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Prime Minister Sees FirstPrime Minister Sees FirstSigns of Economic GrowthSigns of Economic Growth

Analyses:Analyses:Ukraine - No optimismUkraine - No optimismWhere East meets WestWhere East meets WestThe E-GovernmentThe E-Government ChimeraChimera

AmCham News:AmCham News:Green BusinessGreen Business InnovationsInnovationsOptimize ResourcesOptimize ResourcesConference DebatesConference Debates Energy Securit yEnergy Securit y

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As our main title in this issue says, Government Sees First Signs of Economic Growth. That was the message of the Prime Minister Plamen Oresharski at the luncheon with the merican Chamber of Commerce in Bulgaria (page 4).

During the event Oresharski was not spared any inconvenient ques-tions. The business representatives in attendance asked about the problems of companies developing renewable energy sources, the delay of e-government (see analysis by Investor.bg on Page 13), as well as the ability of EU citizens to buy land in Bulgaria. All these questions have been repeatedly raised by firms and recently by President Rossen Plevneliev, who suggested a prompt referendum on Bulgaria’s electoral system.

We will be monitoring closely the development of the president’s idea, which can turn out to be beneficial to the development of civil society but the question is how it will impact the businesses since it may lead to potential reshuffling of the political system. AmCham Bulgaria Magazine will keep you in the loop, so to speak.

Our special correspondent Boyko Vassilev is posing uneasy questions on the future of Ukraine as well. Bulgaria’s gas deliveries pass through this country, which became an arena of violent clashes over conflicting views of its future – whether to stick with the European Union or Russia. If we can say that the events in former Yugoslavia made up the last European war of the 20th century, can it be that the bloody confrontations in Kiev between police and protesters have signaled the first European war of the 21st century? For more, read Vassilev’s analysis on Page 10.

Finally, some good news: in this issue we have a record number of stories about new AmCham members. Our warmest welcome to AbbVie, Bulstrad Life, Coca Cola Enterprises, NU Boyana, Provident, Sopharma Trading and Walltopia!

Sincerely,

Milen MarchevEditor-in-Chief

Dear Reader,

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Publisher American Chamber of Commerce in BulgariaBusiness Park Sofia, Mladost 4 AreaBuilding 2, Floor 6, Sofia 1766, BulgariaTel.: +359 (2) 9742 743Fax: +359 (2) 9742 741e-mail: amcham@amcham.bgwww.amcham.bg

Editor-in-ChiefMilen Marchev

Deputy Editor-in-ChiefChristopher Karadjov

Senior Editor:Irina Bacheva

ISSN 1312-935X

Writers:Boyko Vassilev, Marina Tzvetkova, Mina Georgieva, Panayot Angarev, Yuliana Boncheva

AdvertisingAmCham Bulgaria: Nadejda Vakareeva, nadia@amcham.bg

AmCham Bulgaria Magazine:Milen Marchev, milen@milenmarchev.com

The AmCham Bulgaria Magazine reaches a broad audi-ence of AmCham members, leading US, Bulgarian and international companies, US and Bulgarian decision-mak-ers, all AmChams around the world.Subscription is free of charge. If you would like to sub-scribe to AmCham Bulgaria publications, please contact the AmCham Bulgaria office.

i s s u e 1 4 6j a n u a r y - f e b r u a r y 2 0 1 4

AmCham Bulgaria Magazine is a primary forum for political and economic analyses, news, viewpoints as well as for the presentation of new business opportunities. The articles in the AmCham Bulgaria Magazine express the opinions of the authors and do not necessarily reflect the position of the American Chamber of Commerce in Bulgaria.

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Contentsc o v e r s t o r y

Prime Minister:

Time for Growth . . . . . . . . . . . . . . . . . . . . . . . . 4

By Marina Tsvetkova

Businesses Chat Up Prime Minister . . . . . . . . . . . . 5

a n a l y s i s

No Optimism Where East Meets West . . . . . . . . . .10

By Boyko Vasilev

Electronic Government

Lost in Fog. . . . . . . . . . . . . . . . . . . . . . . . . . . .13

c o m m i t t e e r e p o r t s

Green Business Innovations

Optimize Resources . . . . . . . . . . . . . . . . . . . . . .14

a m c h a m e v e n t s

Regus Provides Virtual Offices, Flexibility. . . . . . . .16

n e w s

Conference Debates Energy Security

n e w m e m b e r s . . . . . . . . . . . . . . . . . . . . .18

AbbVie

BULSTRAD LIFE VIENNA INSURANCE GROUP

Coca-Cola Enterprises, Inc.

