i s s u e 4 0A p r i l – M a y 2 0 0 3

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a m c h a m e v e n t s

AmCham Position Statement: Privatization of Bulgarian Telecommunications Co. (BTC) 2

AmCham Bulgaria President Addresses the Senate on Section 911 2

“Dobur den, Bulgari!” 3

AmCham Bulgaria Participates in Forging Better US-EU Business Ties 4

PM Opens First Meeting between Business and Judiciary 5

European AmChams Concentrate on Best Practices and Representation 5

The Bulgarian Army Reform – Upward and Onward 6

UISAC – A New Quality in Information Processing 10

Greece: Entering a New Era 12

Regional Cooperation:AmCham Bulgaria DraftsCooperation Projects with American-HellenicChamber of Commerce 13

m e m b e r n e w s

Cisco Organizes First Two-day Conferencefor Integrated Network Solutions 14

First Bulgarian Brand Manager of the Year Elected 14

Allied Pickfords Opens Moving Season

with AmCham Members and Friends 15

Hilton Sofia Celebrates Second Anniversary 15

New President Named at AUBG 16

How-To: Grow High-Value Companies 16

t h e m o n t h i n b r i e f 17

n e w m e m b e r s

Bodyguard-Fire-K Ltd., Emerson ProcessManagement, Expo Team Ltd., Force Delta Ltd.,InfoGuard, Miltech Ltd., Sante International 18

a n a l y s i s

GDP Growth Accelerates to 4.8% in 2002 19

w e e k e n d

Movie Review 20

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H.E. James Pardew, U.S. Ambassador to Bulgaria, Honorary Chairman . 3M (East) AG .AbC.R.O. . ABELA AIRPORT SERVICES LTD. . ABB (Asea Brown Boveri) . ACDI/VOCA .Abadjiev, Rouslan - Delaware Int’l . Abrotea Bulgaria AD . Acsior . ACT Soft Ltd. . AddressReal Estates . ADIS Ltd. . AES Corporation . AFA . AGS Bulgaria . AIG Insurance andReinsurance . AIG Life . AIMS Human Capital . Albena Joint Stock Company . AlliedPickfords . American Bar Association(CEELI) . American Balkan Consulting . AmericanCapital Services Corp . American College of Sofia . American Construction Products .American University in Bulgaria . AUBG - Elieff Center for Education . Amylum Bulgaria AD. Anglo-American School of Sofia . Anton Nikolov Preslavski . APIS Hristovich Ltd. . ARCOGroup . AremisSoft . Aries Commerce . ASCO Ltd. . Association of Bulgarian Broadcasters. AT Engineering Ltd. . Atlantic Club of Bulgaria . Austrian Airlines . AVIS . Balkan NewsCorporation . Barents Group Europe . Bayer Bulgaria . BG Radio . Baxter . Bodyguard-Fire-K Ltd. . Borislav Boyanov & Co . Bristol-Myers Squibb . BTC-Net Ltd. . Bulgarian PostBank . Bulgarian American Enterprise Fund . Bulgarian Charities Aid Foundation. . BulgarianParcel Service - Representative of UPS . Business Data . Business Links . Business ParkSofia Ltd. . Business to Business. Cable Bulgaria . CAIB – Bulinvest . Carana Corporation. Caresbac – Bulgaria . Carlson Wagonlit Travel . Center for the Study of Democracy .CHS Bulgaria . Cilag AC – International . Citibank . City University . Cisco SystemsBulgaria . Clarina / Coca Cola . Coca – Cola Bulgaria . COLLIERS - Continental Properties. CombiTrans Bulgaria . Compass . ConsulTeam . Contex Drouzhba . Corporate AdvisoryLtd. . Corstjens Worlwide Movers Group. . CPM International Ltd. . Cresta Marketing S.A. .Curtis / Balkan . Cyber Networks JSC . Dr. Benatov & Partners . Dr. Greenberg, Ellen . D.G. Jones & Partners . Deloitte & Touche . DeConi M&A . Delia, Michael Peter . DHLInternational . DIMON Bulgaria EOOD . Djingov, Gouginski, Kjutchukov & Velitchkov . Don &Co. . Dow Europe S.A. . ECM – Bulgarian Post Privatization Fund . Eli Lilly & Company .Elta Consult Ltd. . Emerson Process Management . Engineering Service-Sofia Ltd. . Entergy. Erato PLC. . Ernst & Young . EURO RSCG New Europe Sofia . EXPO 2000 . ExpoTeam Ltd. . First Global Heath Corporation . First Global Marketing . Flying Cargo Bulgaria,Ltd. . Ford - Moto Pfohe . Force Delta Ltd. . Framfab Bulgaria . GEO Car . GeneralElectric International . Genmark Automation . Global One . Goleminov & Goleminov . Group4 Securitas .Guinness UDV (CEA) . Haemimont - Smartcom . Hayhurst Berlad Robinson (HBR). HEBROS Bank AD . Hewlett Packard Bulgaria . Heli Air Services . Hilton Sofia . Honeywell. Horizon Energy Development, Inc. . IBM Bulgaria . InfoGuard . ING Barings . Interamerican. International Commercial Bank . Interbrands Marketing & Distribution Inc. . Internet Securities. Interpartners Communications . Intransco - Bulgaria Ltd. . In Time Ltd. / Air Express Int’l .Institute for Sustainable Communities . Junior Achievement Bulgaria . Kolbis . KPMG Bulgaria. Kühne & Nagel . Kraft Foods . Lefkowitz, Kenneth M. . KRES Advertising Agency . LeximSofia Ltd. . Lindner Immobilien Bulgaria . Lirex . M3 Communications Group . MagneticHeads Technologies . Maersk Bulgaria Ltd. . Marsh EOOD . Management SystemsInternational . MBA Enterprise Corps . McDonald’s Bulgaria . Microsoft . Miltech Ltd. .Monsanto Europe . Motorola Bulgaria EAD . MSD . NDB Informix . NDT Equipment SuppliesLtd. . Net Is Ltd. . Nestle-Sofia Ltd. . NET IS SAT . Nexcom Bulgaria . New I . NokiaBulgaria EOOD . Norman – Art Consultants & Dealers . Novel Cosult . Oracle Corporation .Pain D’or . Pfizer International Corporation . Pharmacia & UpJohn . Pioneer Semena . PopovLegal Office . PricewaterhouseCoopers . Prima Soft . Procter & Gamble . ProSoft . Protech. QBE International Insurance Ltd . Radisson SAS Grand Hotel . Regent Pacific . Rila SoftwareCorporation . Rockwell Automation . RTC Mobikom . S&D Chemicals Bulgaria Ltd. . S&T Bulgaria. Sante International . Scala Bulgaria . SEAF Trans-Balkan Bulgaria Fund . Sector Bulgaria .Sheraton Sofia Hotel Balkan . Shering-Plough Central East-Bulgaria . SmithKline Beecham .Sofia Echo Media Ltd . Stambouli Bulgaria . Student Careers Advisory Center . Sun SpreeHolidays . Swissair . Lowe Lintas Swing Communications . Technologica . TM Auto Ltd. - TOY-OTA . TMF . TNT . Unimasters Logistics Ltd. . Unisys . United Consulting Ltd. . USAID Bulgarian Capital Markets Project . US Meds . Via Expo . Vidima . WestinghouseElectric S.A. . Willi Betz – Balkan Star . Wrigley Bulgaria . WizCom . Wyeth Whitehall Trade. Xerox Bulgaria . Zlati Dinev Studio .

Editor-in-Chief

Vessel ina Dobrinova Design, Prepress & Printing

Milen Marchev

The AmCham Bulgaria Magazine reaches all members , decisionmakers in Bulgaria and in the U.S.A. ,

all AmChams around the world

The artic les in the AmCham Bulgaria Magazine show the opinion of the authors and do not necessarily reflect

the AmCham position.

I f you do not receive regular ly the AmCham Magazine or theAmCham Daily News electronic bulletin, please contact the

AmCham office in Sofia at tel . 981 59 50 or e-mail:amcham@amcham.bg

Board of Directors of the American Chamber of Commerce in Bulgaria

Acting President Kenneth Lefkowitz Individual Member

Vice President Stefan Dimitrov Allied Pickfords

Treasurer Dennis Fiehler Bulgarian American Enterprise Fund

Armin Zerunyan Hilton SofiaPhilip Bay COLLIERS – Continental PropertiesMaria Shishkova AIMS Human CapitalDavid Hampson US Meds – BulgariaAmnon Halper AshtromRoumen Mihailov 3M (East) AGVasil Kanev Vidima ADTeodor Milev Microsoft BulgariaJanet Heckman Citibank

Ex-Officio Member Reginald Miller US Commercial Attache

Executive Director Valentin Georgiev

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Dear Senator Hatch:

On behalf of the Board of Directors and the 179 members of the

American Chamber of Commerce in Bulgaria, I am writing to convey

our concerns regarding the Jobs and Growth Tax Act of 2003. As an

organization representing most US businesses in Bulgaria, we encour-

age you to pass a tax cut which does not reduce taxes on some indi-

viduals by shifting the burden to others, as is the case with the pro-

posed elimination of the exclusion for income earned abroad. If the

repeal of Section 911 is retained, it will be a blow against US global

economic competitiveness, a blow to US exporters and to US foreign

policy interests, and a significant dilution of the benefit of the entire Act.

