2 Indian Firms Set for Massive Bulgarian Investments - EconMinBusiness | October 17, 2012, Wednesday // 20:02| views
Bulgarian Economy Minister Delyan Dobrev has returned from India with investment news. Photo by BGNES
Two large Indian companies are planning to invest in Bulgaria creating a large number of jobs, according to Bulgarian Economy Minister Delyan Dobrev.
Dobrev spoke at the annual forum of IBM in Bulgaria on Wednesday, after paying a working visit to India.
In his words, the first of the Indian companies in question is Sutherland Global Services, which already has business activity in Bulgaria through its subsidiary Sutherland Global Services Bulgaria.
Sutherland Global Services, a business process outsourcing company, already employs 300 people in Bulgaria, and according to Minister Dobrev, intends to increase the number of its Bulgarian workers by 300 after planned amendments to the Investment Encouragement Act, which will subsidize foreign investors' social security spending in Bulgaria, enter into force.
"The government will be assuming the spending of investors' on the social security of their newly-hired employees for a period of two years if the investors are committed to employing them for at least five years," Dobrev explained, reminding that the changes in the Investment Encouragement Act were approved by the Bulgarian Parliament at first reading last week.
The Indian outsourcing firm is said to be creating its new jobs in Bulgaria outside of Sofia – in Burgas, Varna, Plovdiv, and Ruse.
The second Indian investor planning to employ many people in Bulgaria is IT services conglomerate WIPRO that will start feasibility studies for setting up facilities for manufacturing hydraulic cylinders in Bulgaria; it is said to receive real estate incentives from the Bulgarian government where it can station its Bulgarian facilities.
Bulgaria's Economy Minister further announced Bulgarian machine and food processing industry equipment manufacturers will participate in India's largest international engineering sourcing show opening on March 14-16, 2013, in Mumbai.
Dobrev believes that Bulgarian food processing firms have the potential to enter the Indian market as investors and producers.