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FM AMEMBASSY SOFIA
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RUEHZL/EUROPEAN POLITICAL COLLECTIVE

UNCLAS SECTION 01 OF 14 SOFIA 000039 
 
STATE FOR EUR/CE TKONDITI, EB/IFD/OIA DJAHN and TJWALSH  STATE 
PLEASE PASS TO USTR 
 
SIPDIS 
 
E.O. 12958:  N/A 
TAGS: EINV EFIN ELAB ETRD KTDB OPIC USTR BU
SUBJECT: BULGARIA: 2010 INVESTMENT CLIMATE STATEMENT 
 
REF:  09 STATE 124006 
 
SOFIA 00000039  001.2 OF 014 
 
 
¶1.  Bulgaria - 2010 Investment Climate Statement. 
 
¶A. OPENNESS TO FOREIGN INVESTMENT 
 
Bulgaria has put in place a liberal foreign investment regime, 
including low, flat corporate and income taxes and competitive 
incentives to attract high levels of foreign investment.  Promising 
sectors for foreign investors include: energy (including renewable 
and clean energies), information technology, transportation, 
telecommunications, environmental (including water and waste water 
infrastructure) and agriculture.  EU integration has opened new 
markets for Bulgarian-produced goods and services.  Bulgaria's labor 
market is generally well-educated and the cost of labor is the 
lowest in the European Union.  The country's geographic position 
places it at the crossroads of Europe, the Middle East, and the 
former Soviet Union.  A stable U.S. ally, Bulgaria is a member of 
NATO, the EU and the WTO. 
 
Investment Trends and Policies 
------------------------------ 
 
Sound economic performance and political stability have enabled 
Bulgaria to attract leading foreign investors.  Gradual convergence 
with the EU common market, fiscal prudence, and a national currency 
pegged to the Euro have all provided stability and incentives for 
increased trade and investment.  After several years of solid 
growth, the global financial crisis is being felt in Bulgaria 
through decreasing levels of foreign direct investment (FDI).  In 
2009, FDI decreased by over 50 percent.  The economy remains 
vulnerable due to a decline in external demand and tightening of 
credit.  Growth forecasts for 2010 range from a -2.5% contraction to 
a nominal increase. 
 
The Investment Promotion Act stipulates equal treatment of foreign 
and domestic investors. It creates conditions for improved 
administrative services and includes an investment incentive 
package. The law encourages investment in manufacturing and 
renewable energy, in high-technology, as well as in education and 
human resource development.  The law explicitly recognizes 
intellectual property and securities as foreign investments. 
 
Common Forms of Investment 
-------------------------- 
 
The most common type of organization for foreign investors is a 
limited liability company. Effective January 1, 2010, the fee to 
register a limited liability company has been reduced to one Euro. 
Other typical corporate entities include joint stock companies, 
joint ventures, business associations, general and limited 
partnerships, and sole proprietorships. 
 
Foreign investors must comply with the 1991 Commercial Code, which 
regulates commercial and company law and the 1951 Law on Obligations 
and Contracts, which regulates civil transactions.  These laws 
generally do not limit foreign participation in legal entities. 
 
The 2003 Law on Special Purpose Investment Companies (SPIC) allows 
for public investment companies in real estate and receivables, 
essentially real estate investment trusts (REITs).  Since a SPIC is 
considered a pass-through structure for corporate income tax 
purposes, at least 90 percent of its net income must be distributed 
to shareholders as taxable dividends.  A SPIC must apply for an 
operational license from the Financial Supervision Commission within 
six months of registration. 
 
Investment Barriers 
------------------- 
 
Foreign investors often encounter the following problems: a sluggish 
government bureaucracy, poor infrastructure, corruption, frequent 
changes in the legal framework, and pre-determined public tenders. 
In addition, a weak judicial system limits investor confidence in 
the courts' ability as an enforcement mechanism. 
 
EU accession requirements have led to the adoption of a 
constitutional amendment which, beginning in 2014, will allow EU 
citizens and entities to acquire real property, while all other 
foreigners will be able to do so only on the basis of an 
international agreement ratified by the Bulgarian Parliament, 
thereby favoring EU investors over those from the United States. 
There are no legal restrictions against real property acquisition by 
locally-registered, majority foreign-owned companies, which is the 
method most foreigners use to purchase property in Bulgaria. 
 
Privatization 
 
SOFIA 00000039  002.2 OF 014 
 
 
------------- 
 
In 1992, the Law on Transformation and Privatization of State and 
Municipal Enterprises established the Privatization Agency to 
administer the privatization of all state-owned companies. 
Privatization methods include: public auctions, public tenders, and 
public offerings.  Foreign companies, including state-owned ones, 
may purchase Bulgarian state-owned firms.  Bulgaria completed its 
major privatization in the 1990s and early 2000s, and the 
privatization program is gradually phasing out.  In 2010,  the 
Bulgarian government plans to privatize two district heating plants, 
two military factories, three free trade zones, the state tobacco 
company, and up to 15 percent of the Bulgarian Energy Holding. 
 
The 2002 Privatization and Post-Privatization Act established a 
Post-Privatization Control Agency to oversee the implementation of 
privatization contracts.  This body ensures that non-price 
privatization commitments (employee retention, technology transfer, 
environmental liability and investment) in the privatization 
selection criteria are honored.  In addition, creditors are no 
longer required to claim their receivables within six months from 
the start of the privatization. 
 
Concessions 
----------- 
 
Under the 2006 Law on Concessions, the state is authorized, on the 
basis of a concession agreement, to grant private investors a 
partial monopoly.  Concessions are awarded on central and/or local 
government property, on the basis of a tender, and are issued for up 
to 35 years. The concession period may not be extended beyond this 
time limit.  The decision for awarding a concession may be appealed 
before the Competition Protection Commission.  There are three main 
concession categories: construction, services, and mining and 
exploration.  Potential fields for concessions may therefore include 
the construction of roads, ports and airports, power generation and 
transmission, mining, petroleum exploration/drilling, 
telecommunications, forests and parks, beaches, and nuclear 
installations. 
 
