statistics show that in 2020, Bulgaria’s GDP will fall by 5.5% due to the epidemic, but the information industry has still achieved a growth of 12% and expected revenue growth of 10%. In 2019, the growth rate of Bulgaria's information industry was 20%, and revenue reached 3.1 billion lev (approximately 1.58 billion euros), of which more than 80% came from exports.

At the same time, the proportion of the information industry in the Bulgarian national economy continues to grow. In 2014, the information industry only accounted for 1.8% of its GDP, and by 2020 it has increased to 3.8%. This means that the information industry has become a new growth point for the Bulgarian economy.

Today, the Bulgarian economy is gaining sustained momentum from the field of information technology. Bulgaria is an ideal place for foreign startups to settle, and the trend of international entrepreneurs doing business in Bulgaria is becoming more and more obvious. Stamen Kozkov, chairman of the Bulgarian Software Companies Association, said that world-leading information technology companies such as Hewlett-Packard have established R&D departments in Bulgaria. These companies are interested in Bulgaria’s deep talent pool and the strategy of connecting Europe and Asia. Status, political stability, advanced information and communication technology, vibrant information ecosystem and excellent digital infrastructure. At the same time, the relatively low cost of living compared with other European countries is also a major advantage.

At present, information and communication technology has become a new bright spot in the cooperation between China and Bulgaria. For example, Huawei has been cultivating in Bulgaria for 16 years, and Zhongke Chuangda has also cooperated with Bulgaria's image vision technology company. With the in-depth advancement of the “Belt and Road” construction, the two countries will show broader prospects for cooperation in information and communication technology.