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According to Forbes in the end of 2017 there were 6.2 million job openings in America that remained unfilled, which is up from 5.6 million during the same time in 2016. Companies couldn’t find the talent with the right skillset at the right time, which slowed the economic growth. A similar tendency was observed in the UK, where in 2017 the number of digital tech jobs has grown at more than twice the rate of non-digital tech sectors as stated by the Prime Minister Theresa May.
These negative tendencies in today’s dynamic technology sector are limiting the growth of the tech companies. They are facing various challenges regarding the successful scaling of their business – from cost restraints to lack of tech talent and inability to retain top employees. Overcoming these struggles and achieving efficient growth is possible only through effective collaboration and strategic tech expansion. Prosperity opportunities could be found in established technology destinations such as Bulgaria with companies such as Questers that are successfully bridging the world by connecting Western European and American businesses with highly skilled tech talent.
Why exactly Bulgaria?
Bulgaria – an Eastern European country, located in the centre of the Balkan peninsula, ranks among the top countries in the world in reports such as A.T. Kearney’s Global Services Location Index, The World Bank’s Ease of Doing Business Report and World Economic Forum’s Global Competitiveness Index.
The country has built a reputation of an attractive IT destination for developing software, establishing near-shore centres and outsourcing business processes. With its strategic location and the steady growth of its economic and demographic indicators, the country has turned into a preferred development destination. Among the multi-national organisations that have already discovered the advantages of the country and built their operational and development centres in Bulgaria are companies like HP, SAP, Microsoft, VMware and others.
The economic growth, labour market efficiency, advanced IT infrastructure and excellent IT knowledge are among the factors that define Bulgaria as one of the top IT destinations. A detailed look at these factors explains why every year more companies choose Bulgaria for establishing their next development centre:
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Labour Market Efficiency
One of the biggest advantages of the country is the multilingual IT pool of specialists and the ability to match the right talent at a competitive cost. Currently in the sector are engaged more than 65,000 full-time employees. To learn more about the salary ranges in the Software Industry in Sofia read our latest IT Industry Report.
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Education System
Rooted in the past but, of a great importance for the present and future of IT industry development is the quality of Bulgarian education, which ranks high on a global level. As reported by Invest Bulgaria Agency, there are 220 well-established high-schools that offer ICT programs combined with solid English and other major language classes. These programs lay grounds for the future development of their students as software experts.
When it comes to college education, there are 15 universities that offer ICT programmes. With 5000 graduates from these each year, Bulgaria’s system is particularly well suited to match the IT business needs, sourcing a profusion of all major technologies.
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Cultural and Geographical Proximity
The strategic location defines its geographical proximity and easy access to Central and Western European countries and facilitates fast connections between main economic centres.
Another advantage of Bulgaria is its cultural proximity to European and US companies in terms of business attitude, ethics and process.
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Steady Economic Growth & Macroeconomic Environment
Last but not least, the stable macroeconomic environment and the economic growth are yet another indicator for the conductive business conditions the country has been providing.
Bulgaria has been enjoying a steady economic growth through the past 8 years. The Real GDP growth of the country in 2017 is estimated at 3.8% according to the latest Economic Report of the European Commission.
In terms of stable Macroeconomic Environment Bulgaria has a government debt of 24.9% of its GDP in the end of 2017and ranks 25th out of 137 countries in the Global Competitiveness Index.
In conclusion, Bulgaria could be defined as a strong and reliable source of skilled tech professionals and strategic partnerships that could support the growth of the technology sector worldwide.
Still not convinced with the country’s advantages? Read our latest IT report for more detailed information about the IT sector in Bulgaria.
To find out how we can help you expand with a team in Bulgaria contact us.