One of the crucial decisions is choosing between London or another city, as different regions offer strategic advantages depending on the type of business, says Desislava Miteva, Executive Director of the British-Bulgarian Business Association. The interview was published in Manager.bg.
What currently captures the attention of the business community in Bulgaria and the United Kingdom the most?
In recent years, one of the biggest and most significant challenges for businesses in both countries has been the shortage of labor. In our discussions with partners and members, we see that finding people with the necessary skills and education is becoming increasingly difficult in both Bulgaria and the UK. This is due to several factors, including changing employer needs compared to traditional education, rapidly developing economies that strain the labor market, and, for the UK, a significantly reduced flow of labor from the EU.
What is your strategy for attracting new investments and stimulating business exchange between Bulgaria and the UK after Brexit?
Many people believe that Bulgaria has a poor image in the UK. However, the truth is that the British don’t think of our country when planning their expansion abroad.This is why we are working intensively with our partner network there to put Bulgaria on the radar of British investors. The British-Bulgarian Business Association is a member of the Association of British Chambers of Commerce, which brings together British companies at both local and international levels.
We are building Bulgaria’s image by organizing several trade delegations of Bulgarian businesses to visit the UK each year and meet potential partners through targeted meetings and event visits. Additionally, we closely cooperate with the Bulgarian Embassy in London and the British Embassy in Sofia, as well as with the Executive Agency for Small and Medium-sized Enterprises (SMEs) and the Investment Agency to provide the best possible support for investors from both countries. For a year now, we have also been actively working to establish a hub in the UK to support Bulgarian companies entering that market.
What specific support can this business hub provide?
It will be officially announced soon, but at this stage, I can share that we are working with partners from all sectors, including associations, investors, and government structures. The goal is to support companies and guide them to make the best choices when considering how to enter the British market. One of the key decisions is whether to choose London or another city, as different regions have strategic advantages based on the type of business. Of course, once they enter the market, our role continues to support their growth.
As for British companies in Bulgaria, we and our members here provide the necessary support, services, and a network of contacts. We are also active in the dialogue between business and the government, participating in the drafting and discussion of legislative initiatives.
What are the specific steps a company should take if they are looking to enter the British market?
As a start, we would welcome companies interested in the British market to reach out to us. We will direct them to where they can find the necessary information and connect them with experts who can assist them at every step, from market research to how to best present their products and assess the most suitable legal framework for their successful market entry. If they are just starting to explore the market, we would recommend their participation in the trade missions we organize, allowing them to see firsthand how business operates and refine their approach.
Which sectors are Bulgarian companies primarily interested in when considering the British market?
In recent years, the technology sector has been the most active in developing business relationships with the UK. We have companies offering highly competitive products and services, and they see the United Kingdom as the next step in their global expansion. They are complemented by traditionally strong industries between the two countries, such as food and beverages, furniture, machine parts, energy, and more. We represent the most prominent British trade expos in fashion and design (PURE), food and beverages (IFE), and educational technology (BETT) and assist Bulgarian companies in showcasing their products and services.
How do British companies evaluate the business environment in Bulgaria?
They highly appreciate Bulgaria’s EU membership, which provides access to the European single market. They also value the stable currency and economy, the quality of the workforce, English language proficiency, and our proximity to Asia. In recent years, they have been paying attention to the unstable political situation, but we believe that has passed.
What role does education and training play in the activities of the British-Bulgarian Business Association?
We have around 240 member companies from various sectors and of varying sizes. They all represent a rich pool of knowledge and skills. We believe that the best way to unite a community is through sharing, so we organize many opportunities for this, including seminars, conferences, business meetings, and personal introductions. We often host online events where British companies and universities present best practices that can benefit Bulgarian businesses. Some of the topics we actively and regularly discuss are related to green transformation, healthcare, and education.
For the interview in Bulgarian here.