High-Tech Is One of Bulgaria’s Fastest Growing Industries, Expert Says

Sofia, Oct 21 (BTA/GNA) – The high-tech industry is one of the fastest growing in Bulgaria with a growth of 10-15% on an annual basis, chairman of the Association for Innovation, Business Excellence, Services and Technology (AIBEST) Ilia Krustev said at a briefing on Friday in Blagoevgrad, before the start of a conference on the high-tech sector in Bulgaria organized by the Association.

Krustev said that the analysis for 2020 shows that the gross domestic product (GDP) generated by the industry is 5.6%. The figures for 2021 will be clear in a month, but there growth is back to levels above 15%, so GDP will be higher. Revenues for 2020 were close to BGN 7.5 billion, and in 2021 they will be between BGN 8 and 9 billion, according to Krustev’s summary.

The industry employed around 80,000 people in 2020, generating nearly 6% of GDP. Krustev said that is quite significant, and if Bulgaria wants to catch up with the countries in Western Europe, it needs to catch up at a rate that is significantly faster than theirs. Unfortunately, Bulgaria boasts very few industries that are growing at a higher rate than Western Europe, and one of them is high technologies, Krustev added.

Given the levels of remuneration in the high-tech sector, average welfare payments per person in the industry are about two-and-a-half times the national average, said the AIBEST chairman.

The conference is held at the American University in Bulgaria and hosted by the Municipality of Blagoevgrad. The forum will discuss the factors and measures that need to be taken at local and national level to attract new investment and create a favourable business environment for the development of the sector, the municipality said.

BTA/GNA