21.02.2022 BDB supported a study of the technology sector in Sofia

Challenges facing the sector include access to profiled staff and capital, lack of regulatory framework and government infrastructure

The technology sector is the most progressive in Bulgaria, growing threefold in recent years - more than any other sector in the economy. In information and communications technology alone, this growth is from 1.8% of GDP in 2011 to 5.6% in 2020. This became clear at the presentation of the first study of its kind - Endeavor Insight Report, on the main challenges and opportunities for the development of the technology sector in Sofia. The Bulgarian Development Bank supported the research of the global entrepreneurial network Endeavor.

The technology sector employs nearly 34 thousand people, whose average wage is 3.4 times higher than the national average, and whose labour productivity levels are competitive with global levels. According to Endeavor's research, Bulgaria has a chance to be a leader in the entrepreneurial ecosystem in Southeast Europe.

Participants in the discussion included the Minister of Innovation and Growth Daniel Lorer, the Executive Director of the Bulgarian Development Bank (BDB) Tsanko Arabadzhiev, the Mayor of Sofia Yordanka Fandakova and the other partners who supported the study - the Fund of Funds, Invest Sofia and the Bulgarian Startup Association.

The Executive Director of the BDB, Tsanko Arabadzhiev, expressed his conviction that in the coming years Bulgarian entrepreneurship and innovative companies will receive the necessary support to develop even more extensively.

"The Bulgarian Development Bank will be there for them and their growth, because we are thinking in the same direction," Arabadzhiev said.

Challenges facing the sector include access to profiled staff and capital, lack of regulatory framework and government infrastructure.

The report also provides strategic recommendations for the development of the country's technology sector, such as the inclusion of activities related to retaining and attracting expertise, as well as well-systemised capital and institutional support. It is also important to improve the legal and administrative environment and policies, borrowing best practices from other countries.

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