Sopharma Trading

Provident Financial Bulgaria

NuBoyana

Walltopia

m e m b e r n e w s

A Memorable Visit to Those in Need! . . . . . . . . . . .20

BGN 100,000 Donated to

Best Start for Every Child for a

Period of Only One Month . . . . . . . . . . . . . . . . . .20

3M Bulgaria EOOD . 5W Communications . AA KRES EOOD . Abbott Products EOOD . AbbVie . ACO Building Elements Ltd. . Actavis . Adecco Bulgaria ltd. . Advance International Transport (Balkan) EAD . AES Corporation . AFA OOD . AGORA-IN Ltd. . AHNtech . AIG Europe Limited . AIMS Human Capital . Air Berlin PLC & Co. Luftverkehrs KG . Albena AD . Alfred C. Toepfer International Bulgaria EOOD . ALICO Bulgaria ZhZD EAD, a MetLife Inc. Company . All Channels Communication . Alliance One Tobacco Bulgaria . Allied Pickfords Bulgaria . Alpha Bank Bulgaria . Amarant Bulgaria Ltd. . America for Bulgaria Foundation . American College of Sofia . American English Academy . American Research Center in Sofia . American University in Bulgaria (AUBG) . Amgen Bulgaria EOOD . Anglo-American School of Sofia . AON Bulgaria . APOLO Ltd. . Arco Capital Management LLC . Arexim Engineering . Ashtrom International Ltd. . Astra Zeneca Bulgaria EOOD . AT Engineering 2000 Ltd. . Atlantic Club Bulgaria . Atos IT Solutions and Services EOOD . Attica Media Bulgaria Ltd. . Aurubis Bulgaria AD . AVON Cosmetics Bulgaria . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . Ballistic Cell Ltd. . Baxter Bulgaria EOOD . Bayer Bulgaria EOOD . BC Serdon . BCD Travel Bulgaria . Bene Sofia EOOD . Berlitz Schools of Languages . BG Radio . BICA International Ltd. . BLD Asset Management . BMG Ltd. . BMW Vertiebs GmbH - Branch Bulgaria . BOYANOV & Co. . Braykov's Legal Office . British American Tobacco Bulgaria . Brown Forman Beverages Worldwide Sofia Branch LLC . bTV Media Group . Bulgarian American Enterprise Fund . Bulgarian Charities Aid Foundation (BCAF) . Bulgarian Development Bank . Bulgarian Executive Search Association . Bulgarian Property Developments EOOD . Bulgarian VIP Travel Ltd. . BulPros Consulting JSC . Bulstrad Life Vienna Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . CallPoint New Europe AD . Carlsberg Bulgaria AD . Cefin Bulgaria EOOD (IVECO dealer) . Center for the Study of Democracy . Cheque Dejeuner Bulgaria Ltd. . Chevrolet Central & Eastern Europe LLC . Chevron Bulgaria Exporation and Production EOOD . Cisco Systems Bulgaria . Citibank N.A. - Sofia Branch . Club 50 Plus . CMS Cameron McKenna LLP - Bulgaria Branch . Coca-Cola HBC Bulgaria AD . Coca-Cola Enterprises, Inc. . Coface Bulgaria Credit Management Services EOOD . COLLIERS International Bulgaria . Congress Engineering Ltd. . Construction Management Group . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Corstjens Worlwide Movers Group . Credit Agricole Bulgaria EAD . Curtis / Balkan Ltd. . Dalkia Bulgaria EAD . Danailov, Mihaleva, Nedelchev & Co. . Delchev & Partners Law Firm . Deloitte Bulgaria EOOD . Delta Mechanical Branch Bulgaria . Deutsche Bank AG . Devin AD . DHL Express Bulgaria Ltd. . Diamed Ltd. . Dimitrov, Petrov & Co. . Djingov, Gouginski, Kyutchukov, & Velichkov . Dobrev, Kinkin & Lyutskanov Law Firm . Dr. I.S. Greenberg Medical Center . Drujba Glassworks SA . Dundee Precious Metals Inc. . DuPont Bulgaria EOOD . E.ON Bulgaria EAD . EcoPack Bulgaria AD . Edenred Bulgaria . Ekotoi - Service Ltd. . Ekzotika EOOD . Electron Progress EAD . Elevat Ltd. Legal House . Eli Lilly and Company . Eltrak Bulgaria Ltd. . EMC Computer Systems Austria GmbH . Emerson Process Management . EnergoService AD . Engineeringservice Sofia Ltd. . ERATO HOLDING Plc . Ernst & Young Bulgaria EOOD . ESRI Bulgaria . Etap Adress . Eurobank Bulgaria . Eurohold Bulgaria . EurOmax Resources Ltd. . European Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton International AD . GAEA - Green Alternative Energy Assets EAD . Gasstroymontaj Jsc . GEFCO Bulgaria EOOD . General Electric International . Geostroy AD . Geotechmin OOD . Geotrading Ltd. . GIFTA . GlaxoSmithKline . Grand Hotel Sofia . GTC Yuzhen Park EAD . Hewlett-Packard Bulgaria Ltd. . HILD Asset Bulgaria Jsc. . Hilton Sofia . Honeywell EOOD . Hotel Yastrebets Wellness & SPA . IBM Bulgaria . IBS Bulgaria Ltd. . ICAP Bulgaria JSC . Ideal Standard - Vidima AD . Incotex Group Ltd. . Industrial Holding Bulgaria . ING Bank N.V. Sofia Branch . Interallis Chemicals SA . InterConsult Bulgaria Ltd. . Interdean Relocation Services . Interlang Ltd. . Intertek - Moody . Investbank PLC . Investor BG AD . IP Consulting Ltd. . Iris Trade Consult Ltd. . ITT Exelis . Japan Tobacco International Bulgaria . Jobs.bg EOOD . JobTiger Ltd. . Johnson & Johnson Bulgaria . Johnson Controls Electronics Bulgaria . Junior Achievement Bulgaria . Kaliakra AD . Kamenitza AD . Kamor Auto Ltd. . Katilin Popov Enforcement Officers . Kempinski Hotel Grand Arena Bansko . Kempinski Hotel Zografski Sofia . KPMG Bulgaria OOD . LANDMARK Property Management EAD . Lesaffre Bulgaria Ltd. . Lexim Sofia Ltd. . Lindner Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. A Hill & Knowlton Associate . Maria Vranovska, MD, MBA . Mars Incorporated Bulgaria EOOD . Marsh EOOD . Maxi I AD . MB Communications . MBL| Part of the CBRE Affiliate Network . Megatron EAD . Mellon Bulgaria EAD . Merck Sharp & Dohme Bulgaria . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mobiltel EAD . Monbat Plc. . Mondelez Bulgaria AD . Moten Sport . Moto-Pfohe Ltd. . Movex Relocations . Mr. David Hampson . Mr. Jean Talmon . Mr. Roman Vassilev . Mr. Stefan Ivanov . Ms. Kalinka Kovatcheva . Ms. Magdalena Nikolova . Ms. Margarita Radeva, CPA . Municipal Bank Plc . Musala Soft Ltd. . National DISTRIBUTORS . National Palace of Culture - Congress Centre Sofia . NATO Defense College Anciens' Association . Nemetschek Bulgaria . NEXTDOOR Ltd. . Nova Broadcasting Group AD . NOVACON . Novotel Sofia MHQ . NuBoyana . Office for Mining Industry and Metallurgy Ltd. . On Bulgaria Ltd. . OPlus EOOD . Oracle East Central Europe Limited - Branch Bulgaria . Orak Group Europe Ltd. . Orbit Ltd. . Orkikem Ltd. . OSG Records Management . PANDA - IP Ltd. . Pedersen & Partners . Penev LLP . Penkov, Markov & Partners . Pfizer Luxembourg SARL Branch Bulgaria . Philip Morris Bulgaria EOOD . Pioneer Semena Bulgaria EOOD . PMB EOOD . PPD Bulgaria EOOD . PPTL Ltd. . Premier Luxury Mountain Resort . Premier Tours Ltd. . Prestige 96 AD . Progress CAD R&D Centre Ltd. . Provident Financial Bulgaria . PSG Payroll Services Ltd. . PwC Bulgaria . Quadrant Beverages JSC . Radisson Blu Grand Hotel . Red Devil Catering Plc . Regus Bulgaria Ltd. . Renault Nissan Bulgaria SRL . Right Rental Ltd. . Royal Philips Electronics . RSM BX Ltd. . S&T Bulgaria . Sanofi - Aventis Bulgaria EOOD . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Bulgaria . SECTRON . Sensata Technologies . Shell Bulgaria EAD . Sheraton Sofia Hotel Balkan . Sherita M Ltd. . Siemens EOOD . SIENIT Holding . Sitel Bulgaria EOOD . Sodexo Pass Bulgaria EOOD . Sofia Bio . Sofia Princess Hotel AD . Sogelife Bulgaria IJSC . Sopharma AD . Sopharma Trading . St. Sofia Golf Club & SPA . Stanton Chase International Bulgaria . Steelcase International . Stefan Dimitrov, Norman Realestate Co. Ltd. . Stroy-Consult EOOD . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services Bulgaria EOOD . TBI Bank EAD . TechnoLogica EAD . The City Media Group Bulgaria . The Coca-Cola Company Bulgaria . Tishman Management Company EOOD . Titan Zlatna Panega Cement . TMF . Totema Engineering JSC . UniCredit Bulbank . UniCredit Leasing AD . Unimasters Logistics Plc . Unique Estates . Unisys Bulgaria Branch . United Bulgarian Bank . VAPTECH Ltd. . Videolux Holding / Technopolis . VISA Europe . VIVACOM . VMware Bulgaria EOOD . VSK Kentavar - IZ Dinamika EOOD . VUZF University Higher School of Insurance and Finance . Walltopia . Welcome to Bulgaria . Westinghouse Energy Systems Bulgaria Branch . World Courier Bulgaria Ltd. . World Transport Overseas Bulgaria Ltd. . WorleyParsons Nuclear Services JSC . Wrigley Bulgaria EOOD . Wyser . Xerox Bulgaria Ltd. . Zlatina Ruseva-Savova, LL.M., MBA . Zobele Bulgaria EOOD .

