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  • A m e r i c a n C h a m b e r o f C o m m e r c e i n B u l g a r i a

    h o m e p a g e : w w w . a m c h a m . b g e - m a i l : a m c h a m @a m c h a m . b g Bus in e s s Pa rk So f i a , M lados t 4 A re a , Bu i l d ing 2 , F lo o r 6 , 1 7 1 5 So f i a

    Te l . : ( 3 5 9 2 ) 97 4 2 7 4 3 Fax : ( 3 5 9 2 ) 97 4 2 7 41

    i s s u e 8 1 j u l y 2 0 0 7

    AmCham Events: General Assembly, Ambassadors Confirm Bulgaria's New Standing, Tennis Tournament 2007; Analysis: Carrots and Sticks in EC Report on Bulgaria, Budgeting Out of the VAT Trap, Squaring with Europe; Member News: ADIS, Postbank, DZI Bank, Stanton Chase, Telelink

  • This is a really thick summer issue of AmCham Bulgaria

    Magazine, and I have no intention of imposing on you any

    more information about impending government shuffles,

    teachers and doctors' strikes. Instead, I want to prepare you

    for a relaxing summer break.

    Forecasts are good. The

    European Commission did not

    impose sanctions on Bulgaria

    (see the story on Page 10); the

    state budget is balanced (Marina

    Tsvetkova dissects the fiscal

    health of the state on Page 14);

    the international climate on the

    Old Continent is one of stability,

    even though Poland signaled an

    intention to shake up some EU

    arrangements (read Boyko

    Vassilev's analysis on Page 18).

    Add to these news the impressive lineup of summer con-

    certs in Bulgaria (alas, Sting's reconstituted band Police is

    not coming!) - and you can expect a great vacation season.

    AmCham Bulgaria Magazine has always strived to be help-

    ful to its readers by serving as a guide to news, events and

    places. So, here is our advice: Stay away from the Bulgaria's

    Black Sea coast this summer! My own exploration of places

    from Balchik to Sinemorets have convinced me that relax-

    ing by the sea has become problematic in Bulgaria. I

    respect the entrepreneurial spirit of my compatriots, but the

    immense numbers of newly constructed hotels and other

    real estate developments have made things worse for the


    Instead of sunny sandy beaches and quiet, relaxed atmos-

    phere, you will encounter overcrowded resorts, pollution and

    roaring construction equipment (less of it this year than in

    2006, but still unnerving).

    If you really want to unwind by the sea in July and August,

    I advise you to take this issue as a summer reading and

    head for Greece or Turkey's more relaxed beach resorts.

    That is what I am going to do anyway. See you there.


    Milen Marchev Editor-in-Chief

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    e d i t o r i a l

    Dear Reader,

    Dear Members and Friends,

    I was very glad to see so many friends and happy faces at this year's AmCham Independence Day party. The people were enjoying the bands - Late Night Messiah and BTR; the Jack Daniels barbeque competition was a great show as usual; kids were having lots of fun with Moten kids' corner; the food and beer stands were under constant siege, and the dancing floor was


    We all know, however, that the great part of the high spirit at the party comes from the beautiful park of Lozenetz Residence with its impressive old trees and wonderful flower gardens. The residence management does a fantastic job of keeping the park and its beauty a really unique place for pleasure. And while I was enjoying the time together with our AmCham friends and guests, I was thinking of a con- troversy that we face virtually daily: we are proud of the extraordinary beauty of our country - yet we do so little to preserve it!

    A sad example of how business interests may sometimes trump public good comes from the constant scandals with construction zoning violations at the seaside and in the mountains. The most recent case became the court deci- sion nullifying the statute of Strandzha Nature Park as a national park, which removed the last barriers before yet another seaside concrete monster. Strandzha region is where the first natural reserve in Bulgaria was established in 1933, and it has been on the priority list of conservation areas in Central and Eastern Europe.

    It is worth remembering that long-term economic growth and prosperity will not come through ill-conceived business exploitation. It is worth knowing that preserving and protect- ing the natural beauty of our lands will help us define our- selves as a people and a country.

    Happy summer holidays!

