The introduction of the euro and expectations for a more stable political environment are already directing new German investments to Bulgaria, according to the study “Business Climate in Bulgaria 2026” by the German-Bulgarian Chamber of Industry and Commerce (GBIC) presented at an event here on Tuesday. According to the data, 13% of the surveyed companies plan to move investments from Germany to Bulgaria, and 56% intend to increase their investments in Bulgaria.

A total of 83 companies participated in the survey between March 10 and April 2. Of these, 38% are representatives of industry and construction, 17 % – of trade, and 45 % – of services. Over half of the surveyed companies have less than 100 employees, 30 % have between 100 and 1,000 staff, and 18 % – over 1,000 employees.

GBIC Head of Communications Deniza Vrabcheva noted that when analyzing the results, the international context in which the survey was conducted must also be taken into account, including geopolitical processes and tensions in the Middle East, as they influence business attitudes.

According to the results, 91% of companies rate the current business environment in Bulgaria as “satisfactory,” and 36% describe it as “good.” 80% expect stability or improvement over the next 12 months, with 40% predicting a definite improvement.

Long-term confidence in the Bulgarian economy is also reflected in investment intentions. A total of 70% of companies plan to maintain or increase their investments, and 30% foresee additional investments in the future. In addition, 85% intend to maintain or increase employment, with one-third planning active staff growth.

Despite the positive assessments, companies remain cautious due to economic risks. According to Vrabcheva, the risks are clearly divided into global and local factors.

Among the main global challenges, companies cite rising energy prices, geopolitical uncertainty and supply chain issues. A total of 55% identify energy prices as a significant risk, with the level of concern comparable to early 2022. A total of 69% expect costs to increase due to changes in the global trading environment, and 65% have already expanded their supplier network or plan to do so, with 41% seeing risks specifically in supply chains.

“Companies are actively responding to challenges, building resilience and adaptability,” said Vrabcheva.

The main internal challenges businesses highlight are the fight against corruption, the need for a more predictable economic environment and the shortage of qualified personnel. According to the data, 78% of companies are dissatisfied with the progress in the fight against corruption, and 82% demand greater reliability, transparency and legal certainty from the state.

“The fight against corruption remains a central field of action and a key factor for trust in Bulgaria as a business location,” Vrabcheva pointed out.

The survey also shows that Bulgaria continues to be perceived as a competitive investment destination. 95% of respondents give a positive assessment of the digital infrastructure in the country. According to the data, the risks surrounding the introduction of the euro are almost no longer considered by companies.

Vrabcheva also emphasized that the stable tax system and communication infrastructure remain among Bulgaria’s main advantages. According to the data, 89% define the country as an attractive “nearshoring” destination, and 26% assess it as more attractive compared to previous years.

Bulgaria is also increasingly positioned as a destination for research and development. Companies invest an average of 8.5% of their investment volume in research and development, which, according to Vrabcheva, is a clear sign of growing investment activity.

77% of companies state that they do not plan to move their operations from Bulgaria.

In response to a journalistic question about the transfer of investments from Germany to Bulgaria, GBIC Chief Executive Officer Sonja Miekley clarified that the survey is anonymous and does not contain information about specific companies. However, according to her, the chamber is already receiving more inquiries from German companies that are considering the Bulgarian market for the first time.

“With the euro, some difficulties for businesses have disappeared. After the elections and with the new government, companies see an expectation of longer-term stability and more predictable development,” Miekley said. She added that Bulgaria has received positive attention in the German media regarding its accession to the eurozone, which also has a positive impact on interest in the country.

When asked whether there are any signals about companies planning to leave Bulgaria, Miekley said that there are currently no such indications and that companies generally remain satisfied with their investments in the country.

She stressed that the topic of fighting corruption must be taken seriously and recalled that the survey was conducted before the formation of the new government. According to her, the next survey will be conducted in the fall, when it will be possible to assess whether the measures taken are effective and whether businesses are reporting changes.

At the end of the event, the Chamber announced that for the first time, a German pavilion with the participation of 19 companies will be organized at the Hemus Exhibition for Defence Equipment and Services, co-financed by the German Ministry of Economics. The chamber also announced that on June 4, a discussion will be held dedicated to the impact of modern military conflicts on the economy, industry and opportunities for cooperation between Germany and Bulgaria.