Third-party Rankings 
-------------------- 
 
Index     Year  Ranking 
 
TI Corruption Perception  2009  71(out of 180) 
 
Heritage Economic Freedom 2009  56 (out of 179) 
 
World Bank Doing Business: 
Overall     2010  44 (out of 183) 
 
World Bank Doing Business: 
Starting a Business   2010  50 (out of 183) 
 
World Bank Doing Business: 
Dealing with Licenses  2010  119 (out of 183) 
 
World Bank Doing Business: 
Employing Workers   2010  53 (out of 183) 
 
World Bank Doing Business: 
Registering Property  2010  56 (out of 183) 
 
World Bank Doing Business: 
Getting Credit    2010  4 (out of 183) 
 
World Bank Doing Business: 
Protecting Investors  2010  41 (out of 183) 
 
World Bank Doing Business: 
Paying Taxes    2010  95 (out of 183) 
 
World Bank Doing Business: 
Trading Across Borders  2010  106 (out of 183) 
 
World Bank Doing Business: 
Enforcing Contracts   2010  87 (out of 183) 
 
World Bank Doing Business: 
Closing a Business   2010  78 (out of 183) 
 
¶B. CONVERSION AND TRANSFER POLICIES 
 
In 1999, Bulgaria replaced much of its outdated and fragmented 
foreign currency legislation and liberalized current international 
transactions in accordance with IMF Article VIII obligations.  The 
 
SOFIA 00000039  003.2 OF 014 
 
 
2007 amendments to the 1999 Foreign Currency Act stipulate that 
anyone may import or export up to EUR 10,000 (USD 13,970) or its 
foreign exchange equivalent without making a customs declaration. 
Importing or exporting over EUR 10,000 or its foreign exchange 
equivalent must be declared.  Exporting over BGN 25,000 (USD 17,850) 
in cash must be accompanied by a declaration about the source of 
these funds and supported by documents certifying that the person 
does not owe taxes.  No tax certificate is required for foreigners 
exporting the cash equivalent of BGN 25,000 or greater provided the 
amount is equal to or less than the amount declared when imported. 
Bulgarian law requires all international payments over BGN 25,000 to 
be executed via bank transfer with supporting documentation 
detailing the purpose of the transaction. 
 
¶C. EXPROPRIATION AND COMPENSATION 
 
Private real property rights are legally protected by the Bulgarian 
Constitution. Only in the case where a public need cannot be met by 
other means, the Council of Ministers or a regional governor may 
expropriate land provided that the owner is compensated at fair 
market value.  No taxes are levied on the expropriation transaction. 
 Expropriation actions of the Council of Ministers can be appealed 
directly to the Supreme Court on the legality of the action itself, 
the property appraisal, or the amount of compensation.  A regional 
governor's expropriation can be appealed in the appropriate local 
court.  In its Bilateral Investment Treaty (BIT) with the United 
States, Bulgaria committed itself to international arbitration in 
the event of expropriation and other investment disputes. 
 
¶D. DISPUTE SETTLEMENT 
 
The Judicial System 
------------------- 
 
The Bulgarian Constitution serves as the foundation of the legal 
system and creates an independent judicial branch comprised of 
judges, prosecutors, and investigators.  Despite reform efforts, the 
judiciary suffers from serious backlogs and overly formalistic 
procedures that hamper the swift and fair administration of justice. 
 Corruption remains a serious problem.  Public opinion polls 
indicate that bribes are commonly paid in the judicial sector and 
some courts are beholden to business ties and political influence. 
 
There are three levels of courts.  The 117 regional courts exercise 
jurisdiction over civil and criminal cases.  Above them, 29 district 
courts (including the Sofia City Court) serve as courts of appellate 
review for regional court decisions and have trial-level 
(first-instance) jurisdiction in serious criminal cases and in civil 
cases where claims exceed BGN 25,000 (USD 17,850) ?r in property 
cases where the property's value exceeds BGN 50,000 (USD 35,700). 
Five appellate courts review the first-instance decisions of the 
district courts.  The Supreme Court of Cassation is the court of 
last resort for criminal and civil appeals.  The Supreme Court of 
Administration rules on local and national government decisions and 
the Constitutional Court, which is a separate from the rest of the 
judiciary, issues final rulings on constitutional questions and 
challenges. 
 
Bankruptcy 
---------- 
 
The 1994 Commercial Code Chapter on Bankruptcy provides for 
reorganization or rehabilitation of a legal entity, maximizes asset 
recovery and provides for fair and equal distribution among all 
creditors.  The law applies to all commercial entities, except 
public monopolies or state-owned companies established by a special 
law. Bank bankruptcies are regulated under the Bank Bankruptcy Act, 
while the 1996 Insurance Act regulates insurance company failures. 
 
Under Part IV of the Commercial Code, debtors or creditors can 
initiate bankruptcy proceedings.  The debtor must declare bankruptcy 
within 30 days of becoming insolvent. Once insolvency is determined, 
the court appoints an interim trustee to represent and manage the 
company, take inventory of property and assets, identify and convene 
the creditors, and develop a recovery plan.  At the first meeting of 
the creditors, a trustee is nominated; usually this is just a 
reaffirmation of the court appointed trustee. 
 
Non-performance of a monetary obligation must be adjudicated before 
the bankruptcy court can determine whether the debtor is insolvent. 
In addition, legislation passed in 2003 adds a presumption of 
insolvency when the debtor is unable to perform an executable 
obligation, has suspended all payments, or when the debtor can only 
pay the claims of certain creditors. 
 
Creditors must declare all debts owed to them within one month of 
the start of bankruptcy proceedings.  The trustee then has seven 
 
SOFIA 00000039  004.2 OF 014 
 
 
days to compile a list of debts. A rehabilitation plan or a scheme 
of distribution (in cases of liquidation) must be proposed no later 
than a month after the date on which the court approves the list of 
debts.  The court must grant approval of the plan by the creditors 
within seven days.  After creditors' approval, the court endorses 
the plan and terminates the bankruptcy proceeding.  The lack of 
trained trustees has been a problem in the past.  The June 2003 
legislation provided for examinations for individuals applying to 
become trustees and obliged the Ministers of Justice and Economy to 
organize annual training courses for trustees.  In June 2006, the 
ministries of Justice, Economy and Finance published a regulation on 
the procedure for appointment, qualification and control over the 
trustees. 
 
The methods of liquidating assets were also revised by the June 2003 
legislation. The main objective was to establish a legal framework 
for selling assets that accounts for the character of bankruptcy 
proceedings, thus avoiding the need to apply the Civil Procedure 
Code.  The new regime includes rules requiring a greater degree of 
publicity for asset sales. The amendments also limited the rights to 
appeal judicial decisions made during bankruptcy proceedings. 
 