Board of Directors of the American Chamber of Commerce in Bulgaria

President Mr. Peter Lithgow AES Corporation

Vice President Mr. Daniel Berg European Bank for Reconstruction and Development (EBRD)

Vice President Mr. Alex Nestor Dundee Precious Metals Inc.

Treasurer Ms. Petya Dimitrova Eurobank Bulgaria

Members Mr. Levon Hampartzoumian UniCredit Bulbank

Mr. Borislav Dimitrov Cisco Systems Bulgaria

Mr. George Brashnarov Nemetscheck Bulgaria

Ms. Diana Pazaitova Fama Consulting

Ms. Krassimira Chemishanska Amgen Bulgaria

Mr. David Butts CMS Cameron McKenna EOOD

Mr. Sergey Koinov AG Capital

Mr. Solomon Passy Atlantic Club Bulgaria

Ex-Officio Member Mr. Thomas Bruns U.S. Commercial Officer

Executive Director Mr. Valentin Georgiev

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“Bulgarian economy still bears the scars of the five-year recession – the result of both objective adverse external condi-tions and certain incoherence in the domestic economic and financial policy. That is why our efforts are aimed mainly at overcoming the consequences. These efforts can be seen in our actions since we took office seven months ago,” Prime Minister Plamen Oresharski said at a business luncheon organized by AmCham.

Continuity is one of the priorities of the current government,

the premier added, including in foreign policy and foreign economic relations. The construction of the appropriate infrastructure projects will continue, he

said.

The government’s program outlines pol-icies and key actions in the main areas of economic governance. It emphasizes the more active role of the state as a regulator and guarantor of efficient com-petition; limiting the administrative bur-den on business and creating more favorable business climate; strengthen-ing the country’s fiscal positions; strengthening the regulations in the financial sector in line with the European Commission’s efforts for more reliable regulation of the whole financial sys-tem.

The main goal is stimulating economic development and achieving a higher level of macroeconomic and fiscal sta-bility.

Some specifics shared by Oresharski include:The cabinet will strengthen the support for small and medium-sized enterprises and encourage start-ups. The leading objective is stimulating investment activ-ity, restoring some old production facili-ties and business activities and opening new ones. Special attention will be paid to innovation and export-oriented busi-nesses; for that purpose working groups have been set up with the ministries to facilitate the more substantial invest-ment enterprises. Priorities include the efficient use of mineral resources and mineral water, encouraging tourism, food processing and dairy industries. More than 100 licensing regimes and burdens to business have been already identified and revocation procedures are

Prime Minister: Time for GrowthPutting the economy back on track, cushioning “sharp social asymmetries,” achieving higher level of macroeconomic and fiscal stability among goals outlined by Oresharski in front of AmCham

By Marina Tsvetkova

The Prime Minister Plamen Oresharski participated in a business discussion with AmCham members.

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in progress. At least as many adminis-trative burdens will be eased in 2014. The dialogue with local authorities on improving the administrative environ-ment for business and relieving the municipal administrative burdens will be activated. All new administrative and legislative acts considered by the Council of Ministers are subject to a mandatory analysis of their effect on the investment and business climate.

“We are strengthening the support for small and medium-sized enterprises and start-ups by improving the access to financing,” the prime minister said. He added that public procurement basis would be expanded.

“We are developing mechanisms and regulations for a more responsible man-agement of state-owned enterprises. More active sector policies are also under way. To encourage investors, the government is preparing an update of the tourism strategy. Our goal is to improve administrative services and make distinct steps to electronic servic-es,” Oresharski said.

He continued that concerning EU funds, payments to completed projects have been sped up four times. An absorption level of 37 percent was inherited from the previous government; at the end of last year the absorption rate reached 54 percent.

Oresharski also pointed out that reha-bilitation measures would be taken in the energy sector to make it more sus-tainable. There are large business-pro-file projects, gas corridors and nuclear energy projects pending. The design of a new nuclear capacity and joining the

Businesses Chat Up Prime Minister

Prime Minister Plamen Oresharski met AmCham members and diplomatic commu-nity during a business lunch on Jan. 16, 2014, at the Sofia Sheraton Hotel Balkan. Some 300 business and government leaders welcomed the Premier, along with the Ministers of regional development and labor Desislava Terzieva and Hasan Ademov, as well as Ivan Iskrov, the Governor of the Bulgarian National Bank.

AmCham Vice-president Daniel Berg opened the meeting, noting the rapid changes and uncertainty felt by business over the past year. He said that in times of eco-nomic uncertainty, cooperation and dialogue between business and government are even more vital. AmCham has and will continue to play an active role and has recently produced its White Paper of policy recommendations for the government. Particular attention has been given to the energy sector, where the AmCham submit-ted a further position paper including proposals and concrete measures for improve-ment.

Following the prime minister’s speech, guests queried him on many topics. Ex-Foreign Minister Solomon Passy and U.S. Ambassador Marcie Ries raised ques-tions about foreign policy, including Bulgaria’s membership in OECD and support for TTIP. Oresharski responded: “Although the government works toward OECD mem-

Attorney at law Vladimir Penkov, Penkov, Markov&Partners.

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Southern Gas Corridor are aimed at diversification.