U.S. companies are welcome in Bulgaria and our presence here is

growing. However, the proposed changes in U.S. Government tax

policies will make it very difficult for Americans to continue to work

overseas. In addition to paying taxes in Bulgaria – there is no dou-

ble taxation treaty -- Americans doing business here must pay U.S.

income tax on income, benefits, allowances, and overseas adjust-

ments. This puts the United States and its citizens at a major com-

petitive disadvantage here, because no other major industrial coun-

try in the world taxes its citizens working overseas on their foreign

earned income.

By their very presence overseas,

U.S. citizens help to promote America's national interests.

Americans who have lived and worked abroad or whose companies

rely on overseas markets are well aware of the important link

between U.S. exports and Americans overseas. U.S. citizens abroad

are prone to buy American, sell American, specify American, hire

American, and create opportunities for other Americans overseas.

Expatriate Americans play a vital role in generating U.S. exports,

thereby creating U.S.-based jobs and additional tax revenues.

We believe that the passage of the President’s Jobs and Growth

Plan is important to our great nation and will increase demand for

U.S. based goods and services, which will in turn create addition-

al jobs and stimulate much needed growth in the economy. At the

same time, the passage of the President’s Jobs and Growth Plan

with the abolishment of the tax exclusion provided by Section 911

would be detrimental to U.S. business interests in Bulgaria as well

as the rest of the world. We strongly urge you to maintain the cur-

rent exclusion provided by section 911 within the President’s Jobs

and Growth Plan.

Sincerely,

Kenneth M. Lefkowitz, Acting President

American Chamber of Commerce in Bulgaria

The Public Affairs Committee of theAmerican Chamber of Commerce inBulgaria has met to discuss the lat-est developments in the privatizationof the Bulgarian TelecommunicationsCo. (BTC). On behalf of the entireChamber, the Committee hasresolved to express its deep concernabout these developments.When foreign investors considerwhether to become involved in priva-tizations or inward investment intoany developing country they seekcertain things: A transparent proce-dure protected by the force of law,security from political interferenceand the necessary legislation toensure they are able to reasonablyrealize a return on their investment. In turn, a country needs to attract the best

investors with a reputation for honesty andintegrity in order to avoid some of the pit-falls encountered by other developingnations. US financial institutions are sub-ject to the highest standards of supervi-sion and operate under the highest levelsof integrity and probity.The BTC privatization, in which lead-ing US financial institutions participat-ed, was seen until recently to betransparent and fair. This view wasreinforced following scrutiny andapproval by the Bulgarian judiciary,military and security services. Recent developments on the BTC pri-vatization, notably the last-minuterejection of a deal that had beennegotiated for months, send out thewrong signals to potential investors -especially US-based investors.

Abrogating a fair and open process isnot in Bulgaria's interest and dam-ages the country’s international cred-ibility. Arguing that there is anotherUS investment house backing anoth-er offer misses the point. Inwardinvestors need security. If they thinkthat after spending millions of dollarsand months negotiating and agreeinga deal, it can be snatched away fromthem, then they will invest elsewhere.Although the damage to Bulgaria’scredibility from the outcome of theBTC privatization is not readilyundone, the Chamber underlines itsconcern in the matter and calls on thegovernment to conduct future privati-zation procedures in a transparent,fair, and predictable manner from startto finish.

AmCham Position Statement on the BTC Privatization Process

Letter to the Honorable Orrin Hatch Committee on Finance, United States Senate, 26 May 2003

AmCham Bulgaria President Addresses the Senate on Section 911

Kenneth

Lefkowitz

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“Dobur den, Bulgari!,” Secretary ofState Colin L. Powell started hisspeech on May 15. “I am honored tobe here, here in Battenberg Square, tobegin the centennial celebration of US-Bulgarian diplomatic relations.”

Powell referred to the beginning ofthese relations back in 1903 and notedthat the two countries have much moreto celebrate than the anniversary asthey have become “allies in democra-cies and partners in expanding free-dom around the world.”

The Secretary of State congratulatedBulgaria on the recent unanimous voteby the US Senate to welcome thecountry into the North Atlantic TreatyOrganization. “Relations betweenBulgaria and the United States are the

best they have ever been in all of thepast one hundred years,” Powell saidto the cheering crowd at the square.

“The American People will never forget

Bulgaria’s steadfast support followingthe terrorist attacks of September 11,2001. And we deeply appreciate yourhelp ever since in the internationalcampaign against terrorism.”

Note: The letter was also sent to the following senators:The Honorable Charles E. GrassleyChairman of the Finance CommitteeUnited States Senate

The Honorable Thomas DaschleMinority Leader, United States Senate

The Honorable Max BaucusUS Senator, United States Senate

The Honorable Don NicklesUS Senator, United States Senate

The Honorable John BreauxUS Senator, United States Senate

The Honorable Trent LottUS Senator, United States Senate

The Honorable John D. RockefellerUS Senator, United States Senate

The Honorable Bill FristMajority Leader, United States Senate

The Honorable Ted StevensPresident Pro Tempore, United States Senate

The Honorable Mitch McConnellAssistant Majority Leader, United States Senate

The Honorable Harris ReidAssistant Minority Leader, United States Senate

Speaker Dennis HastertUS House of Representatives

Congressman Tom DeLayMajority Leader OfficeUS House of Representatives

Congresswoman Nancy PelosiMinority Leader, US House of Representatives

Congressman Roy BluntOffice of the House Majority Whip

Congressman Stany H. HoyerHouse Democratic Whip

“Dobur den, Bulgari!”

“I stand here and see our two f lags so close, side-by-side. They look so beautiful. May we always remain

as close as our two f lags are today,” US Secretary of State Colin L. Powell said on Battenberg Square.

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by Rupert Finke, Director, Trade Policy, Europe & Eurasia, U.S. Chamber of Commerce

As a new initiative, the US Chamber ofCommerce organized a door-knock visitin Brussels for the Chairmen of theAmerican Chambers of Commerce inthe Central European accession coun-tries. The purpose of the event was todemonstrate to Brussels andWashington strong US business supportfor EU enlargement; underscore to EUofficials the importance of US compa-nies, which are among the largestinvestors in the region, to the economicsuccess of enlargement; advise theEuropean Union on the realities ofadopting EU regulation and practices inthe acceding countries; and preemptany negative fallout that might emergefrom compensation negotiations or othertrade disputes between the EU and US.

The AmCham met with the followingsenior officials to discuss how EUenlargement affects US business inter-ests in the region: CommissionerGunter Verheugen, EnlargementDirectorate General; Elmar Brok,Member of the European Parliamentand Chairman, Foreign RelationsCommittee; James Nicholson, MEP andChair of the European Parliament’s USCaucus; Erika Mann, Member of theEuropean Parliament; Francoise LeBail, Director, General Affairs andBilateral Trade Relations, TradeDirectorate General; Philip Lowe,Director General, CompetitionDirectorate General; Thierry Stoll,Deputy Director General, InternalMarket Directorate General; AnnDavison, President, Section on ExternalRelations, European Economic andSocial Committee; DeputyAmbassadors to the EU from Bulgaria,the Czech Republic, Hungary, Lithuania,Poland, Romania, Slovenia; AdrianKendry, Sr. Defense Economist, NATO.

During the meetings, the AmCham del-egates emphasized that US companies,like their EU counterparts, have invest-ed in Central and Eastern Europe(CEE) for the long term with the expec-tation of continued growth and prof-itability. However, the burden of regula-tions and the lack of a competitiveenvironment may slow, or even reverse,economic growth and investment intothe region. In addition, local business-es in CEE may have more difficulty incomplying with EU directives than UScompanies, and the governments maybe under internal pressure to enforceEU regulations selectively. The dele-gates noted that US businesses andthe EU have a common challenge toensure that the accession of the newmember states does not create newdisputes – and fuel existing ones –between the European Union and theUnited States.

EU officials underscored the serious-ness of the monitoring exercise toensure that new member states will ful-fill their commitments for EU member-ship. Commissioner Verheugen statedthat while Romania and Bulgariaappear to be on track with their com-mitments, both countries will have tomake significant progress this year injudicial reform and public sectorrestructuring. If no progress is made,then the 2007 accession date will nolonger be a possibility.

The Internal Market Directorate empha-sized the importance of a functioningsingle market upon enlargement. If thenew member states behave like currentmember states in selectively enforcingEU regulations, the entire single marketcould be placed in jeopardy. Therefore,the European Commission will seek to

impose safeguard measures againstnew members who are not living up totheir accession commitments.

EU officials said that the AmericanChambers of Commerce in CentralEurope should play a key role in help-ing the European Union monitor theprogress of new member states.

