Italian Fashion House Armani Considers Opening Factory in Bulgaria

Business | September 9, 2015, Wednesday // 10:17|  views

Executive director of the Bulgarian Small and Medium Enterprises Promotion Agency (farthest to the left) during a meeting with representatives of Italian business at Expo 2015 in Milan. Photo: Bulgarian Small and Medium Enterprises Promotion Agency

One of the leading Italian fashion houses – Armani is considering to open a factory for male ready-to-wear clothing in Bulgaria.

This became clear at a meeting between the executive director of the Bulgarian Small and Medium Enterprises Promotion Agency, Marieta Zaharieva, and representatives of the company in Milan.

The meeting occurred during the business forum organised within the framework of the "Bulgarian days at Expo 2015", which is taking place in the Italian city, daily Dnevnik informs.

The Italian company is studying the area around the Bulgarian city of Pleven as a potential place for investment and is assessing the opportunity for securing skilled labour force.

Armani is interested in applying for funding under different projects and programmes for staff training and the company hopes that it will be supported by the Bulgarian state in this respect.

Zaharieva has also proposed for personnel to be sent to Italy for training.

Armani will also research the opportunities for applying for funding under the Innovation and Competitiveness Operational Programme for obtaining the necessary equipment and technologies for the factory.

Italy is an important market and partner for Bulgaria and the cooperation between the two countries is deepening, a press statement of the Bulgarian Small and Medium Enterprises Promotion Agency informs.

This is demonstrated by the fact that representatives of more than 200 Italian firms attended the business forum.

There was a 6.2 % increase in the trade exchange between Bulgaria and Italy.

Italian businesses are interested in expanding their activities in Bulgaria in areas such as: the production of automobile parts, operating concessions of ports and airports and the modernisation of railway infrastructure.

Zaharieva identified some of the sectors in which cooperation can be deepened and the exports of Bulgarian goods to Italy can be increased – bio foods, honey production, wine making, can manufacture, production of sugar and chocolate products, dairy products and chemical production.

The production of lavender and rose oil used for cosmetics and perfumery production also represents interest to Italian companies.

Deputy Economy Minister Lyuben Petrov admitted that the priority sectors for attracting investments are the high-tech sector, electronics, IT and the pharmaceutical industry.

Italy is Bulgaria's third largest foreign trade partner after Germany and Russia, with the trade exchange between the two countries exceeding EUR 4 B.

Italy has invested more than EUR 1.4 B in Bulgaria, with more than 1000 Italian firms operating in the country, which have provided employment to 25 000 people.


Tags: Bulgaria, Italy, Armani, fashion, factory, business, Expo 2015, trade, production, investment, employment

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