“Financial Times”: Bulgaria Striving to Become Tech Capital

Written by on October 18, 2016 in Bulgaria - No comments

Bulgaria is striving to become the tech capital of the Balkans, according to the Financial Times (FT). The publication says that the country is trying to catch up with central Europe, “where economies based on low-cost manufacturing and exports are shifting to innovative and creative industries.” There was a generation of “westernised engineers and programmers with a global outlook”, it says, “now underpins the country’s emergence as the technology capital of the Balkans”.

The FT quotes Asparuh Koev, chief executive of Transmetrics, saying “Bulgaria is an interesting hub for IT development with higher-quality [people] and lower costs than elsewhere in Europe.”

Sofia and Bulgaria’s second largest city, Plovdiv, had become “flourishing outsourcing centers”, the FT writes, providing jobs for thousands of IT graduates. Some of the latter would go on to develop products that attracted the attention of tech watchers, the article reads.

The publication also explains how “Bulgarian IT skills were born under communism”, in state-owned companies “specialised in computer hardware and basic programming for the Soviet bloc countries”.

A problem, which the FT points out, was that “until this year, a lack of venture capital had left fast-growing start-ups short of funding.” But the situation was now improving.

By im.

The FT article can be found here.

 

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