On the transatlantic front, Commissionofficials and members of Parliamentwarned that it is not in the interest ofthe United States to create a rift inEurope. Some European politicians areconcerned that after enlargementoccurs, there will be no deepening ofthe common foreign and security policy,which in the long run, could lead to thedestabilization of Europe. Regardingtrade, members of the EuropeanParliament suggested that after enlarge-ment occurs, it may be worthwhile toopen negotiations on the creation of aEU-US Free Trade Area.

AmCham Bulgaria Participates inForging Better US-EU Business Ties

AmCham Bulgaria President Ken M. Lefkowitz

and Executive Director Valentin Georgiev attend-

ed the meeting. “The US Chamber of Commerce

as well as the EU Committee are the best mecha-

nism for lobbying in Brussels,” Georgiev said.

“AmCham Bulgaria will use this opportunity for

its members and will protect in the best possible

way their interests in front of institutions in

Brussels.”

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The first discussion “Judicial System and Business in Bulgaria,”was opened by Prime Minister Simeon Saxe-Coburg Gotha May 13.The meeting was held under the auspices of Minister of EuropeanAffairs Meglena Kuneva and co-organized by AmCham Bulgaria,the Ministry of Justice, the Union of Jurists in Bulgaria, OpenSociety Foundation, the Bulgarian Business Leaders Forum and theBulgarian International Business Association. AmCham invited all members and their legal advisors to takepart in the discussion of the Bulgarian judiciary system in rela-tion to the business environment in the state. AmCham, BIBAand BBLF provoked the discussion in order to look for solu-tions to problems affecting the various businesses.Representatives of the judiciary, the government, and the parlia-ment were invited; diplomats and businessmen also attended.Prime Minister Simeon Saxe-Coburg Gotha said he expectedthe discussion to result in suggestions that will bring about abetter business climate to Bulgaria in practice and in the shortterm. “Our goal is concrete – the business should develop inconditions of transparent procedures, clear criteria and rulesthat are applicable to all,” he said.The discussion focused on court registration procedures forcompanies and problems in commercial registration. ”We all have the exclusive opportunity to take part in theprocess of complete and irreversible reform of the country,”Minister Kuneva said in her address to the participants.According to her, the judiciary and the business should worktogether to solve problems via dialogue, mutual understandingand formulation of common goals.Minister of Justice Anton Stankov noted that state institutionsshould learn to listen to the voice of the business more often.The chair of the Supreme Administrative Court Vladislav Slavovnoted that such forums are the right place to solve problemsconstructively and expressed his hope there would be moresuch meetings in the future.The problems of the business were discussed at two panels.Court Registration Procedures for Companies was moderated byNelly Kutzkova, Sofia Regional Court Chair and Valentin Georgiev,AmCham Executive Director. It concentrated on problems andpossible legislative solution and improving the court proceeding inthe sphere of court registration of companies.The second panel – Problems in Legislation and court proceedingsfor bankruptcy and insolvency of companies approaches to resolv-ing them was moderated by Sevdalin Bozhkov, Deputy Minister ofJustice and Andriana Sukova-Tosheva, BIBA Executive Director.

AmCham Executive Directors from Europe gathered once again for their

annual meeting in Washington April 28-30.

One of the greatest purposes of the meeting was to approve a new mis-

sion statement and strategy for the ECACC.

The Chair Replacement Working Group, as part of its establishing the

chair’s duties and obligations, was charged by the Executive Committee

with crafting a new mission statement, and developing a strategy docu-

ment for achieving the newly defined mission.

The new mission reflects the already approved and implemented trans-

formation of ECACC to a best-practices forum with a component for pol-

icy and mutual membership benefits.

The proposed strategy emphasizes the immediate need to define and

develop “the AmCham network” brand, as well as to structure best prac-

tices further. The strategy creates room for interested ECACC members

to develop policy initiatives. It also proposes that regional clusters be

encouraged to introduce joint pilot projects which, if successful, could

be adopted across ECACC. The exchange of best practices would be

better coordinated and the results of sessions, including educational vis-

its to other Chambers, more widely distributed.

AmCham executive directors from SEE also attended a two-day program

in Government Relations and Communications sponsored by the

Commercial Law Development Program.

The program was organized because American Chambers of Commerce

in Southeast Europe increasingly find themselves drawn into the policy

arena. Representing the important constituency of American businesses

in transitional, formerly socialist economies, the AmChams have the

opportunity to play a leadership role as laws and policies relevant to busi-

ness evolve in a more market-oriented direction.

The US business community makes its voice heard in Washington through

a wide variety of institutions, including trade associations, company

offices, non-profits, and an equally wide variety of methodologies: grass

roots issues campaigns, coalition-building, information gathering.

The goal of the meetings was to equip AmCham executive directors with

fresh ideas about how to represent and organize their member companies

to promote an improved commercial environment in the nations where they

live and work and also how to make their voices heard in the US.

Meetings were scheduled with different offices to illustrate various

methodologies.

PM Opens First Meetingbetween Business and Judiciary

AmCham executive directors Floreta Luli-Faber (Albania), Stanka Andrakovic

(Croatia), Valentin Georgiev (Bulgaria), Anca Harasim (Romania), Dzenita Becic

(Bosnia Herzegovina), Richard Sinisa Danicic (Serbia and Montenegro), and

Andrew Schneider (FRY Macedonia) with Vince Morelli, Staff Director,

Subcommittee on Europe, House Committee on International Relations (fourth from

left) and Patrick Prisco, Professional Staff Member, House Committee on International

European AmChamsConcentrate on Best

Practices andRepresentation

Mission: ECACC is a network of Chambers across the

wider Europe for the exchange of best practices, mutual

member company benefits, and a forum for discussion,

debate, and where necessary, representation on issues

relevant to the European business environment.

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The foundation of relations betweenthe Ministry of Defense and the busi-ness community is mutual benefit andtransparency, said in his openingspeech Minister Nikolai Svinarov to anaudience of state administrators andbusinessmen on April 22.

The discussion on NATO’s IT Standardsand the Bulgarian Army Reforms wasorganized by AmCham Bulgaria in thetradition of the BG Network Group inorder to initiate a continuous dialoguebetween the IT business communityand the Bulgarian Army.

The ministry’s policy is based on thequest for strategic partnership withleading companies, suppliers of equip-ment and services for the NATO mem-ber-states and their partners inBulgaria, minister Svinarov said.

“The realization of the projects envis-ages the adoption of the latestachievements in the fields of informa-tion and communication technologieswhile observing the requirements for

operational compatibility with NATO andan evolutionary approach for develop-ment based on choosing approved andstaunch technologies and maximumuse of market-affirmed products,”Svinarov explained.

In addition to Minister Svinarov, on thepanel were also H.E. James Pardew,US Ambassador, Bulgarian Army Chiefof Staff Nikola Kolev, Chief of MilitaryAcademy Gen. Atanas Zaprianov andexperts from the army. Representativesof the sponsors IBM, SAP, CiscoSystems, HP, ProSofit, Oracle,TechnoLogica, Kontrax, and EESTelecom Consortium completed thegroup.

“The Bulgarian Army has stated itsposition more than once,” said BAChief of Staff Kolev. “We are lookingfor strategic partnership with leadingcompanies not only in the sphere ofinformation and telecommunicationtechnologies but also in all spheres ofdelivery of goods and services for thearmy.”

IT is one of the greatest strengths ofthe United States, Ambassador Pardewsaid, American companies and defenseestablishments are looking forward toworking with Bulgaria, according to him.

The News

The first positive development in thearmy’s policy became obvious whenGeorgi Randelov, General Manager ofIBM Bulgaria posed the question aboutfinancing projects whose executiontakes more than a year and the possi-bility for project-centered financing asan alternative for budget-bound financ-ing within a year.

Colonel Kiril Stoychev, Director ofArmaments Policy Directorate said thenew approach for modernizing the mil-itary is indeed project-oriented, “We nolonger solve our problems year for yearand in pieces,” he said. Projects areclearly identified and are turned into aninvestment resource in the Bulgarianindustry by the offset policy of the min-istry of defense.

The Bulgarian Army Reform– Upward and Onward

From left: AmCham President

Kenneth M. Lefkowitz , Minister of Defense Nikola

Svinarov, Moderator Boyko Vassilev, H.E. James Pardew,

Bulgarian Army Chief of Staff Nikola Kolev.

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Minister Svinarov explained that the min-istry’s capital expenses for 2004-2006have been increased to BGN 250 millionper year from the current BGN 40 mil-lion. The greater budget gives an actu-al possibility for budget guarantees forimportant strategic projects, he said.

The Standards

“The nations of NATO committed to cre-ate forces which are compatible andcan work with each other. The infusionof IT into the NATO forces greatlystrengthens the individual force but italso greatly strengthens the quality ofthe alliance,” Ambassador Pardew said.

There are no clear standards in NATOand there cannot be any as the Allianceunites 19 member-state armies that areequipped at varying technical levels,Minister Svinarov said. It is known thatthe Alliance is a community of statesbased on values and democratic acqui-sitions and not on technical achieve-ments, he added.

In contrast to all other administrations inBulgaria, the army has two particular

solutions for the IT technologies it uses,Chief of Military Academy Gen. AtanasZaprianov said. First, there are regula-tions that define clearly the advent ofany project in the area and its wholelifecycle. The second innovation is theposition of chief information technolo-gies manager who coordinates theintegration and planning of all systems.