Execution of Judgments 
---------------------- 
 
To execute a judgment, a final ruling must be obtained.  The court 
of first instance must then be petitioned for a writ of execution 
(based on the judgment).  On the basis of the writ of execution, a 
specialized category of professionals, execution agents, seize the 
assets or ensure the performance of the ordered action.  The 
institutional framework for execution of judgments was improved with 
a 2005 law allowing private professionals to act as execution 
agents.  Since 2006 both private and state execution agents operate 
in Bulgaria.  Businesses report a dramatic increase in the 
efficiency of execution of judgments after the introduction of 
private execution agents.  A new Civil Procedure Code, effective 
since March 2008, introduced new terms and practices aimed to 
streamline civil procedures, including the execution of judgments. 
Foreign judgments can be executed in Bulgaria.  Execution depends on 
reciprocity, as well as bilateral or multilateral agreements, as 
determined by an official list maintained by the Ministry of 
Justice.  The United States does not currently have reciprocity with 
Bulgaria; Bulgarian courts are not obliged to honor decisions of 
U.S. courts.  All foreign judgments are handled by the Sofia City 
Court, which must determine that the judgment does not violate 
public decrees, standards, or morals before it can be executed. 
There are also cases defined by the Civil Procedure Code (certain 
real estate issues and Bulgarian precedents), in which judgments 
cannot be executed even if they conform to Bulgarian laws and 
morals. 
 
International Arbitration 
------------------------- 
 
Pursuant to its Bilateral Investment Treaty (BIT) with the United 
States, Bulgaria has committed to a range of dispute settlement 
procedures starting with notification and consultations.  Bulgaria 
accepts binding international arbitration in disputes with foreign 
investors. 
 
The most experienced arbitration institution in Bulgaria is the 
Arbitration Court (AC) of the Bulgarian Chamber of Commerce and 
Industry (BCCI).  Established more than 110 years ago, the AC hears 
civil disputes between legal persons, one of whom must be seated 
outside Bulgaria.  It began to act as a voluntary arbitration court 
between natural and/or legal persons domiciled, respectively seated 
in Bulgaria, since 1989. 
 
Arbitration is regulated by the 1988 Law on International Commercial 
Arbitration, which complies with the United Nations Commission on 
International Trade Law (UNCITRAL) Model Law.  According to the Code 
of Civil Procedure, not all disputes may be resolved through 
arbitration.  Disputes regarding rights over real estate situated in 
the country, alimony, or individual labor disputes may only be heard 
by the courts.  In addition, under the Code of Private International 
Law of 2005, Bulgarian courts have exclusive competence over 
industrial property disputes regarding patents issued in Bulgaria. 
 
Regarding arbitration clauses that select a foreign court of 
arbitration, the Code of Civil Procedure mandates that these clauses 
are only valid if at least one of the parties maintains its 
residence abroad.  As a result, foreign-owned, Bulgarian-registered 
companies having a dispute with a Bulgarian entity can only have 
arbitration in Bulgaria.  However, under the Law on the 
International Commercial Arbitration, the arbitrator himself could 
be a foreign person.  Under the same act, the parties can agree on 
the language to be used in the arbitration proceedings. Arbitral 
 
SOFIA 00000039  005.2 OF 014 
 
 
awards are enforced through the judicial system.  The party must 
petition the Sofia City Court for a writ of execution.  Having 
obtained a writ however, the creditor needs then to execute the 
award using the general framework for execution of judgments in the 
country. Foreclosure proceedings may also be initiated. 
 
Bulgaria is a member of the 1958 New York Convention on the 
Recognition and Enforcement of Foreign Arbitral Awards and the 1961 
European Convention on International Commercial Arbitration. 
Bulgaria is also a signatory of the 1996 Convention on the 
Settlement of Investment Disputes between States and Nationals of 
Other States.  There are arbitration courts at the Bulgarian 
Industrial Association (BIA), the Bulgarian Stock Exchange, the 
Bulgarian Maritime Chamber, the Commercial Banks Association and 
several other organizations. 
 
Mediation 
--------- 
 
Mediation was first introduced in Bulgaria in 2004 with the adoption 
of the Mediation Act. The Bulgarian Chamber of Commerce and Industry 
and the American Chamber of Commerce (AmCham) opened commercial 
mediation centers with USAID-trained mediators.  Several other 
mediation centers continue to operate and train new mediators. 
Mediation, however, is still not widely used due to the limited 
public awareness and judges' reluctance to recommend alternative 
dispute resolution. 
 
¶E. PERFORMANCE REQUIREMENTS AND INCENTIVES 
 
Bulgaria does not impose export performance or local content 
requirements as a condition for establishing, maintaining, or 
expanding an investment.  Employment visas and permits are required 
for most expatriate personnel from non-EU countries.  Permanent 
residence permits are often difficult to obtain.  Private companies 
cannot exceed a 1:10 ratio of non-EU residents to Bulgarian 
employees.  A June 1999 law regulating gambling imposes licensing 
requirements on foreigners organizing games of chance. 
 
The Invest Bulgaria Agency (IBA), the government's investment 
coordinating body, provides information, administrative services, 
and incentive assessments to prospective foreign investors.  Foreign 
investments over BGN 32 million, (about USD 23 million) are deemed 
to be priority "Class A" investment projects.  At the request of 
investors receiving Class A investment certificates, IBA can 
recommend that the competent authorities grant them free real estate 
(either state or municipal property).  Class A investments are also 
eligible to apply for state financing for critical infrastructure 
deemed necessary for the investment plan's implementation. 
Additionally, IBA represents "Class B" investment projects (over BGN 
16 million, or USD 11.5 million) before government authorities, and 
assists with processing all administrative documents.  The 
government policy for investment promotion is not applicable to 
investments in coal mining, steel production, shipbuilding, 
synthetic production, agriculture, and fisheries.  In addition, the 
Investment Promotion Act recognizes Class A and Class B investors 
for investments in high-technology manufacturing and services, or in 
regions with an unemployment rate equal to or higher than the 
country average.  A two-year VAT exemption on equipment imports 
applies to investment projects over EUR 5 million (USD 7 million), 
provided that the project creates at least 50 new jobs. 
 
¶F. RIGHT TO PRIVATE OWNERSHIP AND ESTABLISHMENT 
 
Article 19 of the Constituton states that the Bulgarian economy 
"shall be bsed on free economic initiative."  Private entitie can 
establish and own business enterprises engaging in any profit-making 
activities, unless expresly prohibited by law.  Bulgaria's 
Commercial Coe guarantees and regulates the free establishment, 
acquiition, and disposition of private businessenterprises. 
Competitive equality is the standardapplied to private enterprises 
in competition wih public enterprises. 
 