In the fiscal area, the government is planning serious measures

to crack down on contraband and pre-vent VAT avoidance both in intra-EU supplies and in third-country imports. Revenue for 2013 is satisfactory but there are reserves. The delay in VAT refund has been completely overcome.

Data show that 2014 is the first year since 2008 that the government has practically started with a clean slate concerning VAT refund. As much as 540 million Leva in VAT was refunded in December 2013, or some 300 million Leva more than in December 2012. Other measures to restore confidence in the state include timely payment on public contracts and settlement of out-standing debts. The government has accelerated EU fund payment with 2.2 billion Leva having been transferred to business in the second half of 2013.

At the same time Bulgaria’s government debt did not increase in 2013; on the contrary, the 1 billion Leva borrowed was used to repay past loans of the state. At the end of March 2013 debt amounted to 14.4 billion Leva, while at the end of the year it stood at 14.1 billion

bership, we need to be rational in our present economic state… Regarding TTIP, we think the country can profit from the agreement which will facilitate export to the United States and import of technologies from the United States.”

Evgeny Kanev from Maconis Company inquired about transparency and develop-ment of the e-government for tendering. Oresharski said: “I would rather speak about e-services, not e-government, which would take more time to develop. There is a lot to be done in this field.” The prime minister added that the government strives for transparency, and as a result there are but a few issues discussed at closed ses-sions. For example on South Stream, only one agenda item was not made fully transparent, and that was a five-hour conversation with the manager of Gazprom.

Krassimira Chemishanska, General Manager of Amgen Bulgaria, asked about mea-sures to improve the functioning of the healthcare system and innovations in the sector. Oresharski said: “The healthcare sector is among the top priorities to the government. Unfortunately, during the last 12 years there was a lack of an overall strategy. In 2014 we plan to improve emergency care, for example. The government will modernize the regulatory systems for medical treatment and will facilitate access of private funds to hospital care. As for innovations in the sector, we count exclu-sively on the private sector.”

Sergey Koynov with AG Capital inquired about the strategy for property development. Oresharski stated that Bulgaria actually has an amazingly high level of private real estate ownership although further developments could have a positive impact on the economy.

Tanya Koseva, European Trade Center, raised a question about the interaction between businesses and the municipal and state administration when infrastructure investments are being made.

Iva Todorova of IBM Bulgaria asked about labor regulations regarding overtime work, fixed-term contracts, payment of holidays, the envisaged legislative initiatives, and improvements in the Labor Code. Hasan Ademov, Minister of Labor, explained that the government had undertaken measures regarding improved payment for teach-

The business lunch gathered together the government, businesses and diplomats, among them the U.S. Ambassador Marcie B. Ries.

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Leva. That means Bulgaria’s debt decreased by 300 million leva and the state’s debt position improved.

“We are also reducing the outstanding debts of ministries and central adminis-tration bodies on business contracts,” Premier Oresharski said. “Some of these priorities underlie the 2014 budget: reg-ular payment on contracts and VAT, an investment program for the regions, measures to improve the financial gov-ernment and control systems, especially in healthcare.

We will have to put the economy back on the track to growth. We will rely on both the local and the foreign economic agents for that, the premier pointed out.”

Priority will be given to education with a special focus on vocational training. Measures are also envisaged to improve the financial government and control systems, as well as to conduct the much-needed reforms in healthcare.

There is almost no subsector in health-care that does not need urgent reforms. “This year we will aim to improve the emergency aid system, modernize the medicine policy and prepare the hospi-

ers, but “we need to discuss measures with the employment organizations and social partners so that we have better labor regulations.”

David Butts, CMS Cameron McKenna, inquired about how to ensure that the government considers business recom-mendations. He noted that many of the proposed changes to the Public Procurement Act were ignored. Oresharski advised that businesses continue to talk closely with the Council of Ministers to ensure better results.

Ivo Ivanov, Bulgarian Photovoltaic Association, asked whether the 20-per-cent fee on the RES would solve tax problems in the energy field. Oresharski noted that the system needs rebalancing (especially to stabilize the National Electric Company) and he is convinced that the fees are not higher than those imposed in the other EU countries. Vladimir Penkov of Penkov, Markov&Partners commented that the 20-percent fee on RES is not legitimate and it is doubtful that it will resolve the problems of NEC. Penkov insisted that the government needs to consider further liberalization and also pointed out that most investors in RES are SMEs.

Wine producer Ivo Pandov inquired about opportunities for Bulgarian companies to serve as suppliers to U.S. bases. Oresharski promised to consult with Ambassador Ries on this issue.

David Butts, CMS Cameron McKenna.

The Governor of BNB Ivan Iskrov and the U.S. Ambassador Marcie B. Ries were guests at the business lunch with the Prime Minister.

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tal system for the access of private funds to it. In relation to innovation, we will rely on the private sector,” the Premier said. He also pointed out that one of the main goals of the cabinet would be to cushion the social asym-metries that had become quite visible in the past few years.

Word for word

“Five years after the global economic crisis unfolded, the situation remains unstable, especially for the European Community countries. The European countries were heavily hit and imbal-ances surfaced. The most conspicuous imbalances were in the Euro zone. The tightened public finances of the prevail-

ing part of the European economies had an additional negative impact. The topical issues in most European econo-mies are how to improve competitive-ness. The economic crisis hit Bulgaria five years ago. The accumulated reserves were 10 percent of GDP. The banking system stood the challenge of the crisis thanks to the much more stringent regulations. The capital ade-quacy of the Bulgarian banking system exceeds 15 percent, compared with an average European level of about 6 per-cent.

Our economy still bears the scars of the recession and that is why our efforts are aimed at overcoming the consequenc-es. Our country is facing serious chal-

lenges but the Bulgarian economy has managed to survive the acute stages of the crisis without much damage. The forecasts about a collapse of the Bulgarian currency, finances and econo-my have been proven wrong. We have managed to keep competitiveness at nearly pre-crisis levels. Now we will have to do the tougher part of the job: to create conditions and put the economy back on the track to growth and cushion the sharp social asymmetries that have become quite visible in the past few years. We will rely on both the local and the foreign economic agents for that. We need common efforts to cope with the current challenges and meet the challenges of tomorrow with more confi-dence.”

From left: Venelina Gocheva, journalist, Victor Melamed, Diana Pazaitova, Fama Consulting, and Ivan

Tsankov, AES.

Iva Todorova, Legislative Changes Working Group

coordinator at AmCham Public Procurement

Committee.

The U.S. Ambassador Marcie B. Ries raised the question about Bulgaria’s per-

spective about TTIP agreement. Tanya Koseva, European Trade Center.

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Ukraine means “an outlying area”. Can the fate of a country be encoded in its name? And if yes, whose outlying area is Ukraine – of the East or of the West?

