BG LEADER IN NEARSHORING
Phoenix, October 4, 2021 –DIGITANITY. There has been significant progress in the nearshoring sector for Bulgaria in recent years, and the country has emerged as one of the best European Leaders in nearshoring today. Major international companies have noticed this too. Companies like IBM, Coca-Cola, Sutherland Global Services, and Hewlett Packard reap the benefits of the intellectual genius and other benefits that Bulgaria offers.
What makes Bulgaria such an attractive nearshoring destination?
- Lower Costs – Bulgaria boasts highly skilled professionals with competitive real estate prices, making Bulgaria one of the most lucrative nearshoring opportunities available.
- Highly Qualified Workforce- More than 50% of the Bulgarian population has attained a university degree, and over 80% of Bulgarians have their high school degree or higher education. Additionally, the Software and Services Industry shows that an average of 30,000 new Bulgarian Professionals graduates enters the job market each year. Even more interesting is that about half of the 4 million Bulgarian workforce speak two languages and members of the country speak twenty-five languages overall. English is a language pursued by 80% of Bulgarians while they are in school, giving Bulgarians the unique ability to communicate with a wide variety of people from all around the world- an invaluable skill in the world of nearshoring.
- Well-Positioned- Location-wise, you can reach almost every significant European capital within two hours from Bulgaria if you travel by airplane. It’s a very strategic location that is highly valued both culturally and geographically. This location helps enhance real-time collaboration. Because of it, foreign investors know that they can expect excellent work ethics and a fantastic business attitude from Bulgarians.
- Suitable Tax System and Stable Economy- The Bulgarian economy is stable as the currency is adjusted to the Euro. Furthermore, the country also boasts a 10% flat tax rate.
- Well-Developed Secondary Cities and Top-Notch Infrastructure- The city of Sofia was the main commercial area for Nearshoring in Bulgaria. Still, nowadays, 2nd tier cities are being developed that function as new nearshoring centers. The places often frequented by international companies include Veliko Tarnovo, Burgas, Varna, and Plovdiv. Additionally, these cities are equipped with excellent internet connections and modern office buildings to suit the needs of the 21st-century worker. According to Net Index, Bulgaria ranks in the top 50 globally for the fastest broadband internet speeds. Net Index is a free service that compares the upload and download speeds of broadband connections in different countries and ranks them using Pingtest.net and Speedtest.net.
Interesting Facts about Nearshoring in Bulgaria
1. Bulgaria’s IT industry is growing faster than the country’s economy.
It contributes about 7.9% of the nation’s Gross Domestic Product (GDP). Therefore, the country is filled with the technological and software geniuses that many companies need. When you nearshore to Bulgaria, you will get the opportunity to hire skillful developers, and your business will get to keep up with innovations too.
2. The Bulgarian government emphasizes the training of its young people for a lucrative career in the nearshoring sector.
It includes foreign language proficiency as well as a solid technical education. The country boasts about fifty-one universities, with thirty-eight of them offering majors associated with the IT industry. 2020 saw over 10,000 students graduating from the IT sector. Many graduates are fully suited to meet the needs of the Nearshoring Industry.
Bulgaria is an excellent destination for nearshoring. It will continue to be one of the best European leaders in the Nearshoring sector.
We at Digitanity are here to help you unlock the genius locked away in Bulgaria and use it to grow your business. At the same time, Digitanity will help you seize the advantages of their low tax rate, supportive government, top-notch infrastructure, and overall low costs.