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GreekReporter.comGreek NewsEconomyAlmost 2,000 Greek Companies Relocated to Bulgaria in 2015

Almost 2,000 Greek Companies Relocated to Bulgaria in 2015

ambassador-greeceGreece’s Ambassador to Bulgaria Dimosthenis Stoidis said that about 2,000 Greek companies relocated to the neighboring country in 2015.
The ambassador spoke to Bulgaria’s Novinite news agency about several issues regarding the two neighbors. On the migrant crisis, Stoidis said he believes cooperation between Greece and Bulgaria has been “really effective.”
On the energy cooperation between the two countries, the Greek ambassador said that the natural gas Interconnector Greece-Bulgaria [IGB], is “a huge priority for us, neighbors. This is really a strategic project which will lead the relationship to extremely close cooperation. Also, there is an agreement on cooperation on involvement of companies on either side with regards to the eventuality or the perspective of building an LNG terminal, probably in Alexandroupolis.”
On the issue of Greek companies relocating to Bulgaria because of lower taxes, Stoidis said that, “The flat tax, the stable VAT, are at least two of the major elements that create a very favourable environment in Bulgaria for foreign businesses, and also for Greek businesses. There have been here in the past, I think at least with 2015 data, about 12,400 (companies) which are Bulgarian-registered but of Greek participation in their activities. It’s too large a number. But there doesn’t seem to be large numbers recently. Considerable businesses have not come, and there is one good reason. Probably they established themselves. Almost 2,000 more came to Bulgaria in a year’s time, so the total is 14,400.”
The Greek ambassador explained that the outflow of Greek businesses “does not cause great concern to the Greek economy, because this was not accompanied by great transfer of major capital. There are elements of the equation that sometimes need to be confirmed or verified objectively in the long run. I hear about businesses sometimes coming to Sandanski, Petrich, especially in the south, from Greece, but these are not supposed to be very big companies.”

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