Col. Stoychev explained to the audiencethat NATO does not have standards butrather standardization agreements. Hesaid there is a special directorate in theMinistry of Defense dealing with stan-dardization that already has acquired 97percent of the agreements – the part ofthem that is not classified. We hope toreceive the classified agreements soon,he added.

The Law

Classified information seemed to be acontroversial issue at the discussion.The normative base for protecting clas-sified information is in place, MinisterSvinarov said, but its realization isunthinkable without the use of informa-tion and communication technologies.

However, Jordan Jordanov, GeneralManager of Kontrax said that his com-pany is encountering problems with thenew law in other branches of stateadministrations. “There are no accuraterules and criteria as there used to be,”he said.

Gen. Kolev replied that althoughBulgaria has a law, regulations and acommission dealing with classified infor-mation, military specialists were almostisolated from the preparation of the lawand as a result the latter has whitespots and needs improvement.

The Selection

Sasha Bezuhanova, General Managerof HP Bulgaria raised the question ofthe criteria for selecting and naming thestrategic partners in question.

Col. Stoychev again stepped in toexplain that there are three groups ofcriteria for each project: political, tech-nical, and financial and economic. Eachproject, according to him goes throughseveral stages of discussion, the lastbeing the Defence Council.

Chief of Staff Kolev added that theGeneral Staff of the Bulgarian Army andthe Armaments Policy Directorate areresponsible for the military and techni-cal parameters of a project and that inthe end all projects are revised by theminister as he is the political figure thattakes the final decision.

SAP Bulgaria General Director StanimirPopov asked for assurance that soft-ware systems in the army will step on auniform platform that will allow for thetransition to a unified integrated soft-ware system in the long-term. MinisterSvinarov gave the assurance and addedthat he cannot give a greater assurancethan the assurance that only the highesttechnologies will win the projects in theBulgarian Army.

Some of the companies present are thebest in more than one field, Svinarov

said, I hope that the Ministry of Defenseand the Bulgarian Army dispose withexperts who can assess in each proce-dure which company is the best and wecannot have criteria different from thehighest technologies, he added. Wewant to reach the level of today and thecoming three-five years, he answered toa question about overtaking Europeanarmies’ technical capabilities.

Gen. Kolev had already stressed theimportance of Bulgarian presence ofpartner-companies in the beginning ofthe discussion: “It is also very importantfor us that all suppliers for the army arecooperated where possible with theBulgarian industry and the Bulgarianbusiness,” he said.

“When we feel the Bulgarian industrybehind us we feel much more secureabout the training of staff and the sup-port of the life cycle of the product thathas entered the army. On the otherhand, when strategic partners fromleading companies have Bulgarian con-tractors, this develops the Bulgarian hi-tech sector, stimulates and motivatesthe educational level of the Bulgarianpopulation – the potential members ofthe armed forces.”

Petar Statev from EES Telecoms raisedthe question of the offset programs thatthe ministry offers. Col. Stoychev washappy to answer that the term offsethas turned from taboo to hype in theministry and that there is now full sup-port for this policy in the Bulgarian Armyand the Ministry of Defense. He saidthat a document on the topic wasexpected to be discussed on April 24 bythe Council of Ministers that would turnmilitary procurement projects into aninvestment resource.

The Resources

The question about the resources pro-vided for the modernization of theBulgarian Army was more or lessraised by every participant in the dis-cussion. Col. Stoychev assured thebusiness participants that the opportu-nities for financing projects are huge.In addition to the increased budget,projects can apply for resources fromthe Foreign Military FinancingProgram, he said.

Minister Svinarov himself stressed thatall projects have been duly paid so farand that there has not been a projectwithout proper financial backing. Ratherthe opposite is true – if there is apromising project, the state will find theresources to realize it, he said.

Money was not the only concern forcompanies, though. Ognian Traianov,President of TechnoLogica stressed theimportance of IT specialists in theBulgarian Army. “In the practice andexperience of my company I havenoticed that there seems to be insuffi-cient appreciation of this resource,” hesaid. Specialists in the IT sector are aspecial resource, he explained – theyneed to be well-trained and it is veryhard to keep them as the pressure fromthe business is too great. A mechanismmust be found to keep and motivatethese specialists, he said.

According to Trainanov, a projectrequires that the same specialists takethe same positions for years on end.“They should feel secure in their posi-tion and should feel that their successdepends on the success of the project– they should be concentrated in thesuccess of this project,” he said.

To this concern, Minister Svinarovanswered by pointing out that this is avery important topic for state administra-tion as a whole and that the personnelsystem in the state should be consoli-dated.

Gen. Kolev said this was one of thegravest issues in the Bulgarian Armyreforms. Without a trained, prepared, andmotivated staff, all plans turn into slo-gans and empty promises. He explainedthat in the process of reforming thearmy, the best qualified employees havebeen lost and that this puts the armyunder a double pressure as it must notonly reform but also train new people.

According to Gen. Kolev, the lack ofgood managers is also a big issue forthe army as it cannot make the bestpossible use of the resources it dispos-es of. In practice, we are only now start-ing to realize large-scale projects and, ifwe have no well-prepared leaders, weare predestined to use up resourcesirrationally, he said.

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“The United Information System against Crime (UISAC) isexpected to contribute to the improvement of the businessclimate in Bulgaria and the decrease of corruption in thestate,” said Minister Stankov during his opening address atthe presentation of the system organized by AmChamBulgaria and sponsored by ACSIOR, April 17.

Minister of Justice Anton Stankov participated in the discus-sion following the presentation together with Minister of StateAdministration Dimitar Kalchev, Supreme Administrative CourtChair Vladislav Slavov, and USAID Mission Director DebraMcFarland.

UISAC was presented by ACSIOR President PlamenTchiripev. UISAC is a hi-tech product unique for Bulgaria,Tchiripev said.

It was explained that the system offers informational capabil-ities that have not existed until now for Bulgarian institutions.It offers solution to problems that no institution could solve byitself because of its limitations.

The system helps analysts find the information they needwithout a problem in stead of wasting time looking for infor-mation in stead of analyzing it.

UISAC provides a new quality in the information processingcovering the counteraction against crime. It gives a completeview of the Penal Code which brings about its better planning.

However, the implementation of the system and its properfunctioning require organizational and effective interactionamong a wide range of institutions.

In order for the system to be introduced, all institutionsinvolved must be properly prepared for it. According toACSIOR calculations, the necessary finances to concludethe implementation of the system reach USD 7 million.This are only estimates of ACSIOR, Tchiripev stressed, theMinistry of Justice has not yet presented its side of thestory or a timeframe for the completion of the project.

UISAC –A New Qualit y in Information Processing

United Information System AgainstCrime (UISAC) is a supra-institutionalinformation system, designed for opera-tional data exchange between allBulgarian institutions involved in thecriminal process. It unites the effortsagainst crime of the judicial, executiveand legislative powers in Bulgaria.UISAC is a centralized Web-based sys-tem. The institutions involved in the pro-ject are: Ministry of Interior, NationalInquiry Services, Ministry of Justice,National Prosecution Office, District andRegional Courts, Ministry of Defense,and the prisons in the country.UISAC follows the steps of the penalty

procedure within its integrity and on thebasis of original information. It providesobjective information and means foranalysis of the counteraction againstcrime as well as current and historicalinformation about the individuals sub-ject to the penalty procedure.The system is also expected to improvethe interaction between law-protectingand jurisdiction organs, the overallmonitoring of the crime status and ten-dencies, the struggle against crime andsupport of strategic planning. It will pro-vide timely and quality information ser-vicing of the activity on particular prob-lems related to the counteraction

against crime. It will help officials exer-cise efficient control and managementof specific penalty procedures as well.In addition to these direct benefits fromUISAC, the system is also going todecrease procedural breaches and helpfight corruption by providing transparen-cy of the institutions’ actions, monitoringand analysis of indications for possiblecorruption actions, etc. The systemhampers trivial corruption practices.The experience and results from theUISAC development and the system’srealization can be efficiently used inthe design and development ofBulgaria’s e-government.

From left: Supreme Administrative Court Chair

Vladislav Slavov, ACSIOR President Plamen

Tchiripov, Marian Abrashev, Secretary General of the

Ministry of Justice (who replaced Minister of Justice

Anton Stankov later in the discussion), AmCham

Executive Director Valentin Georgiev, USAID

Mission Director Debra McFarland, and Minister of

State Administraiton Dimitar Kalchev.

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UISAC is based on the optical network of the state administra-tion, Tchiripev said. The national optical cable system is beingbuilt for the second year already, Minister of StateAdministration Dimitar Kalchev said. It will include all institutionsin the state when it is finished. Until now it covers 200 pointsin Sofia and about 50 percent of the state, he explained.

This created potential can only be used after the full com-mitment of state institutions and the provision of neededfunding, according to ACSIOR. Along these lines, a significantaid can be rendered by international institutions and govern-ments that are engaged with the development of moderninfrastructure of the Bulgarian state government, judiciarysystem’s reform and corruption eradication.