Everyone knows that Ukraine is divided. Its East is metallurgical, pro-Russian and grouped around the Party of Regions. The West is pro-Western, pro-Polish and oriented towards the opposi-tion: the Fatherland, UDAR and Svoboda parties. In the East – in Donetsk and Dnipropetrovsk – Russia has not lost its influence. Hetman Bohdan Chmielnicki, who connected Ukraine with Russia, is still revered there. In the West – in Lviv and Zhitomir – people remember the holy union of the Ukrainians with the Polish-Lithuanian Rzecz Pospolita, the Catholic influence and the dreams of an independent Ukraine.

Two myths, two historical visions. How can one deny Ukraine’s independence, difference and culture? And at the same

time, how can one forget that the term “Rus” comes from Kiev? Even today there are two hearts beating in one and the same body; there are two centers in one country. Their unification seems impossible; even less so after the winter of 2013-2014. Former Ukrainian presi-dent Leonid Kravchuk is pessimistic: “Ukraine is on the brink of civil war.”

President Victor Yanukovych was elect-ed by the East after the pro-Western Orange Revolution lost momentum. In the beginning, he carefully kept the bal-ance between East and West: he made gestures towards Moscow and at the same time led Ukraine to an agreement with the European Union. But in the winter of 2013 something changed.

It is not yet clear what. Some say that Russia exerted pressure by putting the South Stream project – the purpose of which is to circumvent Ukraine – back on the table. Others were adamant

about the opposite:

the West did not offer much.

Influenced by the wave of skepticism and enlargement fatigue, the European Union could not promise much money or con-cessions to Ukraine. Brussels often does so. There, in the heart of Europe, people think that candidates are always ready to make sacrifices to join the Union. It was the same in the case of Ukraine. Any generosity proved to be unthinkable: bureaucracy could not go beyond its lim-its and offer a long-term vision. That was when President Yanukovych said: “We can do without Brussels.”

There the balance was lost. The thin ice on which modern Ukraine was dancing cracked fatally. The pro-Western Ukrainians went to the streets.

But were they actually only the pro-

No Optimism Where East Meets West

By Boyko Vasilev

Protesters pose for a memory photo near one of the barricades during the continuing protest in Kiev, Ukraine. Street riots there started late November 2013, when

Yanukovych reneged on a trade agreement with EU and opted for closer ties with Moscow instead.

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Western ones? Political scientist Volodymyr Horbach from the Institute of Euro-Atlantic Cooperation in Kyiv thinks otherwise: “Today’s protests are not an opposition between the Western and the Eastern regions of Ukraine but between citizens and the powers that be. Look, the authorities could not mobilize much public support in the South and the East, the regions they traditionally con-trol. The position of the incumbents is incomprehensible even to their own vot-ers. No, it is not an East vs. West clash here.”

This opinion received strange confirma-tions. It turned out that the notorious Ukrainian oligarchs (e.g., Rinat Akhmetov) were also torn between Russia and the European Union in a peculiar way. To understand that we have to put ourselves in the shoes of some owner of metallurgical enterprises in the East of Ukraine. His heart beats for Russia but

his interest is not necessarily where his heart is.

The market for industrial products is European, so the interests of the metal-lurgical giants dictate that customs duties, obstacles and barriers should fall. Logically, as a result of that analysis some oligarchs, their media and political structures backed the pro-European protests. Therefore Russia came up with a counteroffer: we will reduce your gas prices. “If we cannot help you with the customs duties and barriers, we will help you with the raw material.” The oli-garchs paused, listened and took out their calculators. Yanukovych got a moment of peace.

The genie had been let out of the bottle, though. The intelligentsia was already on the Maidan Square and nothing could make it go back home. In January 2014 the protest was stained with blood, people died. A crazy train sped down the tracks.

Not that Yanukovych did not try. He stopped the restrictive legislation that insolently imposed draconian measures on rallies, meetings and relations between citizens and police. He offered the opposition leaders a prime minis-ter’s and a deputy prime minister’s seat. In the end he withdrew his premier,

Mykola Azarov. But all in vain. The pro-testers already know: when the ruling power yields a bit, you go all in – and either win or lose.

Will the opposition leaders cope with such a huge challenge? They are an odd group of people. Arseniy Yatsenyuk heads the biggest opposition party, Batkivshchyna (Fatherland). That is the party of the imprisoned former “gas queen” and premier Yulia Tymoshenko. Will the balding intellectual with thick-rimmed eyeglasses cope with the braid-ed lady’s charisma is a rather rhetorical question.

The charismatic figure among the oppo-sition is another one: boxer Vitaliy Klychko. He is the face that global TV cameras like: masculine cheek-bones, categorical rhetoric, liking from Merkel and the European People’s Party. International star Klychko and impris-oned Tymoshenko are a dream couple for the global media: the mighty prince and the gold-haired princess. All condi-tions for brilliant coverage are in place.

Yet next to them there is a somewhat strange and inconvenient figure: Oleg Tyagnibok, the leader of the Svoboda party. Some call Tyagnibok a xenophobe

A golden toilet installed by protesters on a pedestal where a statue of former Soviet leader Vladimir Lenin

used to stand, during the continuing protest in Kiev, Ukraine, 03 February 2014. The Lenin statue was

toppled in Kiev on 08 December 2013.

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and even a fascist. His followers idealize the fighters for liberation of Ukraine and there are allies of Nazi Germany and outright anti-Semites among them. Also nationalistic are those protesters from the organization “Right Sector:” (Pravy Sektor) who

provoked the authorities into the bloody encounter.

For the time being, however, the potential differences between Svoboda and its pro-European allies remain in the background. Yatsenyuk and Klychko need Tyagnibok for the ranks, strike forces and connection with history; Tyagnibok needs Yatsenyuk and Klychko for pro-European legitimacy. Sooner or later there will be a clash but that will more likely be delayed.

The West is watching Ukraine’s political leaders and the questions are increasing. Who is in charge? Yatsenyuk looks too European, Klychko – too Ukrainian, and Tyagnibok – they do not feel like thinking of him at all. According to political scien-tist Horbach the European and American politicians were no less surprised by the events in the Maidan. “The West does not fully understand what is happening.” It is true that the European Union was pushing for talks when the two sides did not want them. Later on, when there was a chance for the pro-European option, it turned out that Brussels had neither a carrot, nor a stick. Europe cannot compel Kiev to do anything, nor can it offer huge amounts of money for its implementation. On the Old Continent, egoism is the fash-ion. Who will think of Ukraine!