¶G. PROTECTION OF PROPERTYRIGHTS 
 
Bulgarian law protects the acquisition ad disposition of property 
rights.  In practice, he protection of property rights is subject 
to vaious difficulties.  Although Bulgarian intellectua property 
rights (IPR) legislatio is generally adequate - and in some cases 
stronger than in other EU countries - industry representatives 
believe effective IPR protection requires stronger enforcement, 
including stricter penalties for offenders.  In 2006, Parliament 
passed legislation to strengthen Bulgaria's IPR-related legal 
framework.  The Law on Copyright and Related Rights, the Law on 
Patents and Registration of Utility Models, the Law on Marks and 
Geographical Indications, the Law on Industrial Design and the Penal 
Code were all harmonized with international standards.  As a major 
 
SOFIA 00000039  006.2 OF 014 
 
 
step toward improving the work of the judiciary, Parliament adopted 
a completely new Penal Procedure Code in 2006.  Bulgaria is a member 
of the World Intellectual Property Organization (WIPO) and a 
signatory to key international agreements, including WIPO Internet 
treaties. 
Recognizing Bulgaria's IPR improvements, the United State Trade 
Representative (USTR) removed Bulgaria from the Special 301 Watch 
List in April 2006.  Although the sale of pirated optical disc media 
is diminishing, Internet piracy is turning out to be the greatest 
challenge for the Bulgarian government and rights holders.  The 
software piracy rate for end users and businesses was 69 percent in 
¶2008.  The Bulgarian legal system has not kept pace with new 
Internet-based technologies.  As a result, very few IPR cases were 
successfully prosecuted in 2009. 
 
Copyrights 
---------- 
 
The 1993 Law on Copyright and Related Rights protects literary, 
artistic, and scientific works. Article 3 provides a full listing of 
protected works including computer programs (which are protected as 
literary works).  The Law distinguishes between moral and economic 
rights. The use of protected works is prohibited without the 
author's permission, except in certain instances. Since 2000 the Law 
has undergone major revisions to comply with EU and international 
legislation. 
 
The term for protection of copyrighted works is 70 years after the 
author's death.  For films and other audio-visual works, copyrights 
are protected during the lives of director, screenplay-writer, 
cameraman, or the author of dialogue or music, plus 70 years.  Other 
amendments to the copyright law enabled copyright owners to file 
civil claims to terminate infringing activity, provided for 
confiscation of equipment and pirated materials, enhanced border 
control over pirated material, strengthened copyright protection for 
film producers, and harmonized Bulgarian legislation with the EU 
Association Agreement.  The Copyright Office in the Ministry of 
Culture is responsible for copyright matters in Bulgaria.  The 
National Film Center is responsible for enforcing intellectual 
property rights with regard to films and videos.  Bulgarian 
legislation provides for criminal, civil and administrative remedies 
against copyright violation, but because of the small number of 
court judgments and sentences, law enforcement is still inadequate. 
 
 
Patents 
--------- 
 
Bulgarian patent law has been harmonized with EU law in the areas of 
application for European patents and the patent protection in 
general.  Bulgaria joined the Convention on the Granting of European 
Patents (European Patent Convention) in 2002.  Bulgaria grants the 
right to exclusive use of inventions for 20 years from the date of 
patent application, subject to payment of annual fees. Innovations 
can also be protected as utility models ("small inventions").  The 
term of validity of a utility model registration is four years as of 
the filing date with the Patent Office.  It may be extended by two 
consecutive three-year periods, but the total term of validity may 
not exceed 10 years. 
 
Inventions eligible for patent protection must be new, involve an 
inventive step, and be capable of industrial application. Article 6 
of the Law on Patent and Utility Model Registration lists items not 
regarded as inventions, and Article 7 lists the so-called exceptions 
to patentability.  With regard to utility models, no registration 
shall be granted for methods and objects in the field of 
biotechnology. 
 
Located in the Ministry of Economy, Energy and Tourism, the 
independent Patent Office is the competent authority with respect to 
patent matters.  The patent law describes patent application 
procedures and the examination process.  Patent applications are 
submitted directly to the Patent Office and recorded in the state 
register.  Compulsory licensing may be ordered under certain 
conditions: if the patent has not been used within four years of 
filing the patent application or within three years from the date of 
issue; the patent holder is unable to offer justification for not 
adequately supplying the national market; or declaration of a 
national emergency.  Disputes arising from the creation, protection, 
or use of inventions and utility models can be heard and settled 
under administrative, civil, or arbitration procedures.  Disputes 
are reviewed by specialized panels convened by the President of the 
Patent Office, and may be appealed to the Sofia Administrative Court 
within three months of the panel's decision.  Patent infringements 
are punishable by administrative fines from BGN 300 to 20,000 (USD 
214-14,280). 
 
 
SOFIA 00000039  007.2 OF 014 
 
 
Pursuant to the 1996 Protection of New Types of Plants and Animal 
Breeds Act, the Patent Office can issue a certificate which protects 
new types of plants and animal breeds for between 25 and 30 years. 
In 1998, Parliament ratified the 1991 International Convention for 
the Protection of New Varieties of Plants (UPOV). 
 
Data Exclusivity 
---------------- 
 
Responding to long-standing industry concerns, the Bulgarian 
government included a provision to provide data exclusivity 
(protection of confidential data submitted to the government to 
obtain approval to market pharmaceutical products) in its Drug Law, 
which took effect in April 2007.  As of January 1, 2007, Bulgaria 
grants supplemental protection certificates for pharmaceutical 
products and plant protection products under the EU Regulations. 
This protection is similar to that provided in the U.S. 
 
Trademarks 
---------- 
 
In 1999, Parliament passed a series of laws on trademarks and 
geographical indications, industrial designs, and integrated 
circuits in accordance with TRIPs requirements and the government's 
EU Association Agreement.  The Trademarks and Geographical 
Indications Act (TGIA), as amended in 2005 and 2006 to comply with 
EU standards, regulates the establishment, use, suspension, renewal 
and protection of rights of trademarks, collective and certificate 
marks, and geographic indications. 
 
Registration is refused, or an existing registered trademark is 
cancelled, if a trademark constitutes a reproduction or an 
imitation, or if it creates confusion with a registered or 
well-known trademark, as stipulated by the Paris Convention and the 
TGIA.  Applications for registration must be submitted to the Patent 
Office.  Under the TGIA, well-known trademarks can now be entered 
into a special state register by the Patent Office or the Sofia 
Administrative Court.  In addition, Bulgaria is a member of the 
Lisbon Agreement for the Protection of Appellations of Origin and 
their International Registration. 
 
