Bulgaria urges foreign textile manufacturers to invest
Bulgaria has experienced communist rule, and its economic and trade development has almost stagnated. As a result, Bulgaria’s industry and manufacturing industry are currently underdeveloped, and it is a developing country.
Although Bulgaria joined the European Union (EU) in 2007 and received a large amount of EU financial aid, and many public and transportation constructions sprung up, it still could not help the rapid development of Bulgaria’s manufacturing industry. In addition, Bulgaria With a population of only 7.4 million, it is a small market with low national purchasing power. Therefore, it is a typical industrial developing country and is most suitable for the development of the labor-intensive textile industry.
In recent years, Bulgaria’s textile and apparel industry has become the most competitive industry, with very strong investment and export potential. Bulgaria can be said to be the first in Eastern Europe to export textile and apparel products to the United States.
In 2011, Bulgaria exported textile and apparel products for women (HSCode 6204) to Taiwan, amounting to US$1.261,051, an increase of 61.05% from US$782,998 last year.
Bulgaria’s textile and apparel industry can create a wide range of employment opportunities and can certainly help solve Bulgaria’s high unemployment rate (Bulgaria’s unemployment rate reached 11.2% in 2011).
Based on the above, the Bulgarian textile industry can be said to be favored by foreign investors, which has led the Bulgarian textile and professional clothing industry to enter the global market.
Other advantages of Bulgaria’s textile and apparel industry:
1. Excellent and long-term manufacturing technology experience in the textile and apparel industry;
2. The manufacturing quality of textile and apparel products is high, and the prices are globally competitive;
3. Low wages: The average monthly salary is about 200-250 euros;
4. Introducing foreign investors and technology. The main foreign investors are Greece, Italy and Germany in order. Bulgaria’s textile and apparel industry has continuously improved its professional manufacturing technology. Therefore, it has become proficient in product manufacturing and is not only capable of representing internationally renowned brands. Industrial production, and can produce and export on its own;
5. The average annual growth rate of Bulgaria’s textile and apparel market turnover is about 15-20%.
In addition to Bulgaria’s low labor costs, the price level is already lower than that of other Eastern European countries (but of course, the living standard is also lower in comparison).
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