Russian President Vladimir Putin has another problem. He cannot interfere in Ukraine abruptly right now. The reason is

clear – the Olympics in Sochi. Too many Western leaders are already boycotting the Russian Olympics for various rea-sons – from the attitude of the official authorities to homosexuals to the heri-tage of the expelled Circassians from Crimea. Because of Sochi, Putin released the Pussy Riot punkers and tycoon Khodorkovsky from prison. And he defi-nitely does not want to gain notoriety as a suppressor of Ukraine.

That is why Putin loosened the purse strings and offered cheaper gas to Ukraine. The rest was discreet support behind the scenes. According to Volodymyr Horbach

Ukrainian power has been usurped

by people who carry the Russian political culture and consciousness. Two months ago he expressed concerns about a pos-sible pressure option; the events that followed justified his concerns. Russia

would not give up its influence in Ukraine. “With Ukraine, Russia is an empire,” says Zbigniew Brzezinski, “without Ukraine, it is not.”

How is all that going to end? No doubt, Yanukovych and his men are retreating. The opposition is taking over the munici-pal and regional administrations in Western Ukraine. The authorities are handing over office after office. Klychko and Yatsenyuk want nothing less than the resignation of the president and an overhaul of the regime.

Horbach says that the Ukrainian tradition requires a compromise. In the end all parties sit at the table and agree. That is the only possible option for a country that bears the name of an outlying area and is historically divided. Of course, if there is a will for that country to be preserved. Because some pro-European Ukrainians say that Russia wants to keep its posi-tions in Eastern Ukraine even at the price of the division of the 45-million nation.

For Bulgaria and the countries in the region it is crucial that Ukraine is pre-served. Any division may bring about new divisions; any instability will spread to the outside world. Appetite comes with eating and today no-one wants to feed imperial appetites in Eastern Europe.

Yes, Ukraine is a border. But a border needs balance. There East and West need to reconcile and calm down into a perfect equilibrium. That is probably the best way out of the protests and the new Orange Revolution. But that is an optimis-tic version. No-one can guarantee opti-mism in a place where worlds meet.

Ukrainian riot police stand in line in front of a barricade during the continuing protests in Kiev, Ukraine in

the beginning of February 2014. Opposition groups have for weeks been staging violent protests in the capital

Kiev and other parts of the country, demanding the president`s resignation and early elections.

Heavyweight boxing champion and leader of the UDAR (Punch) Vitaly Klitschko (C) walks after his speech

during the continuing protests in Kiev. Protesters in Ukraine continued to occupy government buildings.

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The year is 2014, the country is Bulgaria. The desks of the administration are still as many and the lines of waiting citizens are still winding down the corridors of different administrations and institutions.

For quite a few years the topic about electronic govern-ment in Bulgaria has not been the plot of a fantasy book where the hero uses his magic powers and makes mira-cles with the help of some magic computer technology. On the contrary – the fairy world of electronic govern-ment where there are no desks, no waiting, no heavy time and nerve-consuming administrative services has been spoken of with optimism and ambition; with prom-ises and frameworks and concrete parameters.

Bulgaria is one of the few countries in Europe where electronic governance is not yet a fact. For more than 10 years the citizens of countries like the United Kingdom, Austria, Germany, France, Norway, Estonia and Belgium have not only been paying their bills but also filing com-plaints and requests, having their documents issued and whatever else one can think of online, using a single portal.

Although as early as in 2012 the former minister of trans-port, information technology and communications in GERB’s government, Ivaylo Moskovski, promised that Bulgaria was almost on the threshold of e-governance, both his successor in office and the premier hinted recently – within the framework of a few hours – of yet another delay, which sounded like a retreat from the project.

“The introduction of electronic government is a long and expensive process, so for the time being we can speak of electronic services. I was really surprised to learn that the experts in one particular administration used 42 dif-ferent computer programs. We are working hard but we should be realistic,” were Prime Minister Plamen Oresharski’s exact words.

They were spoken just a few hours after Minister Danail Papazov confirmed that the introduction of electronic gov-ernment was facing problems: poor coordination, wrong

decisions and software that did not upgrade the existing system. On the whole Papazov’s statement was quite tell-ing: something in the whole process about Bulgaria’s electronic government is far from perfect.

“The problem is that various products have been created through the years that do not allow full integration with the ones created before. The approach has not been always systematic. What is needed is the creation of a single system integrator to secure complete functionality and sustainability of electronic governance,” Hristo Hristov, Head of Information Technology and Electronic Governance at the Ministry of Transport, told Investor.bg.

He explained that work on electronic government had been under way for more than ten years and both positive and negative experience had been gained in the process. “In any case that is useful,” he added.

The naked factsAlmost a year ago Sofia Municipality promised to imple-ment 50 electronic services for citizens. That became the topic of a seminar and the occasion for ribbon-cutting ceremonies and promises to relieve the administration. The services are not working yet.

Also a year ago some 5,000 cards for the so-called elec-tronic identification were handed out. The cards are intended to allow citizens who want to use an electronic service to identify themselves online. In other words, there is some technology implemented in the cards that con-tains information about the holder: his/her name and a code generated on the basis of his/her personal number and other personal data. “The cards allow citizens to iden-tify themselves in the digital space,” Hristov explained.

The electronic identity allows natural and legal persons to request and receive electronic services and participate in other electronic processes connected with electronic gov-ernance and business. As a matter of fact each Bulgarian citizen aged over 14 years, as well as foreign nationals who are long-term residents of Bulgaria, can request a card for electronic identification.

Electronic Government Lost in FogTen years after the project was launched, there is no clarity whatever when and on what scale the idea will be carried out

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The AmCham Quality Management Committee met on Jan. 22, 2014, to discuss “Resource Efficiency in Knowledge-Based Economy: Developing competencies necessary for business optimization”. Three companies made presentations: CleanTech Bulgaria, Intertek, and Johnson Controls Electronics. The meeting was moderat-ed by Boyan Gyuzelev, business devel-opment manager at Intertek-Moody.

Maria Aleksandrova, project and open innovation manager, CleanTech Bulgaria, talked about the need to opti-mize our natural resources and focused on the virtue of green business innova-tions for preserving resources. CleanTech provides a platform for exchange of knowledge, business prac-tices and innovations and for support of local and international partnerships for green business.

“We need to speak about the resources because 80 percent of products are thrown away within six months, Aleksandrova said. Some 90 percent of raw materials used making durable products become waste before the prod-uct leaves the factory. According to WWF, today humanity uses the equiva-lent of 1.5 planets to provide the resourc-

es we use and absorb our waste.

Valenta Valentinova, director of Intertek Academy, elaborated on what can be optimized systematically and on the value of building efficiency across the business process. Two business model

approaches were presented: Lean and Six Sigma. The Lean approach focuses on the overall system efficiency rather than on the efficiency of individual pro-cesses / workstations.