Right of priority with respect to trademarks that do not differ 
substantially is given to the application that was filed in 
compliance with Article 32 of the TGIA.  Right of priority is also 
established on the basis of a request made in one of the member 
countries of the Paris Convention or of the World Trade 
Organization.  To exercise the right of priority, the applicant must 
file a request within six months of the date of original filing. 
A trademark is normally granted within eighteen months of filing a 
complete application. Refusals can be appealed to the Disputes 
Department of the Patent Office.  The decisions of this department 
can be appealed to the Sofia Administrative Court within three 
months of the decision.  The right of exclusive use of a trademark 
is granted for ten years from the date of submitting the 
application.  Extension requests must be filed during the final year 
of validity, but not less than six months prior to expiration. 
Protection is terminated if a trademark is not used for a five-year 
period. 
 
Trademark infringement is a problem in Bulgaria for many U.S. 
manufacturers.  Bulgarian legislation provides for criminal, civil, 
and administrative remedies against trademark violation.  Although 
severe punishments (up to five years in prison) are available, in 
practice court rulings are rare and sentencing is lenient. 
 
In Bulgaria, trademark and service-marks and rights to geographic 
indications are only protected pursuant to registration with the 
Bulgarian Patent Office or an international registration mentioning 
Bulgaria; they do not arise simply with "use in commerce" of the 
mark or indication.  Under Bulgarian law, legal entities cannot be 
held criminally liable.  Similarly, criminal penalties for copyright 
infringement and willful trademark infringement are limited, 
compared to enforcement mechanisms available under U.S. law. 
 
Industrial Designs 
------------------ 
 
Under Bulgarian law, industrial designs which are new and original 
can be granted certificates and entered in a state register.  The 
term of protection is 10 years, which is renewable to up to 25 
years.  The procedures and conditions for enforcement of industrial 
design rights are similar to those provided for trademarks. 
 
¶H. TRANSPARENCY OF THE REGULATORY SYSTEM 
 
Regulatory Environment 
---------------------- 
 
SOFIA 00000039  008.2 OF 014 
 
 
 
In general, the regulatory environment in Bulgaria is characterized 
by complex regulations, lack of transparency, and arbitrary or weak 
enforcement.  These factors create incentives for public corruption 
and, as a result, foreign investors may experience a cumbersome 
investment climate. 
 
In 2003, Parliament passed the Restriction of Administrative 
Regulation and Control of Economic Activity Act, which establishes a 
general and systematized set of rules for simplifying and 
implementing administrative regulations.  The law defines 42 
operations that must be licensed and introduces two other simplified 
regimes, i.e., registration and permit regimes.  From the 
perspective of regulatory relief, this law was a milestone.  It sets 
forth firm market principles of regulation, requires all regulations 
to be justified by defined need (in terms of national security, 
environmental protection, or personal and material rights of 
citizens), and prohibits incidental restrictions to the stated 
purposes of the regulation.  The law also requires that the 
regulating authority perform a cost-benefit analysis of any proposed 
regulation.  In addition, the law eliminates bureaucratic discretion 
in granting requests for routine economic activities, and provides 
for "silent consent" when the government does not respond to a 
request in the allotted time.  All these reforms considerably 
lighten the potential of regulatory abuse at all levels of 
government.  While the law creates a ground-breaking normative 
framework, its implementation and consistent enforcement has yet to 
be fully realized. 
 
Major Taxation Issues Affecting U.S. Businesses 
--------------------------------------------- -- 
 
Bulgaria has one of the lowest tax rates in the EU.  In 2007 and 
2008, the government moved from a progressive tax system to a flat 
10-percent tax on corporate income and individual income.  Certain 
tax incentives, such as an exemption from corporate tax, apply in 
regions of high unemployment.  Physical persons, but not legal ones, 
in certain industries, pay a "patent" tax (presumptive tax), 
according to a schedule established by Parliament.  Since January 1, 
2008, the size of the "patent tax" is determined by and payable to 
the municipal authorities.  Dividends (and liquidation quotas) 
distributed by a Bulgarian resident company to U.S. investors are 
subject to a withholding tax of 5 percent.  A 50-percent 
depreciation rate is applied on investment in new machinery and 
other equipment, computer hardware, and computer software. 
 
The Treaty for Avoidance of Double Taxation (TADT) between the 
United States and Bulgaria was signed in February 2007 and entered 
into force on January 1, 2009.  The Treaty applies only to direct 
taxes and excludes indirect levies, such as value-added and excise 
taxes, as well as all social contributions.  It also applies to all 
sources of income that residents of either state have received "at 
source" in the other state.  The TADT is designed to reduce the tax 
burden for residents of both states, which will stimulate 
cross-border trade and investment. 
 
Foreign employees are required to have the same insurance and 
unemployment compensation packages as Bulgarian employees. 
Employers must contribute 12.0 and 4.8 percent of employees' gross 
wages for social security and health insurance respectively. 
Employers must also pay 60 percent social security and health 
insurance contributions to an unemployment fund.  Companies 
contribute one percent of gross wages to a workers compensation 
fund.  In 2010, the monthly maximum for social contributions is set 
at BGN 2,000 (USD 1,420). 
 
Bulgaria has a 20 percent single-rate value-added tax (VAT), except 
for some tourist services upon which VAT is levied at seven percent. 
VAT registration is mandatory for companies with turnover exceeding 
BGN 50,000 (USD 35,700) for a period not exceeding 12 consecutive 
months, while all others can register voluntarily.  A different VAT 
regime is in place for trade in goods between Bulgaria and the other 
EU member countries. 
 
All goods and services are subject to VAT except exports, 
international transport, and precious metals supplied to the central 
bank.  VAT payments are generally refunded when goods are resold. 
Exporters may claim VAT refunds within a 30-day period.  Excise 
taxes are levied on tobacco, alcoholic beverages, fuels, certain 
types of automobiles, and gambling. Investors are entitled to VAT 
refunds on locally-purchased goods within 10 days if they meet 
certain investment criteria. 
 
Foreign investors have asserted that widespread tax evasion, 
combined with weak enforcement, place them at a disadvantage. 
Another problem underscored by investors is the frequent revision of 
tax laws, sometimes without sufficient notice. 
 
SOFIA 00000039  009.2 OF 014 
 
 
 
Energy Regulation 
----------------- 
 
The Energy Law establishes a predictable regulatory environment in 
the energy sector where the key regulatory responsibilities are 
vested with the State Energy and Water Regulatory Commission - an 
independent body.  In mid-2007, the electricity market in Bulgaria 
was liberalized to comply with EU energy legislation.  The 
restructuring of electricity monopolies provided equal market access 
and fair competition in the sector. 
 