“USAID has been extremely committed to working on justiceand anti-corruption,” said USAID Mission Director DebraMcFarland, this has been a priority for the organization, sheadded. USAID has donated computers to a number of modelcourts for example. However, “our resources are not what wealways want them to be,” she admitted.

The European Union on the other hand through its PHAREprogram has also invested and is still investing in theBulgarian judicial system. Milena Damianova, AdvisorJudiciary & Public Administration at the Delegation of theEuropean Commission to Bulgaria explained that the unionhas provided about EUR 10 million for the reform and that itsupports the UISAC project indirectly by paving the way for it.

Another resource that is extremely important for the realiza-tion of the system’s potential is the full support from all insti-tutions, SAC Chair Vladislav Slavov stressed. Even if onenode is not prepared to adopt the system, it will not be ableto function as expected, he said.

In addition, he shared his opinion that in order for all institu-tions to work together, a mandatory component should beintroduced. According to him, some units seem to be resist-ing the system and the transparency it will bring about.Therefore, he said, there should be an agency that has thepower to obligate them to take the needed steps to let UISACdo its job.

Minister of State Administration Dimitar Kalchev commentedthat the reaction of certain institutions, which no one namedat the discussion, is a serious problem. “Our English consul-tants warned us of this and we have no illusions in thisrespect,” he said. However, the process has already beenstarted and it will be brought to an end, he said.

ACSIOR is the leader of consortium PROFIS, which wonthe tender for UISAC. Since the beginning, the main objec-tive of the founders has been to establish a sound com-pany infrastructure and to fill it with high level competenceand know-how in the area of Information Technologies (IT)in order to be a large system integrator. During theseyears, ACSIOR has fulfilled its goal and now is one of themost famous Bulgarian IT companies. The average yearlyturnover is EUR 2.5 million.ACSIOR offers total IT solutions based on computers salesand software development of professional applications.The company specializes in developing complex informa-tion systems. It provides consultations, analysis and designof customized software applications on demand. Thecompany implements and maintains software packages ofleading companies with applications in the areas of bank-ing, commerce, industry, and the hospitability business. The specialists of the company are providing high qualitysystem support, project management and system integra-tion of large projects. Since 1999 ACSIOR has been certi-fied according to EN ISO 9001/2000 Quality System forSoftware Development, Production and Maintenance.The most important software solutions developed byACSIOR are: National Prosecution System, 1996; BulgarianCustoms Information System, 1997; Bulgarian NationalUnified Register (BULSTAT-99), 1999; Bulgarian PopulationCensus, 2001; Unified Information System Against Crime,2000-2003.ACSIOR is committed to provide high quality products andservices that help customers compete effectively on theever changing market. Some of ACSIOR’s most importantcustomers are governmental institutions (Council ofMinisters, the ministries of interior, foreign affairs, education,transport, etc.), large banks (Bulgarian National Bank, BUL-BANK< ING Bank, etc.) and large international enterprises(Coca Cola, Philips Bulgaria, Kraft Foods, DHL InternationalBulgaria, PricewaterhouseCoopers, etc.).

Milena Damianova, Advisor Judiciary and Public Administration at the

Delegation of the European Commission to Bulgaria said the Commission sup-

ports UISAC indirectly.

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Since joining the European Union in1980(then the EEC), Greece has been on asteady course of development and tran-sition. Today, the country is goingthrough the most profound economicchanges of the past 50 years.The 2004 Olympic Games to be held inAthens, massive infrastructure invest-ments throughout the country, and fiscalconvergence are heralding a new era inGreece, one that is reshaping the eco-nomic and investment landscape intothat of a regional leader and vibranteconomic and commercial partner.During the period from 2000 to 2006,Greece is to receive directly from the EUmore than EUR 25 billion in support fund-ing, to be invested in infrastructure, ener-gy, IT, education, tourism development,healthcare, and a host of other areas. The Greek economy has the highestgrowth rate in the European Union andis expected to increase by 3.8 percentin 2003. Preparations for the 2004Olympics are one of the driving forcesof the economy. The Games have anestimated overall budget of EUR 5.6 bil-lion, of which EUR 3.5 billion will becontributed by the Greek government,EUR 1.2 billion by private investors, andEUR 0.9 billion by the EU. The develop-ment of sports centers, service facilities,and the upgrading of the country’s com-munication and transportation networkshas provided excellent opportunities forinvestors. According to a report by theFoundation of Economic and IndustrialResearch, 2 million visitors are expect-ed for the Games and local businesseswill increase their turnover during 2001-2004 by EUR 755 million. Many of theinfrastructure projects now being com-pleted should enhance the country’slong-term economic performance. Greece’s fiscal performance continuesto improve, spurred by strong privateconsumption and investment. Accordingto figures from the Ministry of Finance,

retail sales and value-added tax rev-enues have been steadily increasing.Price increases remained above the EUaverage in 2002 due to stronger growthperformance, the change-over to theEuro, and adverse weather conditions atthe beginning of the year. Inflationremains above the average EU rate.Unemployment dropped slightly to 10percent from 10.4 percent in 2002.Today, Greece-U.S trade stands at justunder USD 2 billion per year. U.S.exports to Greece are led by machineryand transport equipment, manufacturedgoods, and raw materials. Greeceexports to the U.S. are topped by man-ufactured goods, food and animal prod-ucts, and beverages and tobacco.In the past five years, Greek investmentin the U.S. has increased by almost 600percent, from USD 161 million to USD985 million. Proportionately, Greek

investment in the U.S. has outpaced thatby the U.S. in Greece and the upside forboth sides remains strong.Greeks are among the largest foreigndirect investors in Albania, FYROM,Kosovo, Serbia, Bulgaria, and Romania,(and are expanding into the Black Seacountries) where billions more are beinginvested to revamp and modernizeentire economies.

Greece: Entering a New EraRegional cooperation by the AmChams of Southeast Europe will be one of the driving forces to increase tri-lateral trade and investment.

A modern city grows behind the antique façade.

The American-Hellenic Chamber of Commerce The American-Hellenic Chamber of

Commerce is responding to today’s chal-

lenges in ways to take advantage of

unprecedented opportunities for growth,

new partnerships in trade and investment,

and emerging technologies that will form

the new “technostructure” of Southeast

Europe. According to Alexandros

Lamnidis, Executive Director of the

Chamber, "Regional cooperation by the

AmChams of Southeast Europe will be

one of the driving forces to increase tri-

lateral trade and investment. When

investors, including those from the United

States, view Southeast Europe as one

market, with more than 100 million con-

sumers, growth will accelerate for all

countries in the region."

The American-Hellenic Chamber of

Commerce is one of the largest and most

active American chambers in Europe. It

sponsors some of the leading confer-

ences, exhibitions, fora and investment

events in Greece. The Chamber orga-

nizes and sponsors the Hour of the Greek

Economy conference that annually exam-

ines the course of the Greek economy

and HealthWorld, a conference for profes-

sionals from the health community.

In cooperation with Key3Media Events,

the Chamber organizes COMDEX Greece,

the largest information technology exhibi-

tion in Southeast Europe. In September,

2000 the Chamber became the official

trade representative in Greece of the New

Jersey Commerce and Economic Growth

Commission, the first such agreement

made by a U.S. state in Greece.

American-Hellenic Chamber of CommerceAlexandros Lamnidis, Executive DirectorPolitia Business Center109-111 Messoghion Avenue115 26 AthensTel: +30 210 699 3559Fax: +30 210 698 5686e-mail: info@amcham.gr

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Distinguished speakers from the international medical and sci-entific community and governmental representatives met rep-resentatives of every link in the healthcare sector, March 31and April 1 in Athens, Greece. Health World 2003 – the sec-ond edition of the conference organized by the American-Hellenic Chamber of Commerce under the auspices of theMinistry of Health and Welfare of Greece and in cooperationwith Harvard Medical School is set to become the premierconference for he medical community in the country.Two AmCham Bulgaria representatives – Executive DirectorValentin Georgiev and Events Manager Maria Marcheva visit-ed the conference’s extensive program of educational sessionsand panel discussions on the kind invitation of the Hellenic-American Chamber of Commerce to draw on the Greek expe-rience particularly in the organization of top-notch events.During the meetings that took place between the two cham-bers’ teams, the idea for a future joint event surfaced andwas put to discussion with very positive outcomes. There wasalso talk of organizing a regional event with the participation

of all South East European AmChams. A particular joint event the two chambers considered orga-nizing is again dedicated to healthcare. Inviting experts of therank of Harvard Medical School to participate in a confer-ence dedicated to the Bulgarian health reform and the reformin the field of pharmacy would be too costly for AmChamBulgaria. However, with the cooperation of the American-Hellenic Chamber of Commerce, the initiative may kick off.Businesses from the United States have already expressedinterest in participating in the Bulgarian reforms in the afore-mentioned sectors. Harvard Medical School consultants alsoexpressed their willingness to participate in such a confer-ence in Bulgaria.Another broad-minded idea that sprang in the meetings wasto organize a health-care event on a regional scale. TheAmerican-Hellenic Chamber of Commerce also proposedthat all AmChams from the region should put up a multi-lat-eral regional investment economic forum in October underthe AmCham aegis.

