| Bulgaria is located in Southeastern Europe, | | | | Tourism has always been a big industry in the |
| bordering the Black Sea, between Romania and | | | | country, and is still booming: one of the 130 hotels |
| Turkey. Bulgaria's location is strategic because it is | | | | in Slanchev Bryag, one of the most popular |
| near the Turkish Straits; Bulgaria also controls key | | | | resorts in Eastern Europe. The government has |
| land routes from Europe to Middle East and Asia. | | | | pledged to maintain the fundamental economic |
| Bulgaria has a population of 7,385,367 (2006) and | | | | policy objectives, i.e. retaining the Currency Board, |
| a population growth rate of 0.86 per cent (2006), | | | | practising sound financial policies, accelerating |
| with 68.7 per cent between 15-64 years old. | | | | privatisation, and pursuing structural reforms. |
| Background | | | | Economic growth continued in 2005 and 2006. |
| The Bulgars, a Central Asian Turkic tribe, merged | | | | Agricultural output has been growing in recent |
| with the local Slavic inhabitants in the late 7th | | | | years. Farming is more important than |
| century to form the first Bulgarian state. In | | | | stock-breeding. The prevalence of mechanisation |
| succeeding centuries, Bulgaria struggled with the | | | | is higher than most other Eastern European |
| Byzantine Empire to assert its place in the | | | | countries. There are more than 150,000 tractors, |
| Balkans, but by the end of the 14th century the | | | | 10,000 combines, alongside aeroplanes and other |
| country was overrun by the Ottoman Turks. | | | | equipment. |
| Northern Bulgaria attained autonomy in 1878 and | | | | Industry is of great importance for the economy. |
| all of Bulgaria became independent from the | | | | Bulgaria is a major producer of electricity though it |
| Ottoman Empire in 1908. Bulgaria became a | | | | is not very rich in reserves of coal, oil and natural |
| People's Republic in 1946. Bulgaria held its first | | | | gas. A second plant, the Belene Nuclear Power |
| multiparty election in 1990 with the fall of | | | | Plant with a capacity of 2,000 MW is under |
| communism. It has moved towards democracy | | | | construction. There is a $1.4 billion (�718 |
| and a free market economy ever since. The | | | | million) project for construction of an additional |
| country joined NATO in 2004 and the EU in 2007. | | | | 670 MW for the 500 MW Maritza Iztok 1 TPP. |
| Bulgaria accepts compulsory ICJ jurisdiction. | | | | In production of steel and steel products per |
| Economy | | | | capita the country is first in the Balkans. Ferrous |
| Bulgaria entered the European Union on 1 January | | | | metallurgy is very important. |
| 2007. The government is committed to economic | | | | Property Market |
| reform and responsible fiscal planning. Minerals, | | | | The property market has been boosted recently |
| including coal, copper, and zinc, play an important | | | | by foreigners seeking additional homes. The |
| role in industry. In 1997, macroeconomic stability | | | | greates number of buyers are British who are |
| was reinforced by the imposition of a fixed | | | | encouraged by comparatively low prices and low |
| exchange rate of the lev against the German | | | | cost air travel. The future for this particular |
| D-mark - the currency is now fixed against the | | | | country is bright indeed. |
| Euro, and the negotiation of an IMF standby | | | | Aston Lloyd & Partners is a City based global real |
| agreement. Low inflation and steady progress on | | | | estate investment company specialising in the |
| structural reforms have improved the business | | | | emerging markets. We source and develop |
| environment; Bulgaria has averaged 5.1 per cent | | | | opportunities that have the ability to deliver |
| growth since 2000 and has begun to attract | | | | generous returns for both the seasoned and |
| significant amounts of FDI. | | | | novice investor. |