Competition Policy 
------------------ 
 
The 2008 Law on the Protection of Competition (the "Competition 
Law") is intended to implement EU rules which promote competition 
and consumer protection.  The Competition Law forbids monopolies, 
restrictive trade practices, abuse of market power, and unfair 
competition.  Companies are prohibited from: direct or indirect 
pricing practices; distribution of market shares and supply sources; 
limiting manufacturing development to the detriment of consumers; 
discriminatory treatment of competing customers; tying contracts to 
additional and unrelated obligations; and the use of economic 
coercion to cause mergers.  The law prohibits certain forms of 
unfair competition: damaging competitors' goodwill, 
misrepresentation with respect to goods or services, 
misrepresentation with respect to the origin, manufacturer, or other 
features of goods or services; the use or disclosure of someone 
else's trade secrets in violation of good faith commercial 
practices; and, "unfair solicitation of customers" (promotion 
through gifts and lotteries), which may create difficulties for some 
foreign enterprises.  Monopolies can only be established by law for 
certain categories of activities: railway and postal services; use 
of atomic energy; production of radioactive materials; and weapons 
production.  The Competition Law expands the competency of the 
Commission for Protection of Competition (CPC), defines the 
prohibition on misuse of an oligopoly, and imposes a single 
criterion for assessing the significance of planned concentration: 
the aggregate turnover of the enterprises affected by the 
concentration. 
 
¶I. EFFICIENT CAPITAL MARKETS AND PORTFOLIO INVESTMENT 
 
Since 1997, the Bulgarian Stock Exchange (BSE) has operated under a 
license from the Securities and Stock Exchange Commission (SSEC). 
The 1999 Law on Public Offering of Securities regulates the issuance 
of securities, securities transactions, stock exchanges, and 
investment intermediaries.  Comprehensive amendments to this law 
establish significant rights for minority shareholders of 
publicly-owned companies in Bulgaria.  In addition, they create an 
important foundation for the adoption of international best 
practices for corporate governance principles in public companies. 
 
The BSE's infrastructure has substantially improved in recent years, 
including the establishment of an official index (SOFIX), an 
Internet-based trading system, and a growing number of brokers. 
Investors access the BSE to trade corporate stock government bonds, 
corporate bonds, Bulgarian Depositary Receipts, municipal bonds, and 
mortgage-backed bonds. 
 
In 2008, the BSE lost almost 60 percent of its market capitalization 
as global financial crisis forced large foreign institutional 
investors to reduce their exposure.  The BSE declined another 51 
percent to BGN 10.83 billion (USD 8 billion) through June 2009. 
Following an 80 percent decline in 2008, the large-cap SOFIX index 
declined 0.54 percent in the first half of 2009, and then by 11 
percent in the third quarter of 2009.  In the first half of 2009, 
the BSE reported 44 percent lower trading volume (BGN 926 million, 
USD 700 million) compared to the same period in 2008, and the 
overall number of individual transactions also fell by 58 percent. 
The Bulgarian government is planning to sell its 43% share in the 
BSE to a major stock exchange. 
 
The Banking System 
------------------ 
 
The Bulgarian banking system has undergone considerable 
transformation since its virtual collapse in 1996 and now 
demonstrates both high predictability and client and investor 
confidence.  There are 30 commercial banks (24 subsidiaries and 5 
branches), with total assets of BGN 69.7 billion (about USD 53.5 
billion) and an annual growth of 1.3 percent in November 2009 or 105 
percent of the projected 2009 GDP.  Approximately 39.6 percent of 
bank assets are concentrated in three banks: Bulbank, DSK Bank, and 
United Bulgarian Bank (UBB). 
 
 
SOFIA 00000039  010.2 OF 014 
 
 
Bulgaria has completed the privatization of its state-owned banks, 
attracting some strong foreign banks as strategic investors. 
Foreign investors drawn to the Bulgarian banking industry include 
UniCredito Italiano SpA (UCI), BNP PARIBAS, KBC, National Bank of 
Greece, Societe Generale, Bank Austria Creditanstalt, Raiffeisen 
International, OTP Group, American Life Insurance Company - 
Consolidated Eurofinance Holdings, and Citibank. 
 
Bulgaria's banking system is highly capitalized.  Reflecting 
expanded lending in recent years, the average capital adequacy ratio 
(capital base to risk-weighted credit exposures) for the banking 
system has steadily declined from 43 percent at end-1998 to 17.4 
percent in September 2009, but still remains above the Bulgarian 
National Bank's requirement of 12 percent.  Domestic banks have 
responded to the global financial crisis by reducing risk exposure 
through increased interest rates on both deposits and loans. 
 
Government Securities 
--------------------- 
 
The Bulgarian government finances some of its expenditures by 
issuing bonds in capital markets.  Commercial banks are the primary 
purchasers of these instruments, while pension funds and insurance 
companies participate mainly in the secondary market.  EU-based 
banks are also eligible to be primary dealers of Bulgarian 
government bonds. 
 
In order to acquire Bulgarian government bonds, a foreign bank must 
register with the Ministry of Finance and open a "custody account" 
in Bulgarian Leva. 
 
The Investment Promotion Act defines securities, including treasury 
bills, with maturities over six months as investments.  Repatriation 
of profits is possible after presenting documentation that taxes 
have been paid. 
 
¶J. POLITICAL VIOLENCE 
 
There have been no incidents in recent years involving 
politically-motivated damage to projects or installations. Rather, 
violence in Bulgaria is primarily criminal in nature. 
 
¶K. CORRUPTION 
 
Despite numerous advances in laws and legal instruments, corruption 
is still one of the gravest problems in Bulgaria's investment 
climate.  Bulgaria ranks 71st among 180 countries in Transparency 
International's (TI) Corruption Perception Index for 2009, up one 
place from 2008. 
 
The established human trafficking, narcotics, and contraband 
smuggling channels that contribute to corruption in Bulgaria have 
yet to be broken.  The Bulgarian public generally holds the police, 
the judiciary, customs officials, and politicians in low regard, due 
to their perceived corruption. 
 
Bribery is a criminal act under Bulgarian law for both the giver and 
the receiver.  Penalties range from one to fifteen years' 
imprisonment, depending on the circumstances of the case, with 
confiscation of property added in more serious cases.  In very grave 
cases, the Penal Code specifies prison terms of 10 to 30 years. 
Bribing a foreign official is a criminal act.  There have been 
trials and convictions of enterprise managers, prosecutors, and law 
enforcement officials for corruption.  While Bulgarian tax 
legislation does not explicitly prohibit the deduction of bribes in 
the computation of domestic taxes, deductions connected with bribery 
and other illegal activities are not allowed under the tax code. 
 
