Faced with a crushing economic crisis and soaring taxes, Greek companies are continuing to flee to other countries, especially Bulgaria, showing a 70 percent departure increase in the last year. Greek investors are livening up the property market in Bulgaria by seeking to rent or buy production bases and warehouses.
The trend is expected to continue in the two years to come, according to reports of private TV station TV7. The last big deal was a rental deal for a production base spanning 22,000-square meters in the region of the western town of Elin Pelin, where a Greek company will move its production of photovoltaic panels.
According to official statistics, around 3,800 companies that 100 percent Greek-owned operate in Bulgaria at present and if the companies with mixed ownership are added, the number exceeds 15,000. The largest concentration of Greek firms is in the regions of Sandanski, Sofia, and Plovdiv.
The majority of Greek companies only register their activity and pay taxes in Bulgaria but there are also a number of exported enterprises mainly in the clothing and food industries. The number of Greek companies registered in Bulgaria is expected to keep growing by end-2012 and in 2013.
(Source: novinite)
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