The examples from practice show that if the method is applied in the business, it could bring very efficient results, either in the sewing industry, or in building of airplanes. Six Sigma seeks to improve the quality of process outputs by identi-fying and removing the causes of defects (errors) and minimizing variability in manufacturing and business processes. The Six Sigma approach is based on five main steps: Define, Measure, Analyze, Improve, and Control.

Georgi Tsonev, Six Sigma Black Belt, Johnson Controls Electronics spoke about the ways we can be smart and achieve optimization through KPI dash-boards. In KPI development the main steps are to define measurement needs; define the measurement documenta-tion; collect data; analyze collected data; present the results; store the collected data and the analysis.

Green Business Innovations Optimize Resources

From left: Valenta Valentinova, Intertek, Georgi Tsonev, Johnson Controls Electronics and Boyan Gyuzelev,

Intertek.

Georgi Tsonev during his presentation.

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The world largest provider of flexible workspace – Regus – hosted a busi-ness-after-hours event as a member of AmCham at the new location of the company on Tsar Osvoboditel Boulevard in downtown Sofia on Jan. 23, 2014.

Regus offers two floors of office space and 119 work places to its customers who have many different requirements from business lounges with Wi-Fi access to video communications suites, individual work pods, or flexible hi-tech meeting rooms. The clients may choose to use Regus services remotely, said Desislava Miteva, com-

pany’s general manager. Among the provided business solutions is the “vir-tual” office where a number of services are used, such as post address, e-mail and secretary without the need to rent the office space. Another option is to subscribe for a particular package of services.

AmCham President Peter Lithgow congratulated Regus for offering inno-vative, flexible and working solutions for its clients. “We at AmCham appre-ciate working solutions,” he said. The event was attended by Valentin Georgiev, AmCham executive director, Thomas Bruns, U.S. commercial atta-ché, AmCham board members Solomon Passy, Atlantic Club Bulgaria, David Butts, CMS Cameron McKenna,

and some 70 members and clients of Regus.

Miteva said the advantages are that Regus takes care of the entire mainte-nance of the office and the clients can focus on their businesses and profits. She added that the customers are both international companies entering the Bulgarian market and operating with small teams, as well as local start-ups. Among the clients are also companies with offices throughout the country which need a representative office in Sofia or at least an address. Some customers are working as free-lancers along with those engaged in projects for a certain period of time.

Regus Provides Vir tual Offices, Flexibilit y

AmCham President Peter Lithgow welcomed the guests and clients of Regus.

Desislava Miteva, Regus elaborated on the types of packages the company offers to businesses.

One of the rooms Regus offers in its new location downtown Sofia.

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OSAC Bulgaria Country Council held a conference for OSAC constituents and AmCham members at the U.S. Embassy in Sofia on January 23-24, 2014. The event – sixth since the creation of this council – was devoted to energy secu-rity.

The first day also incorporated the Country Council’s annual general assem-bly meeting. Just over a year after U.S. Ambassador Marcie Ries launched OSAC in Sofia, Deputy Chief of Mission Bryan Dalton provided the keynote address to the General Assembly, stating that the challenges, global threats and risks we face today are serious, compli-cated and unpredictable.

Some 45 participants from 32 compa-nies elected the new OSAC Bulgaria Steering Committee and were briefed by OSAC Co-Chair Stefan Dimitrov (Allied Pickfords) and OSAC Coordinator Evgeny Genov on OSAC activities dur-ing 2013. SSA Seth Green (Regional Security Officer) provided a preview of the 2013 crime and safety report by highlighting the law-breaking, political violence, and terrorism atmosphere in Bulgaria.

Best practices and variety of topics were discussed during the Energy Security portion of the conference. Among them were personnel and vendor/partner vet-ting; Bulgaria’s energy sector and policy overview; Bulgaria’s energy security risk index; information technology vulnera-bilities for critical infrastructure - secur-ing the smart grid; U.S., Bulgarian and EU regulatory requirements for critical

infrastructure protection and physical security for energy companies.

Speakers included representatives of the U.S. Departments of State, Commerce, and Energy, BulgarianMinistry of Economy and Energy, State Agency for National Security, General Directorate for Fire Safety and Civil Protection, Center for the Study of Democracy, Atos IT Solutions, RSA (Security division of EMC), HP, AES, Easy Consult and Control Risks.

There are currently two upcoming events planned in 2014: the annual joint OSAC/ISMA conference in September and the Fourth SEE Regional Forum on Cybersecurity and Cybercrime, co-orga-nized with State Agency for National Security and the ICT Academy.

The OSAC was established in 1985

under the Federal Advisory Committee Act to promote security cooperation between American private sector inter-est worldwide and the U.S. Department of State. The OSAC Council is com-prised of 30 private sector and 4 public sector member organizations that repre-sent specific industries or agencies. Today, the OSAC partnership encom-passes 10 federal agencies and over 4,600 private organizations, from the business and academic communities to non-governmental and faith-based orga-nizations.

The OSAC Bulgaria Country Council, launched in November 2012, is one of the 141 OSAC chapters around the globe attached to U.S. embassies and consulates. For more information on OSAC, contact the Regional Security Office at the U.S. Embassy or visit the OSAC website or LinkedIn group: OSAC Bulgaria Country Council.

Conference Debates Energy Securit y

OSAC Bulgaria Country Council members who attended the OSAC Bulgaria Country Council Annual

General Assembly meeting.

Robin Brooks – Deputy Chief, Political Economic Section, U.S. Embassy. She presented an energy sector and policy overview

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AbbVie is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott. AbbVie com-bines the focus and passion of a leading-edge biotech with the expertise and structure of a long-established pharmaceutical leader. The company’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most com-plex and serious diseases. AbbVie aims to help patients live healthier lives and collaborate on sustainable healthcare solu-tions. In 2013, AbbVie will employ approximately 21,000 people

worldwide and markets medicines in more than 170 countries. In Bulgaria AbbVie provides unique therapeutical solutions for dis-eases in areas such as rheumatology, gastroenterology, dermatol-ogy, neurology, neonatology, HIV/AIDS and renal diseases.

Contacts:Kiril Nikolchev

Country ManagerTel.: +359 2 9030 430http://www.abbvie.com

Coca-Cola Enterprises, Inc. (CCE) is the leading Western European marketer, producer, and distributor of non-alcoholic beverages and one of the world’s largest independent Coca-Cola bottlers. CCE is the sole licensed bottler for products of The Coca-Cola Company in Belgium, France, Great Britain, Luxembourg, the Netherlands, Norway, and Sweden. It has 17 manufacturing sites and manufactures nearly 90 percent of its products in the markets in which they are consumed. CCE opened a Shared Services Centre in Sofia, Bulgaria in 2013. CCE’s portfolio encom-passes some of the most popular beverage brands in the world – a broad range of regular, low- and no-calorie drinks. Corporate

responsibility and sustainability is core to CCE’s business, and the company has been recognized by leading organizations in North America and Europe for its progress in water use reduction, car-bon footprint reduction, and recycling initiatives.

