Bulgarian President, Rossen Plevneliev, has announced that urgent measures need to be taken to reduce the high level of unemployment among Bulgarian’s young people. They need to provide fast transfer from education to employment and offer young people entrepreneurship programmes and make access to financing easier.
Another major problem is that many of Bulgaria’s best graduates leave the country to work elsewhere in the EU. This is not surprising, as Bulgaria is Europe’s poorest country, with monthly salaries averaging 250 Euros. When salaries are so much larger abroad and prospects are better, it’s no surprise that bright young things are heading across the border.
One of the ways to combat the problem of limited manpower is to boost investment into the country. One of the current hurdles is the image of the country. Rightly or wrongly, Bulgaria is often perceived by foreign businesses as having complicated bureaucracy, corruption and low productivity. The Bulgarians themselves are aware of this poor image and are working hard to change things.
Interestingly, the IT industry has seen some growth due to lower tax rates and labour costs, resulting in higher profits for investing companies. The problems faced by investing companies is now lack of good manpower. Plans to counteract this include more active collaborations with local universities but there is no quick fix and the government needs to take rapid action to halt the draining away of skilled labour. There is however a Bulgaria based recruiter who recruits very successfully to the Bulgarian IT industry. Bulwork is based in Sofia.