Regional Cooperation:

AmCham Bulgaria DraftsCooperation Projectswith American-HellenicChamber of Commerce

AmCham Bulgaria and theAmerican-Hellenic Chamber of Commerce exchange ideas.

Robert Loyd, president of Cisco SystemsEurope Middle East and Africa (EMEA)opened the first conference and exhibi-tion “Business and innovations” in hotelKempinski-Zografksi in Sofia, April 10,2003. The main stress of the conferenceand the exhibition were the new tech-nologies, their business aspects andtelecommunication services. MilenVelchev, Minister of Finance, welcomedthe guests and participants.

“Cisco Systems organizes the confer-ence with such a varied program andversatile purpose for the first time in

Bulgaria. The integrated network solu-tions offered by the company in thesphere of the most topical problems innetwork technologies will not only beinstrumental in increasing the productiv-ity of the organization and their securi-ty, but they will also be extremely usefulfor our clients,” said Robert Loyd.

Leading managers and technical expertsfrom Cisco arrived in Bulgaria especiallyfor the event. Through their presentationsand demonstrations they brought forwardthe vision of the company about the useof network technologies and applications.The seminar’s program was divided intothree main streams: for leaders, for techni-cal experts from large and medium enter-prises and for representatives of telecomoperators and Internet service providers.

The most topical themes in the indus-try were discussed: voice over IP, secu-rity, IP telephony, introduction andadministration of wireless networks,optical technologies, the completesolutions that Cisco offers on thisbasis, as well as the advantage busi-ness gains by using them.

During the exhibition some of the part-ners of Cisco Systems in Buglaria –Lirex BG, Cnsys, IBM, Paraflow, HP,Solytron, and Orbitel, demonstratedworking technical solutions, products andservices. IBM Bulgaria received the sta-tus of golden partner of Cisco Systemsduring the conference.

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Cisco Organizes First Two-day Conference for Integrated Network Solutions

First Bulgarian Brand Manager of the Year Elected

The final ceremony of the contest for Brand

Manager of the Year 2003 was held on May

15, 2003 in “Sofia” Hall at Interpred. The

contest was organized by the Bulgarian

Marketing Association and Euro RSCG New

Europe Sofia.

Eighteen marketing concepts were selected

for the second stage. A leading criterion was

the personal contribution of the candidate

for the professional management and devel-

opment of the trade mark.

The seven finalists who were competing for

the grand prize of the Bulgarian Marketing

Association presented themselves and their

marketing concepts via video interviews and

live presentations, accompanied by special

attractions in front of the audience.

A jury of 90 marketing specialists, business

persons and media representatives voted

anonymously during the ceremony and

elected Diana Georgieva of Orgahim with

the “Leko” paints.

The other competitors were Margarita

Metodieva of Allied Domecq Agencies –

Bulgaria with “Tullamore Dew” whisky,

Svetozar Ignatov of Nilana with “Boliarski

hliab”, Svetoslav Iliev of Vinprom Peshtera

with vodka “Flirt”, Chavdar Vaklev of

Colgate – Palmolive with the products

“Palmolive Aromatherapy”, Martin Zahariev

of Atika Media Bulgaria with “Playboy”

magazine, and Ivelin Gachevski of Ceiba

Pharmacy and Drug Stores.

Each of the nominees was awarded a small

statuette and a diploma, and the winner

won participation in an international semi-

nar of marketing communication in London,

arranged by the International University.

The mission of the competition is to stimu-

late the development of marketing manage-

ment in Bulgaria and to further the differ-

entiation of such a class.

The results from votes cast for best Brand

Manager on the Internet site dir.bg were also

announced at the ceremony - Svetoslav Iliev

and vodka “Flirt” were most favored there.

Brand manager of the year is a new branch

competition in Bulgaria aiming to honor the

best marketers in the state with the award

of the Bulgarian Marketing Association.

Such a competition has taken place in the

Czech Republic three times already on the

analogy of the authoritative American ver-

sion Marketer of the Year.

Guests were entertained by the host

Radinela Buserska, the attractive presenta-

tions of the finalists and the Bulgarian

“Bond” trio – Intro.

The competition is expected to contribute

for the popularization of the need for high

professionalism and skill in marketing. A

sphere, which is to a big extend decisive for

the better satisfaction of the needs and

wishes of consumers and, consequently, for

the increase of sales.

From right: Robert Loyd, President of Cisco Systems Europe

Middle East and Africa; Milen Velchev, Minister of Finance;

Peter Ivanov, Cisco Country Manager.

Diana Georgieva of Orgahim receives the award for her

managing the brand Leko of paints from the Bulgarian

Marketing Association Prof. Veselin Blagoev.

Allied Pickfords, the best developed moving company on theBalkans, celebrated 12 years on the Bulgarian market withfriends, fellow AmCham Bulgaria members and high spirits onHilton’s Seasons Terrace on May 20.

The fancy crowd gathered guests from the American, British,Israeli, Japanese and other major Embassies, renowned jour-nalists and managers of the best companies in Sofia.

Stefan Dimitrov, Allied Pickfords Managing Director forSoutheast Europe and AmCham Bulgaria Vice Presidentgreeted the guests and reminded them who to call for thebest local and international moving services.

A part of the biggest and most reputable international mov-ing network, the Sofia branch is a center for the major mov-ing company’s services in South East Europe – it managesthe regional offices in Skopje (FYR Macedonia), Prishtina(Kosovo) and Belgrade (Serbia&Montenegro) to fulfill anyrelocation you need.

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Hilton Sofia celebrated its second anniversary with partnersand friends, May 9.

After an exciting video tape of Hilton Sofia was rolled, guestswere welcomed by the General Manager of the hotel –Friedrich W. Niemann.

The Book & Win Program, entitling Hilton Sofia’s customersto a prize each time the designated number of room nightsis materialized, was presented during the party: the rewardsvary from a fancy cake to a weekend in Prague.

The “Let’s Meet” concept was launched as well. It compris-es a memorable way of holding a successful event right fromthe beginning – and through to its very end.

The highlight of the evening was the raffle where guests hadthe opportunity to win a number of prices from Hilton Sofia– the stage for some of AmCham Bulgaria’s best parties.

Hilton Sofia, opened its doors in April 2001. An excellentmeeting and conference site, Hilton Sofia is located at theheart of the city, surrounded by the South Park and with aspectacular view of the Vitosha Mountain.

Directly linked to the Sofia Congress Centre, National Palaceof Culture, the hotel features the most modern in-room facil-ities, Clubroom, Business Centre, Health Club with swimmingpool and many other services, demanded by the modern trav-eller. Downtown Sofia is just a 5-minute walk away.

Hilton Sofia Celebrates Second Anniversary

Allied PickfordsOpens Moving Season with AmCham Membersand Friends

H. E. James Pardew with the host Stefan Dimitrov.

AmCham Board of Directors Member David Hampson (center) congratulates

Stefan Dimitrov on the success of the company and its anniversary.

The guests at Hilton’s second anniversary were entertained by the “Strings” band and

enjoyed the exquisite buffet prepared by the Executive Chef of Hilton Sofia, Andre

Tokev.

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The Board of Trustees of theAmerican University in Bulgaria(AUBG) has elected by unanimousvote, a leader with extensive academ-ic and international business experi-ence as its next president. Dr. ReynoldBloom, of Sterling, NY, succeeds Dr.Julia Watkins.

“Dr. Bloom brings enormous experienceand enthusiasm to the next stage ofdevelopment of our institution,” saidRalph Davidson, chairman of the board.

“We look forward to his leadership.”

Davidson also thanked Dr. Watkinswho leaves after 10 years of institutionbuilding to take a position asExecutive Director of the Council onSocial Work Education in Washington,DC. “Dr. Watkins has brought this uni-versity to a point of outstanding recog-nition as an international institutionproviding the very best in an Americanstyle liberal arts education in our partof the world. In recognition of her

defining contribution Dr. Watkins hasbeen named President Emerita ofAUBG”, Davidson said.

Dr. Bloom is a specialist in internationaleducation, bringing experience fromwork both in the United States andabroad. He has held senior executivepositions with the State University ofNew York (SUNY), the Agency forInternational Development (USAID), andthe United States Peace Corps in anumber of countries including Bulgaria. “I consider it a great privilege to assumethe leadership helm of this unique institu-tion”, said Dr. Bloom. “I expect to contin-ue the important work of Dr. Watkins andlaunch the next decade of growth forAUBG. Our goal is to educate future lead-ers who will further the democratizationand economic development ofSoutheastern Europe through the benefitsof an American liberal arts education.”

American University in Bulgaria offers aprogram on Entrepreneurship andVenture Capital at its Elieff Center build-ing in Sofia June 12 to July 12, 2003.

To fit the schedule of busy enterprisemanagers, this program will be con-ducted mainly on weekends over aone-month period. It will be of greatbenefit to those small-to-mediumbusiness owner-managers inBulgaria, and to division managers oflarger corporations, who wish to mas-ter the attitudes, and learn the tools,of entrepreneurial behavior, manage-

ment and success. Participants willlearn about the creation and expan-sion of high-growth firms or corpo-rate divisions by perceiving, identify-ing and exploiting opportunity. Theywill also learn about venture financ-ing and venture capital, and meetsuccessful international entrepre-neurs and venture capitalists.