Contacts:Frederic Stierlin

Vice President, Finance Shared ServicesTel +359 2 814 6612

Address: 48, Sitnyakovo Blvd., Serdika Center, Fl. 51505 Sofia

Sopharma Trading, part of Sopharma Group, is a leading com-mercial company in the healthcare sector. The company is con-stantly among the largest Bulgarian enterprises positioned for three consecutive years at the 1st place by revenue in the phar-maceutical industry in the ranking of Capital Top 100. Sopharma Trading is the first company in its industry certified in compliance with GDP (Good Distribution Practice) by Germanischer Lloyd Certification. Today the company is working with more than 400 international and local pharmaceutical producers, distributing a

portfolio of more than 10 000 products – medicines, medical equipment, medicinal devices, vitamins, food additives, cosmetic.Sopharma Trading is the reliable partner in providing fully inte-grated healthcare solutions to more than 3000 customers – hos-pitals, medical centers, pharmacies.

Contacts:Dimitar Dimitrov

CEOTel.: +359 2 8133 660

http://www.sopharmatrading.bg

BULSTRAD LIFE VIENNA INSURANCE GROUP is estab-lished in 1994. The company is one of the leading life-insurance companies in Bulgaria with long-standing traditions in providing more safety, security and financial protection to its customers through variety of attractive life-insurance solutions suitable both for individual and corporate clients. Since 2007 BULSTRAD LIFE VIENNA INSURANCE GROUP is a member of Vienna

Insurance Group. For more information, please visit: www.bul-stradlife.bg

Contacts:Svetla Nestorova

CEO and Chairperson of the Management BoardTel.: +359 2 401 4000

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Provident Financial Bulgaria is a non-banking financial institu-tion enlisted in the General Register of the Bulgarian National Bank and is part of the UK-based group International Personal Finance (IPF). IPF is a leading international provider of consumer credit in growth markets across Central and Eastern Europe, as well as in Mexico. The team that will lay the foundation of the Bulgarian business comprises managers from all of the Group’s European countries, who will work together with a team of Bulgarian employees. IPF investment in Bulgaria is based on a business model that has been in operation for 130 years. The

company expects to have 12 Bulgarian branches operational, over 1,000 credit consultants and employees and approximately 100,000 customers in the next 5 years.

Contacts:Tomasz Ciechanowski

CEOAddress: 2A, Lomsko Shosse Blvd., Fl. 6, Nadezhda District

1220 SofiaTel.: +359 2 903 3395

We are the largest in-house Film Production Studios in Bulgaria and one of the most important in Eastern Europe. With 16 years of experience in the country, we provide an international level of production and post-production services, english-speaking and highly experienced film technicians, state-of-the-art equipment and technology with economical cost. Today, we have 13 fully equipped sound stages surrounded by a 40,000 sq meters of backlot standing sets, among which are our unique New York Street and the biggest Roman Set in the world. Our in-house Worldwide FX company has grown in size and stature to become one of the major visual effects houses in Europe. Since 1997 we've hosted the production of 180 fea-ture films and we are continuously working with a wide range of

of projects: feature films, television series, commercials, music videos, advertising and even special events.. We can bring myriad ideas to life without ever having to compromise our cli-ent's artistic vision.

Contacts:David Varod

PresidentTel: +359 2 933 25 00

Address: 84, Kumata Str., Cinema Center Boyana

1616 Sofia

Founded in Bulgaria in 1998, up to date Walltopia has built more than 160 000 sq.m. of climbing walls in 50 countries on 6 continents. Walltopia builds climbing walls for the private, public and not-for-profit sectors, striving to provide the most up-to-date design and technology. Walltopia has a team of more than 300 professionals and the largest production capacity within the industry. The company offers all different types of climbing walls depending on their style, usage (indoor or outdoor) and purpose (climbing gyms, school and universities, shopping centers, parks, hotels, recreational areas, etc.) Walltopia has sales offices in the USA, Canada, Austria, UK, Germany, The Netherlands, Russia, Asia Pacific. The Head Office is

in Sofia, Bulgaria. Following the international success, Walltopia invests in some ambitious projects related to the climbing industry in Bulgaria, making the sport more popular among active people.

Contacts:Ivaylo Penchev

General ManagerAddress: 10 Arh. Bogdan Tomalevski Str. Mladost IV

1715 SofiaTel.: + 359 2 448 5744

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For several years Hilton Sofia is sup-porting CEDAR Foundation, who is working on numerous projects, aimed at creating better life for vulnerable chil-dren. Hilton Sofia organized a Christmas party with the children and youngsters at "Siyanie" in Kyustendil and a charity

donation of toys, books, clothes, etc. for the kids in need.

Over 12 Hilton Sofia team members participated in the initiative, led by General Manager Stephan Reiter. The kids prepared a special performance,

dressed in national costumes.

After the performance, Santa Claus gave them presents – the kids were excited and thrilled to meet, hug him and thank him for the wonderful sur-prises.

A Memorable Visit to Those in Need!

Only month (16 December 2013 – 17 January 2014) since the launch of the strategic partnership of Postbank and UNICEF in Bulgaria entitled Best Start for Every Child, clients and employees of the bank have donated BGN 100,000. The raised funds will support the Centre for Maternal and Child Health founded by UNICEF in Shumen region. The donors chose the amount and mode of donation themselves – via an ATM, in cash, or via online banking application. The bank, on the other hand, has exempted of fees all transactions associ-ated with UNICEF donations.

The Centre for Maternal and Child Health, which is supported by UNICEF, offers home visitation to pregnant women and families with children of up to three years of age. The Centre's nurses and midwives make the visits at the time preferred by the families and provide information about health, consulta-tions on safe pregnancy, preparation for childbirth, help in the first weeks after the birth, breastfeeding and nutrition, stimula-tion of the child's intellectual and emotional development and other issues related to child-raising.

The short-term goal of the strategic partnership between

Postbank and UNICEF Bulgaria is to develop a network of similar centres for maternal and child health. Such centre will be opened till the end of the year in the region of Sliven, and later on in Montana region as well. The long-term objective of the partnership Best Start for Every Child is to apply the already developed model at a national level and to support all parents of small children in Bulgaria.

BGN 100,000 Donated to Best Start for Every Child for a Period of Only One Month

Hilton Sofia team at "Siyanie" Center in Kyustendil.