Bulgaria has a 1998 Law on Measures against Money Laundering, which 
also covers bribery, and in 1998 was one of the first non-OECD 
nations to ratify the OECD Anti-Bribery Convention.  Bulgaria has 
also ratified the Council of Europe Convention on Laundering, 
Search, Seizure, and Confiscation of Proceeds of Crime (1994) and 
the Civil Convention on Corruption (1999).  Bulgaria has signed and 
ratified the UN Convention against Corruption (2003); the Additional 
Protocol to the Council of Europe's Criminal Law Convention on 
Corruption; and the UN Convention Against Transnational Organized 
Crime. 
 
The new Bulgarian government, elected in July 2009 on an 
anti-corruption platform, indicted four former ministers and 
dismissed several other ex-government officials for corruption.  The 
government has initially demonstrated strong political will to 
restore public trust, but has yet to show sustained progress in the 
fight against organized crime and corruption. 
 
¶L. BILATERAL INVESTMENT AGREEMENTS 
 
SOFIA 00000039  011.2 OF 014 
 
 
 
As of 2010, Bulgaria has foreign investment promotion and protection 
treaties or agreements with Albania, Algeria, Argentina, Armenia, 
Austria, Belarus, Belgium-Luxembourg, China, Croatia, Cuba, Cyprus, 
Czech Republic, Denmark, Egypt, Finland, France, Georgia, Germany, 
Greece, Hungary, India, Indonesia, Iran, Israel, Italy, Jordan, 
Kazakhstan, Kuwait, Latvia, Lithuania, Lebanon, Libya, Macedonia, 
Malta, Moldova, Mongolia, Montenegro, Morocco, Netherlands, Poland, 
Portugal, Qatar, Republic of Korea, Romania, Russia, Serbia, 
Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Syria, 
Thailand, Tunisia, Turkey, Ukraine, the United Kingdom of Great 
Britain and Northern Ireland, the United States, Uzbekistan, 
Vietnam, and Yemen. 
 
Bulgaria has a Bilateral Investment Treaty (BIT) with the United 
States, which guarantees national treatment for U.S. investments and 
creates a dispute settlement process.  The BIT also includes a side 
letter on protections for intellectual property rights.  The 
Governments of Bulgaria and the United States exchanged notes in 
2003 to make Bulgaria's obligations under the BIT compatible with 
its EU obligations, and finalized the process in January 2007. 
 
¶M. OPIC AND OTHER INVESTMENT INSURANCE PROGRAMS 
 
In 1991, the Overseas Private Investment Corporation (OPIC) and the 
Bulgarian government signed an Investment Incentive Agreement, which 
governs OPIC's operations in Bulgaria.  OPIC provides medium- to 
long-term funding through direct loans and loan guarantees to 
eligible investment projects in developing countries and emerging 
markets.  OPIC also supports a number of privately owned and managed 
equity funds, including a regional fund for Southeast Europe created 
in 2005 for investments in companies in Bulgaria and other Balkan 
countries.  OPIC's Small- and Medium-Size Financing is available for 
businesses with annual revenues under USD 250 million.  OPIC's 
structured financing focuses on U.S. businesses with annual revenue 
over USD 250 million and supports large capital-intensive projects 
such as infrastructure, telecommunications, power, water, housing, 
airports, hi-tech, and financial services. 
 
OPIC offers American investors insurance against currency 
inconvertibility, expropriation, and political violence.  Political 
risk insurance is also available from the Multilateral Investment 
Guarantee Agency (MIGA), which is a World Bank affiliate, as well as 
from a number of private U.S. companies. 
 
¶N. LABOR 
 
Bulgaria's workforce officially consists of 3,280,000 (third quarter 
of 2009) well-educated and skilled men (53 percent) and women (47 
percent).  The adult literacy rate in Bulgaria is 98 percent.  A 
high percentage of the workforce has completed some form of 
secondary, technical, or vocational education.  Many Bulgarians have 
strong backgrounds in engineering, medicine, economics, and the 
sciences, but there is a shortage of professionals with Western 
management skills.  The demand for skilled managers is increasing 
with an influx of high technology, innovative and knowledge-based 
companies from the EU.  The aptitude of workers and the relative low 
cost of labor are considerable incentives for foreign companies, 
especially those that are labor-intensive, to invest in Bulgaria. 
 
The Bulgarian Constitution recognizes workers' rights to join trade 
unions and organize.  The National Council for Tripartite 
Cooperation (NCTC) provides a forum for dialog among government, 
employer organizations, and trade unions on issues such as 
cost-of-living adjustments.  An established practice each year of 
negotiating the so-called "social security thresholds" between trade 
unions and the employers organizations helps determine the minimum 
monetary basis for calculating the relative amount of employer and 
employee social security contributions. 
 
Bulgaria has two large trade union confederations represented at the 
national level, the Confederation of Independent Trade Unions of 
Bulgaria (CITUB) and Confederation of Labor "Podkrepa" ("Support"). 
Currently, the estimated trade union membership is about 350,000 for 
CITUB and over 150,000 for Podkrepa.  CITUB, the successor to the 
trade union integrated with the Communist Party, has been reformed 
and has long since severed its ties to the socialists, whereas 
Podkrepa is an independent confederation.  There are very few 
restrictions on trade union activity, but employees in smaller 
private are often not represented by trade unions.  In addition, 
there are six nationally recognized employer organizations currently 
in Bulgaria which target different industry and company membership. 
 
 
Under the Bulgarian Labor Code, employer-employee relations are 
regulated by employment contracts.  The framework of the employment 
contracts can be shaped through collective bargaining.  Collective 
 
SOFIA 00000039  012.2 OF 014 
 
 
labor contracts can be concluded at the sectoral level, enterprise 
level, and municipal level (only for activities financed by the 
budget).  The labor code addresses worker occupational safety and 
health issues, establishes a minimum wage (determined by the Council 
of Ministers), and prevents exploitation of workers, including child 
labor.  The labor code clearly delineates employer rights, 
strengthening management's hand in disciplining the workforce. 
Disputes between labor and management can be referred to the courts, 
but resolution is often subject to delays.  The idea for 
establishing so-called "labor courts" has so far been in deadlock. 
Neither foreign companies, nor majority foreign-owned Bulgarian 
companies are exempt from the requirements of the labor code. 
 
