Georgi Shivarov, Vice President of BIA

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2 I BG Georgi Shivarov, Vice President of BIA

3 Partnership Italy is 1 st as export market for Bulgaria Italy is rd importer in Bulgaria Total investments from Italy are ( ) 907 Mln Euro Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

4 Bulgaria Italy Export Import in Mln.. EURO Export Mln. Euro % of total Import Mln. Euro % of total Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

5 Bulgarian Export to Italy 2006 in mil USD Total for the leading export products Hot rolled iron Shoe parts Shoes Tin, plates and copper sheets Coke, petroleum products and nuclear fuel Suits and coats Wool yarn Singlet, sweater and waistcoats Women s suits and coats Suitcases, traveling bags and cases Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

6 Bulgarian Import from Italy 2006 in mil USD Total for the leading ten import products Passenger cars Leather Wool fabrics Motor vehicles for the transport of ten or more persons Shoe parts Cotton fabrics Cattle hide Refrigerators and freezers Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

7 Bulgaria Italy Trade Information Bulgarian import from Italy is 007 Industrial goods and 218 Agricultural goods Major part of the Bulgarian export (75 % in value terms) is done by 7 companies, while major import from Italy is done by 1 firms There are about 2614 Bulgarian legal entities, registered in Bulgaria, with Italian share between 5 to 100 %, operating in Bulgaria Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

8 Countries Export % Import % Foreign Direct Investments % Position by competitiveness WEF 2005 Bulgaria 72 position Innovation capacity in 2005 Bulgaria 72 ITALY 1,1% 9,8% 6,6% GERMANY 10,2% 14,6% 8,% 1 12 TURKEY 10,0% 6,0% 1,4% GREECE 9,9% 5,7% 9,8% 7 8 BELGIUM 6,0% 1,4% 4,5% 25 1 FRANCE 4,5% 5,% 2,0% 27 0 USA 4,5% 2,% 4,9% 2 1 ROMANIA,5% 0,4% 0,0% 6 47 SPAIN,4% 2,1% 1, 2 20 UNITED KINGDOM Top 10 biggest Bulgarian partners in foreign trade 2,5% 2,4%, TOTAL: 67,9% 52,5% 42,4% Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

9 FOREIGN DIRECT INVESTMENT INFLOW IN BULGARIA BY COUNTRIES IN USD MILLION ( ) AUSTRIA NETHERLANDS GREECE UK GERMANY ITALY HUNGARY CZECH REP. BELGIUM & LUX. SWITZERLAND USA CYPRUS IRELAND RUSSIA SPAIN FRANCE TURKEY

10 Nr. The biggest Italian investors in Bulgaria ( ) Investor Bulg. company Activity Total (USD m) 1. UNICREDITO, Italy BULBANK finance 422, 2. MIROGLIO, Italy, Germany MIROGLIO BULGARIA, INTERPRED textile 150,9. MARVEX + ITALCEMENT, Italy DEVNYA CEMENT, VULKAN cement industry 6, 4. ENEL, Italy EK MARITZA EAST energy 8,6 5. E. MIROLIO, Italy E. MIROGLIO trade 27,2 6. SAFIL, Italy BULSAFIL textile 18,1 7. TODINI, Italy TODINI construction 9, Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

11 Number of Bulgarian companies with Italian participation Total number of companies of them: - holding 100% stake - between 50 and 100 % stake - a stake lower than 50% Bulgarian Industrial Association UNION OF THE BULGARIAN BUSINESS

12 Number of Bulgarian companies with Italian participation Branch holding stake 100% Between 50% & 100% Below 50% Total number of companies Total: Agriculture, hunting and forestry Fishing 1 1 Mining and quarrying of energy-producing materials Mining and quarrying, except energy producing materials Manufacture of food products, beverages and tobacco Manufacture of leather and leather products Manufacture of wood and wood products Manufacture of pulp, paper and paper products; publishing and printing Manufacture of chemicals, chemical products and man-made fibres Manufacture of rubber and plastic products Manufacture of other non-metallic mineral products

13 Number of Bulgarian companies with Italian participation Branch holding stake 100% Between 50% & 100% Below 50% Total number of companies Total: Manufacture of basic metals and fabricated metal products Manufacture of machinery and equipment n.e.c. Manufacture of electrical and optical equipment Manufacture of transport equipment Manufacturing n.e.c Electricity, gas and water supply Construction Wholesale and retail trade; repair of motor vehicles and household goods Hotels and restaurants Transport, storage and communication Financial intermediation Real estate, renting and business activities Education 1 2 Health and social work Other community, social and personal service activities