The program will be taught by a lead-ing professor/entrepreneur, JanSmolarski. Professor Smolarski isAssociate Dean of the BusinessSchool at the University of Stockholm,

Sweden. Professor Smolarski is asuccessful entrepreneur who hasstarted and managed new high-techbusinesses in Western Europe, andsits on several corporate Boards ofDirectors.

The program will identify and explorekey issues in entrepreneurship suchas reasons for venture success andfailure, internationalization, organiza-tional issues and financing.Successful participants will beawarded a Certificate ofEntrepreneurship from the AmericanUniversity in Bulgaria.

New President Named at AUBG

How-To: Grow High-Value Companies

Kent R. Hill, Assistant Administrator, Bureau

for Europe and Eurasia, USAID and Minister of

European Affairs Meglena Kuneva were among

the honorable guests on stage at AUBG’s

Commencement Day on May 11, 2003.

AUBG Class of 2003: 121 students from 15 countries.

Turkey Turns the Tap on PowerImports from Bulgaria

Turkey halted power purchases fromBulgaria after three weeks of warningsthrough the Turkish mass media onApril 23. Turkey cited Sofia’s failure topress ahead with two infrastructure pro-jects that are part of a bilateral energydeal as the key reason behind its deci-sion, Energy Ministry officials said. Thesuspension of electricity supplies toTurkey could cost Sofia its leadingpower export position in the Balkansand could undermine plans to build asecond nuclear power plant, Dnevnikwrote.Construction of the highway stretch andthe USD 300 million project at GornaArda River near Bulgaria’s border withTurkey, which envisages rehabilitation ofexisting dams and building three newhydro-power stations, was initiallyassigned to Turkish Ceylan Holdingunder the 1998 deal. Bulgaria has beenseeking to replace Ceylan since itsBank Kapital was put under administra-tion in October 2000, but needsAnkara’s assent. Minister of EnergyMilko Kovachev and RegionalDevelopment Minister Valentin Tzerovskiwill be visiting Ankara in early May tohold talks with Turkish government offi-cials, the energy ministry announced.

Hungary's OTP Bank Named Preferred Buyer for Bulgaria's DSK

The Board of Directors of the BankConsolidation Company (BCC) namedHungary's OTP Bank preferred buyerfor Bulgaria's last state-owned bankDSK Bank on May 13, novinite.comwrote.Hungary's biggest commercial bank OTPoffered EUR 311 million for 100 percentstake in the bank, topping the EUR 293million offer of the other bidder Austria'sErste Bank.The contract with Hungary's OTP isexpected to be signed in ten days.Should the company fail to sign a con-tract within the deadline, the BankConsolidation Company is entitled toinvite Erste Bank to start talks and signa contract. The offered price, conditionsof the draft contract, financial stabilityof the buyer and experience in bankingwere the key criteria in ranking the bids.

Sofia Set to Keep BudgetDiscipline Strict

Bulgaria must keep strict its budgetdiscipline even after the current stand-by arrangement with the InternationalMonetary Fund expires in February2004, President Parvanov said at hismeeting with Jerald Schiff, head of theInternational Monetary Fund's missionto Bulgaria, May 20. The meeting wasalso attended by resident envoy PirittaSorsa, novinite.com wrote. Bulgaria's relations with the IMF willplay a crucial role in observing strictbudget discipline prior to the country'saccession to the European Union, thePresident underlined.A day after the IMF completed its lat-est review mission under the stand-byarrangement the officials agreed thatBulgaria's positive macro-economicdevelopments, stable budget, relativelyhigh economic growth and low inflationare prerequisites for economic andpolitical stability in the country.

Supreme Court Moves on Advent Complaint overBulgaria's Telco

The Supreme Administrative Court initiat-ed legal proceedings after Viva Venturesfiled a complaint over the decision of theSupervisory Council of Bulgaria'sPrivatisation Agency to scrap a EUR 210million sale of a 65-percent stake in theBulgarian Telecommunications Companyto US private equity firm Advent, whichwholly owns the Vienna-based company,wrote novinite.com on May 21.The case will be heard on June 5 at anopen session of a three-member panel ofthe Supreme Administrative Court.Advent's complaint suspended the talkswith Turkey's tie-in Koc Holding/ TurkTelekom, initially second-ranked bidderfor Bulgaria's telecoms operator, whichwas invited earlier to start negotiations fora controlling stake in the telecom.

Bush: US Proudto Call Bulgaria Ally

The United States is proud to call

allies the seven eastern European

nations whose admission to NATO was

unanimously ratified by the Senate,

US President George W. Bush said

May 8, novinite.com wrote.

At the White House afterwards,

flanked by the foreign ministers of the

seven nations, including Bulgaria Bush

declared:

"These heroic nations have survived

tyranny, they have won their liberty

and earned their place among free

nations. "America has always consid-

ered them friends and we will always

be proud to call them allies."

The US Senate passed unanimously

on Thursday a resolution to ratify the

Protocols of Accession of Bulgaria,

Estonia, Latvia, Lithuania, Romania,

Slovakia and Slovenia, an instrument

of formal US endorsement of the invi-

tees' accession to NATO.

The new members will increase

NATO's forces by about 200,000 troops

and will add new bases. No House vote

is needed on the expansion.

Finance Minister:Bulgaria a Step Awayfrom Investment RatingFollowing the upgrade of Bulgaria's

long-term rating by the Standard &

Poor's rating agency, the country is a

step away from the so-called "invest-

ment rating", which would place

Bulgaria in the group of Poland,

Hungary, the Czech Republic, Finance

Minister Milen Velchev told the

Bulgarian National Radio, novinite.com

wrote on May 26.

Earlier in the week the long-term local

currency sovereign credit rating was

upgraded by Standard & Poor's to

(BB+) from (BBB-), and the foreign

currency sovereign credit rating upped

from (BB) to (BB+). The perspective

for the long-term ratings was changed

from positive to stable. Meanwhile,

Standard & Poor's also raised the

short-term local and foreign currency

sovereign credit ratings from (B) to (A-

3). The agency confirmed the (B)

level of the short-term foreign curren-

cy sovereign credit rating.

Should the sale of Bulgarian telecoms

operator BTC be finalized successfully

by the end of the year, Bulgaria will

approach the International Monetary

Fund for revising Bulgaria's arrangement

to "precautionary", the minister said. He

expressed confidence that next year the

country's payment balance won't need

financing from the fund.

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International Detective and SecurityAgency Bodyguard-Fire-K Ltd. has its mainoffice in Sofia and is represented by branchoffices in Varna, Sliven and Biala. It has

official licenses for the regions of Sofia, Varna, Burgas,Russe, Sliven, Smolian, Vidin, Blagoevgrad, and Kustendil.The company has business activities in Bulgaria, in the USA,in many European countries, and in Russia.Bodyguard-Fire-K Ltd. offers security guarding activitiesincluding physical protection of property and anti-fire security,encashment, personal security guarding, escort and personalsecurity guarding of VIP guests, and security of railway goods.On the detective activities side the company offers interna-tional detective services, inquiry of companies, and investi-gation of persons.The company is also involved in scientific-technical anddeveloping activity.

Bogdana Manova, Private Assistant34 Angel Kanchev Str., Sofia

tel: 981 5137, 981 5138, fax: 980 5520detective@otel.net, www.securitybfk.com

Emerson Process Management, anEmerson business, is a leader in help-ing businesses automate their produc-tion, processing and distribution in the

chemical, oil and gas, refining, pulp and paper, power, foodand beverage, pharmaceutical and other industries. The com-pany combines superior products and technology with indus-try specific engineering, consulting, project management andmaintenance services. Emerson brands include: PlantWeb®,Fisher®, Rosemount®, Micro Motion®, DeltaV™, Ovation®, AMS,MDC, and CSI. Emerson Process Management in Bulgaria isa trade representative office of Central & Eastern Europeanorganization based in Switzerland. Emerson (www.gotoemerson.com) is a global leader in bring-ing technology and engineering together to provide innovativesolutions to customers in process control; electronics andtelecommunications; industrial automation; heating, ventilatingand air conditioning; and appliance and tools. Sales in fiscal2002 were USD 13.8 billion.

Borislav Mladenov, Manager Projects Sales & Execution 22, Zlaten Rog Str., Sofia 1407

tel.: +359 2 962 94 20, fax: +359 2 962 94 30Borislav.Mladenov@EmersonProcess.com

www.emersonprocess.com

Expo Team Ltd. is a company specialized inorganizing trade shows and exhibitions. Thecompany was established in January 1999. Itis a member of the European Associations ofExhibition Organizers.

The main exhibitions organized by Expo Team are: SofiaMotor Show, Varna Motor Show, Plovdiv Motor Show, Kids’Paradise, Home Techno, International Delicatessen Zone,Expo Sport, and the Beerfest.