Over the last five years, the labor code has been amended to address 
labor market rigidities and bring labor legislation into compliance 
with EU requirements.  In 2008, the Parliament passed changes in the 
labor legislation to increase fines to EUR 15,000 (USD 21,000) for 
labor code violations.  The minimum annual paid leave is 20 days. 
As of January 2010, the minimum wage is BGN 240 (USD 171) per month. 
 
 
During 2002-2003, the Ministry of Labor formed the National 
Institute for Conciliation and Arbitration (NICA), which developed 
framework for collective labor dispute mediation and arbitration. 
NICA includes representatives from labor, employers, and government. 
 NICA-sponsored collective labor dispute resolutions are still few 
in number.  A number of the appointed mediators received basic 
mediation skills training from the U.S. Federal Mediation and 
Conciliation Service.  As of April 2009, there are 36 appointed 
mediators. 
 
¶O. FOREIGN-TRADE ZONES/FREE-TRADE ZONES 
 
There are six duty-free zones in Bulgaria: Ruse and Vidin ports on 
the Danube; Plovdiv; Svilengrad (near the Turkish border); Dragoman 
(near the Serbian border); and Burgas port on the Black Sea.  They 
are all managed by joint stock or state-owned companies.  The 
government provided land and infrastructure for each zone. 
 
Foreign individuals and corporations, and Bulgarian companies with 
1.0 percent or more foreign ownership may operate in a duty-free 
zone.  Thus, foreign-owned firms have equal or better investment 
opportunities in the zones compared to Bulgarian firms.  All forms 
of economic activity are permissible in duty-free zones.  Foreign, 
non-EU goods delivered to the free zones for production, storage, 
processing, or re-export are VAT and duty exempt.  Bulgarian goods 
may also be stored in free zones with permission from the customs 
authorities.  With Bulgaria now in the EU, the duty-free zones no 
longer apply tax and duty exemptions to exports from Bulgaria to 
other EU countries. 
 
EU integration has encouraged regional authorities to attract 
outside investors and spur local economic development.  In 
partnership with the private sector, they provide resources (ground, 
infrastructure, etc.) for the development of industrial zones and 
parks, which are different from duty-free zones in that they do not 
provide for any form of preferential tax treatment.  Currently, 
there are a total of 39 industrial zones at various stages of 
development. 
 
¶P. FOREIGN DIRECT INVESTMENT STATISTICS 
 
Between 1992 and 2008, total cumulative FDI into Bulgaria amounted 
to USD 43,574.7 billion (94 percent of GDP in 2008).  FDI in 2008 
totaled USD 8.9 billion (19 percent of GDP).  Bulgaria's direct 
investment stock abroad was a total of USD 661.9 million in 2008. 
 
Total FDI in Bulgaria 
--------------------- 
 
Year      USD in millions 
 
1992     34.4 
1993     102.4 
1994     210.9 
1995     162.6 
1996     256.4 
1997     636.2 
1998     620.0 
1999     818.8 
2000     1,005.0 
2001     812.9 
2002     969.7 
2003     2,099.0 
2004     3,443.4 
2005     3,916 
2006     7,799 
 
SOFIA 00000039  013.2 OF 014 
 
 
2007     11,756 
2008     8,932 
 
Total     43,574.7 
 
(Source: Bulgarian National Bank; Invest Bulgaria Agency) 
 
FDI by Country of Origin (1996-2008) 
------------------------------------ 
 
Country    USD in millions 
 
Austria     7320.9 
Netherlands    5,654.2 
Greece     4,193.1 
U.K.     3,696.1 
Germany     3,040.6 
Cyprus     2,354.3 
Belgium and Luxemburg  2,198.6 
USA*      1,753.7 
Hungary     1,597.5 
Italy     1,507.6 
Russia     1,372.3 
Ireland     1,385.6 
Czech Republic   1,290.1 
Spain     1,233.1 
Switzerland    1,228.4 
France     979.8 
Turkey     492.8 
Denmark     406.8 
Israel     315.9 
Slovenia     215.6 
Latvia     207.4 
 
 (Source: Bulgarian National Bank; Invest Bulgaria Agency) 
 
* Owing to methodological quirks, not all data accurately reflect 
investment rankings. Official investment statistics currently rank 
the United States 8th in terms of overall investment in Bulgaria for 
the period 1992-2007.  While the Bulgarian Central Bank credits the 
United States with investments at the rate of $40-$50 million per 
year in the last eight years, this data does not capture a large 
share of U.S. FDI in Bulgaria, because it is channeled through 
European subsidiaries of American parent companies. 
 
FDI by industry (1998-2008) 
--------------------------- 
 
Industry        USD in millions 
 
Real estate and business activities   10,176.2 
Financial activities      8,836.2 
Manufacturing        8,525.1 
Trade and repairs       7,504.7 
Construction        3,063.4 
Electricity, gas and water     2,633.8 
Telecommunications and transport    2,406.8 
Hotels and restaurants      720.5 
Agriculture, forestry and fishing    248.6 
Mining         180.9 
Education        19.4 
 
(Source: Bulgarian National Bank) 
 
Selected Foreign Direct Investments (2007-2009) 
--------------------------------------------- -- 
 
(Investor Country, Sector, Bulgarian Firm, USD/mil.) 
 
--Enel, Italy, power generation, Maritza Iztok Three, 312.7 
 
--AES Geo Energy, U.S./Germany, renewable energy, AES Geo Energy, 
252.8 
 
--Wind Energy 2007, Japan, renewable energy, Wind Energy 2007, 
218.2 
 
--Alpic Group, Switzerland, renewable energy, Vetrocom, 115.8 
 
--Electrawinds, Belgium, renewable energy, Electrawinds Bulgaria, 
75.6 
 
--Solvay, Belgium, manufacturing, Solvay Sodi, 71 
 
--Wienerberger Solvay Group, Austria/Belgium, manufacturing, 
Pipelife Bulgaria, 45.3 
 
 
SOFIA 00000039  014.2 OF 014 
 
 
--Yazaki, Japan, manufacturing, Yazaki Bulgaria, 31.5 
 
(Source: Invest Bulgaria Agency) 
 
¶Q. WEB RESOURCES 
 
Embassy of the United States in Sofia, Bulgaria 
http://bulgaria.usembassy.gov/ 
 
Overseas Private Investment Corporation 
http://www.opic.gov 
 
Export-Import Bank of the United States 
http://www.exim.gov 
 
United States Trade and Development Agency 
http://www.ustda.gov 
 
Invest Bulgaria Agency 
http://www.investbg.government.bg 
 
The Bulgarian Investment and Business Network 
http://www.investnet.bg/ 
 
SUTTON