14 Top 40 Bulgarian companies with Italian participation by registered capital (>50% Registered Capital) (Classification is based upon the current data from the Bulgarian Enterprise Information System BEIS) No Company City Registered capital in BGN Major Shareholder Share (%) Sub-sector 1 Unicredit Bulbank JSC Unikredito Italiano 85,20 Financial intermediation 2 Miroglio Bulgaria SPLTD Sliven Miroglio Group Generaly Bulgaria Holding JSC Generali 51,00 Financial intermediation 4 Mirolio Nova Zagora SPLTD Nova Zagora Miroglio S.P.A 5 Bulsafil LTD Plovdiv Safil 49,00 Bulsafil LTD Plovdiv Mondialteks S.A 46,00 Bulsafil LTD Plovdiv Simest 5,00 6 Black Sea Technological Company JSC Varna Amga - Atsienda Multiservitsi 99,69 Electricity, gas and water supply 7 Victoria IC JSC Generali 67,00 Financial intermediation 8 Siad Bulgaria SPLTD Sochieta Italiana Atsitilene & Derivati Manufacture of chemicals, chemical products and man-made fibres 9 Edoardo Miroglio SPLTD Elenovo - Sl E. Mirolio Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods 10 Stratus LTD Plovdiv Simest 88,00 Manufacture of basic metals and fabricated metal products 11 Interpred - World Trade Center JSC E. Mirolio 94,88 Real estate, renting and business activities 12 TGK tehno-gas-koop JSC AD Sol 71,42 Manufacture of chemicals, chemical products and man-made fibres 1 CTI-Clothing Trade International JSC Vratza Ti.ese.chi trading servce company 84,00 CTI-Clothing Trade International JSC Vratza Simest 12,00

15 Top 40 Bulgarian companies with Italian participation by registered capital (>50% Registered Capital) (Classification is based upon the current data from the Bulgarian Enterprise Information System BEIS) No Company City Registered capital in BGN Major Shareholder Share (%) Sub-sector 14 Sovata SPJSC Sovata Djaneti Spa 50,00 Agriculture, hunting and forestry Sovata SPJSC Sovata Miroglio Group 50,00 15 Salvamed JSC Sandanski Individuals 99,00 16 Unikredit Klarima JSC Unikredito Klarima Bank 50,00 Financial intermediation 17 Texnovalain JSC Mezdra Novatesile 85,00 Manufacture of machinery and equipment n.e.c. 18 Oazis-Muso JSC Muso 65,82 Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods 19 FGI Imobiliare JSC Sailnet 74,95 Real estate, renting and business activities 20 Minipulse SPLTD Plovdiv Kodzhema 99,00 Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods 21 Sizas Zebra International JSC Novi Iskar Sizas 5,75 Manufacture of rubber and plastic products 22 Arcotronics Bulgaria JSC Kyustendil Arkotroniks Indastris(Arkotronik s-italiya) Manufacture of electrical and optical equipment 2 Magistrala Hemus JSC Salini Costruttori S.p.A. 51,00 Construction 24 Butan Gas SPLTD Pernik Butangaz Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods 25 Baribourg Bulgaria JSC Debelt Individuals 50,00 Manufacture of leather and leather products 26 Rositsa industrial and commercial activities JSC Sevlievo Filor Group 96,00 Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods 27 Howald Industrial Systems SPJSC Vojivodinov o Filor Group Manufacture of basic metals and fabricated metal products

16 Top 40 Bulgarian companies with Italian participation by registered capital (>50% Registered Capital) (Classification is based upon the current data from the Bulgarian Enterprise Information System BEIS) No Company City Registered capital in BGN Major Shareholder Share (%) Sub-sector 28 Italy - Style JSC Dupnitza New Mode 98,52 29 Zalli LTD Gabrovo Calzedonia 99,00 0 Merlini-Danimond LTD Merlini Rikardo 50,00 Manufacture of food products, beverages and tobacco 1 Bulsan LTD Botevgrad Nikos-International Manufacture of other non-metallic mineral products 2 Sibi LTD Sevlievo Efebiese 50,00 Manufacture of basic metals and fabricated metal products Sibi LTD Sevlievo Filor Group 50,00 Jival LTD Kyustendil Pianeta 99,00 Manufacture of leather and leather products 4 CIR Golden Rest JSC Varna CIR Cooperativa Italiana di Ristorazione 90,00 Hotels and restaurants 5 MG JSC Individuals 99,00 6 Alpha Textile Industry JSC Pernik Individuals 51,00 7 Balkan Fruit LTD Nikolichevtsi Individuals Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods 8 Yavor Agro Consult 2000 JSC Yambol Montalchino Invest 70,00 Agriculture, hunting and forestry 9 Euroshoes LTD М 2 50,00 Manufacture of leather and leather products Euroshoes LTD Linea moda 50,00 Manufacture of leather and leather products 40 Intima Italy SPLTD Parvomai Pielle

17 Bulgarian Industrial Association

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19 BULGARIAN INDUSTRIAL ASSOCIATION UNION OF THE BULGARIAN BUSINESS