Ivailo Zheglov, Managing Director7, Danail Dechev St., Fl. 3, Apt. 7, Sofia 1407

tel: 965 99 10, 965 99 20, fax: 962 48 58expoteam@bdata.bg, www.expoteam.org

The main business objectives of Force Delta Ltd. are the delivery, instal-lation, uninstallation, and adjustment ofalarmed security systems.Force Delta provides monitoring and security guarding bymeans of alarmed security equipment for offices, banks,shops, private houses, embassies, parking lots, public build-ings, etc. It also provides video monitoring, physical securityguarding, as well as personal bodyguards. The company pro-vides guarding for VIP persons and events.The command centre and control board for monitoring anddata processing of Force Delta meet the security equipmentstandards in the United States and Europe.Foce Delta provides full security guard of the USA Embassyin Bulgaria, as well as of all offices and officers at theEmbassy; the British Embassy, the British Council, otherembassies, missions and ambassadors; objects of theCouncil of Ministry of the Republic of Bulgaria; banks, almostall foreign representatives, etc.

Traianka Orfanidu, President18-20 Ivan Shterev Str. Sofia 1574

tel: 973 33 35, fax: 971 44 78foce@forcedelta.com, www.forcedelta.com

InfoGuard is a leading Bulgarian ITcompany with strong presence inboth the information and communica-tion fields. It is a partner with Microsoft, Xerox, IBM, HewlettPackard and a number of other leading IT companies. Info Guard operates Xerox centers for copying and printingon demand, printing large amounts of various data, high qual-ity color printing, and mailing.The company has branches and service centers throughoutthe country.The publishing house InfoDAR publishes different fiction andnon- fiction books.InfoGuard franchises Berlitz in Bulgaria. Berlitz is the world’slargest language company. The Bulgarian center provides lan-guage training for a variety of languages, primarily English,German, Spanish, and Bulgarian for foreigners. In addition,Berlitz provides courses for executive-level managers andchildren, Study Abroad programs and other language services.

Stefan Nedkov, President10 Dim. Hadjikotzev St., Lozenetz, Sofia 1421

tel/fax: 9 630 600, office@infoguard.netwww.infoguard.net

Miltech Ltd. is a Bulgariancompany founded in 1998 withmain activity in the field of communications solutions in thesphere of defense, C4 systems for high-tech applications formilitary and civil organizations.With its very founding the company became exclusive part-ner of Harris Corporation for Bulgaria.In the beginning of 2001, Lockheed Martin, one of the worldleaders in defense and high-tech became partner of Miltech.Miltech Ltd. works successfully with Datron WorldCommunications – producers of HF and VHF radios.

Krassimir Pingelov, Manager1 Kukush Str., Electron Progress Building, Sofia 1309

tel: 920 0886, 920 0791, fax: 920 2321pingelov@miltech-bg.com, www.miltech-bg.com

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"Sante International" is a multinationalcompany established in 1992. Its corporateinternational headquarters are located inBucharest, Romania.Among the main activities of the company is

the promotion of American interests products of DadeBehring, Saint Jude Medical, Ecolab.We serve laboratories with above-mentioned products inorder to assists clinicians in diagnosing and identifyingtreatment options.Sante International OOD – Sofia was established in the endof 2002 and is functioning as a brand office of "SanteInternational" – Bucharest. It is taking care of promotion ofthe same products and activities concerning mainly and notonly marketing research, product pricing, marketing plan-ning, distribution, marketing communications, sales, cus-tomer services, maintenance, and supply of spare parts.

Nikolas Antonios Zografos, General Manager82 Vitosha Blvd, fl. 3, Sofia 1463tel: 950 4840, 950 4841, 950 4845, fax: 950 4846sante@clients.office1.bg, www.sante.ro

Bulgaria’s economic growth accelerat-ed from 4.1 percent in 2001 to 4.8percent in 2002, according to prelimi-nary data published by the NationalStatistical Institute. This GDP growth isamong the highest in Europe recordedfor last year. Services and agricultural sectors werethe main growth drivers, and morespecifically the rapidly expandingtourist industry and mobile phone ser-vices. On the demand side, investmentand export performance remainedmajor growth factors though theymarked a slowdown compared to theprevious year. Domestic consumption also picked upat a relatively high rate of 4.1 percent.

GDP real changes (%)

The private sector marked 7.6 percentgrowth widening its share in the grossvalue added to nearly 73 percent in2002. Technical changes in the own-ership structure partially distort theindices in the private and state sec-tors, but an overview of the best per-

forming economic branches confirmsthat private firms have been muchmore successful and have almost fullydominated all rapidly expanding mar-ket segments.

Good Economic Signs in the FirstQuarter of 2003Leading economic indicators for thefirst months of the year mitigated con-cerns about significant adverseshocks stemming from the globalslowdown and higher oil prices. Foreign trade was up by 33 percent inJanuary-March partly because of theweak US Dollar but also due to grow-ing volumes. Industrial and export sales picked upat surprisingly high rates and thetourist sector retained a double-digitexpansion rate prompting that carry-over effects would keep the eco-nomic growth in the first quarterclose to the full-year forecast of 4.8percent.

Concerns aboutPrivatizationThe large-scale privatization gainedsome momentum in May with theselecting of Hungarian bank OTP forbuyer of DSK bank for EUR 311 mil-lion. This good news was overshad-owed by the failed negotiations forBulgarian TelecommunicationsCompany (BTC) fixed telecom monop-oly and Bulgartabac Holding. While the Privatization Agency will startnegotiations with Turkish consortiumKoc/Turk Telekom for BTC, the sale pro-cedure for Bulgartabac was a real disas-ter. It passed through a number of con-troversial decisions, institutional conflictsand dubious legislative amendments. The lack of enough privatization dealswas slightly offset by the start of twomajor investment projects with an esti-mated cost of EUR 600 million – the ren-ovation of Maritza East III thermo-electricpower plant by Entergy/Enel consortium,and the construction of a glass worksnear Rousse by Turkish Sisecam.

GDP Growth Accelerates to 4.8% in 2002

Industrial sales post a

surprisingly steep growth

United Medical Group International (UMGI), has defined anew corporate strategy that includes changing its name toFirst Global Health Corporation. “The branding change willsignify our commitment to serve the needs of our clients firstand always with premier healthcare services and products,”a letter from President & CEO Ralph V. Frasca, Jr. says.

Corstjens Worldwide Movers Group informs AmCham mem-bers about its relocation. Please update your records:Corstjens Worldwide Movers Group, Branch Sofia, Sofia 1404,59 Kostenski vodopad Str. Phone: 958 97 21. Fax: 989 96 96.Mobile: 088 923 570.

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Once upon a time, in the year 1999, TheMatrix was released. The “profoundaction” genre was invented. Millions ofinnocent moviegoers unreluctantly swal-lowed the red pill. A new cult was born.George Lucas was put to shame. Four years later, in 2003, you cannotnotice anything of such proportions. TheMatrix has been reloaded, the box office -blown up, one more sequel is still to come. Bottom-line: the second movie did notcome even close to the popcultural deto-nation its predecessor created. It is justanother movie. Unfortunately this is a problem mostsequels on this planet face. So, relax andhear the news.Reloaded is here, offering two main assets:a USD 310 million budget (shared withRevolutions), the biggest yet to be spenton kung-fu fights and digitally enhancedflights; and - surprise, surprise! - a semi-transparent latex dress worn by the Italiansiren Monica Bellucci.Reloaded, as its name says, offers more ofthe same – same stories and battlesequences as in the original movie. Onlylonger and noisier. Neo has at last realized the power he con-trols and uses his fate as the One to fly likeSuperman, to face hundreds of black-suit-ed, black-tied agent Smiths, to consume hisaffection for Trinity and to risk the future of

mankind in exchange for her life. Ah.The news include also 10 more kilos ofLaurence Fishuburne, Jada Pinkett Smithas his lost object of desire – sporting thecoolest shades in the history of moviemak-ing, and the French Lambert Wilson as thehedonistic Merovingian. While Neo comes upon Trinity in the cavesof Zion, the viewer can also enjoy a mass

orgy, sound-enhanced by a mind-blowingremix by Juno Reactor. Sadly, there is not a lot of mind-blowing inthe second installment of the saga. Thereis less wit and depth in Reloaded dia-logues than we heard in The Matrix. No"There's no spoon" and "Do you think thisis air you're breathing?" and "No one canbe told what the matrix is."The Wachowski brothers have apparently rundry. Or their audiences have become moreeducated or, most probably, more fastidious.Today, it is easy to tell what the matrix is. A pie movie with apple filling. Which trans-lates as “blockbuster action with mashedand baked philosophical, mythological andpopcultural reference notes.” The latter can seduce some of us, but itis no more than a sexual revolution in par-adise. What? Matrix Revolutions due to bereleased on November 5? You cannotthink of a more proper title - we all hopethat the Wachowski brothers have put itintentionally...

Movie Review:

The Matrix ReloadedStarring: Keanu Reeves, LaurenceFishburne, Carrie-Anne Moss, JadaPinkett-Smith, Hugo Weaving, MonicaBellucci, Gloria Foster.Directed by: Larry Wachowski, Andy Wachowski