Bulgaria Most Attractive to the Automotive Sector in Europe
Tuesday, 08 November 2016
Bulgaria heads the list of the top ten countries in terms of attractiveness to the automotive sector in Europe. This was revealed in the latest research by Colliers and Automotive Cluster Bulgaria, which took place during the second half of 2016, Property Forum reports.
In the ranking, created for the purposes of the research, Bulgaria is compared to Romania, Hungary, Poland, Czech Republic, Spain, UK, Italy, France and Germany. The order is based on an index consisting of the weighted positions of the countries in the list. The weight of each factor is determined by survey responses in the section "Reasons to Choose Bulgaria". The result was multiplied by the respective position of the country, according to each indicator in the section "Cost Comparison". The ranking takes into consideration only the sample of expenditures specified in the report. The lower the index, the better conditions are offered by the respective country.
The study by Colliers and Automotive Cluster Bulgaria shows that there are 100 large enterprises producing parts for almost every brand from the global automotive industry. The prevailing part of them are Tier 1, 2 and 3 suppliers and one is a producer with an assembly plant. R&D companies are focused on improving the automation of manufacturing, as well as designing contemporary electronic systems. Automotive sector companies are present in all regions of Bulgaria, while South Central registers the highest activity. The industry employs over 33,000 people and the revenue generated throughout 2015 was 1.55 billion euros or 3.5% of the country's GDP.