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EBRD: Bulgaria Set to Become Balkan Tiger in IT, Media

Date: 13.05.2009

Bulgaria is emerging as a global IT player, and a Balkan Tiger in IT and media, according to Nicholas Jeffery, a Senior Advisor at the European Bank for Reconstruction and Development.

Jeffery has pointed out that the EBRD was especially excited about Bulgaria in terms of the possibilities for its development in the IT, telecommunications and media sector.

Jeffery believes that Bulgaria has a perfect combination of talent pool, connectivity, and geography that create all conditions for it to become a regional and even a global hub of the IT and telecommunications industry.

"We honestly believe that Bulgaria has the opportunity to become this Balkan tiger in terms of software development. First, the fact that EBRD is saying it, is strong, and, second, we are putting our money where our mouth is. We want to help you be very good, and we are going to invest", Jeffery stated.

Jeffery has stressed the fact that the international environment has changed, and now Bulgarian software developers no longer needed to leave Bulgaria.

In his words, they could now make only 20 %-15 % less than their colleagues in Silicon valley, which, adjusted to the Bulgarian cost of living was practically the same, and the same time they now how the chance to work on exciting projects for global IT companies, and all this in the country where their home and family and friends are.

Jeffery and the EBRD Associate Banker, Vera Blagev, have declared in 2009 the Bank was looking for seven to ten medium-sized Bulgarian businesses in the IT and telecommunications sector with which to invest.

Blagev has mentioned Teracomm and Kontrax as two medium-sized Bulgarian companies that the EBRD finds interesting in terms of their projects and ambitions to go international.

Jeffery and Blagev's are really hopeful the EBRD could help Bulgaria turn into the Balkan Tiger in software development.

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