Bulgarian automotive industry in upsurge
Despite its weak start, the Bulgarian automotive industry has turned into a leading one in this country at times when the growth in sectors such as tourism and real estate is almost flat. Around 50 companies including small subsidiaries, international suppliers and small local manufacturers employ almost 9 000 people in Bulgaria. The industry made sales worth EUR 1 billion in 2011 and accounts for nearly 4% of the total export volumes of Bulgaria, shows data of the British financial daily newspaper Financial Times. Clients of the Bulgarian automotive industry are companies such as Mercedes-Benz, BMW, Ford, Audi, Citroen, Peugeot and Renault. The automotive suppliers are attracted to do business in Bulgaria by the low expenses on manpower as compared to other EU countries as well as by the 10% flat tax rate and the stable Bulgarian currency, which was fixed to the Euro in the monetary board. Moreover, foreign companies can employ many young engineers in this country. On another hand many skillful and experienced experts in this industry are now returning home due to the higher unemployment in the USA and the EU.