    Best regards,

    Valentin Georgiev Executive Director

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    American Chamber of Commerce in Bulgaria

    Business Park Sofia, Mladost 4 Area

    Building 2, Floor 6, Sofia 1715, Bulgaria

    Tel.: +359 (2) 9742 743

    Fax: +359 (2) 9742 741

    e-mail: [email protected]


    Milen Marchev

    Deputy Editor-in-Chief:

    Christopher Karadjov

    Senior Editor:

    Irina Bacheva

    ISSN 1312-935X


    Boyko Vassilev, Marina Tzvetkova,

    Mina Georgieva, Panayot Angarev,

    Yuliana Boncheva


    AmCham Bulgaria:

    Nadejda Vakareeva, [email protected]

    AmCham Bulgaria Magazine:

    Milen Marchev, [email protected]

    The AmCham Bulgaria Magazine reaches a broad audience

    of AmCham members, leading US, Bulgarian and internation-

    al companies, US and Bulgarian decision-makers, all

    AmChams around the world.

    Subscription is free of charge. If you would like to subscribe

    to AmCham Bulgaria publications, please contact the

    AmCham Bulgaria office.

    i s s u e 8 1 j u l y 2 0 0 7

    AmCham Bulgaria Magazine is a primary forum for political and economic analyses, news, viewpoints as well as for the presentation of new business oppor-

    tunities. The articles in the AmCham Bulgaria Magazine express the opinions of the authors and do not necessarily reflect the position of the American

    Chamber of Commerce in Bulgaria.

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    a m c h a m b u l g a r i a

    3M (East) AG . AA KRES EOOD . ABB Bulgaria Ltd. . Abbott Laboratories S.A. . AbCRO - Bulgaria . Accor Services Bulgaria . ACSIOR . ADIS Ltd. . Advance International Transport (Balkan) EAD . AES Corporation . AFA OOD . AIG Bulgaria Insurance & Reinsurance Company EAD . AIG Life Bulgaria . AIMS Human Capital . Alcoa Packaging Bulgaria . Alexander Hughes Bulgaria OOD . ALEXANDROV GROUP CORPORATION . Alfred C.Toepfer International . Alliance One Tobacco Bulgaria . Allied Pickfords Bulgaria . Alter Ego Company OOD . American College of Sofia . American English Academy . American Resarch Center in Sofia . American University in Bulgaria (AUBG) . Anglo-American School of Sofia . Anton Preslavski, Liebert Hiross . APIS - BULGARIA Ltd. . APOLO Ltd. . Argento Human Resource Solutions . Aries Commerce . Association Integra-BDS . Association of Bulgarian Broadcasters - ABBRO . Astral Holidays AD . Astra Zeneca UK Ltd. . AT Engineering 2000 Ltd. . Auditing Company Versi and Partners Ltd. . Avendi Ltd. . AVON Cosmetics Bulgaria Ltd. . BAE Systems International Ltd. . Balkan Accession Fund . Balkan News Corporation Plc. . Balkan Star Automotive EOOD . Baxter AG . Bayer Bulgaria EOOD . BC Serdon . BearingPoint, Inc. . Berlitz Schools of Languages . BG Radio . BMG Ltd. . Bodyguard- Fire-K Ltd. . Borislav Boyanov & Co. . Braykov's Legal Office . Brown Forman Beverages Worldwide Sofia Branch LLC . British American Tobacco . Bulgaria Platinum Group . Bulgarian American Enterprise Fund . Bulgarian Charities Aid Foundation (BCAF) . Bulgarian Land Development EAD . Bulgarian PostBank . Bulgarian Telecommunications Company EAD . Business Media Group . Business Park Sofia EOOD . CallCenterBulgaria . Car Rental Bulgaria Ltd. . Carlsberg Bulgaria AD . Cefin Bulgaria EOOD (IVECO dealer) . Center for the Study of Democracy . Central Hali AD . CENTURY 21 Bulgaria . Chelopech Mining EAD . Cisco Systems Bulgaria . Citibank N.A.- Sofia Branch . City University . Clockwork Ltd. . CMS Cameron McKenna EOOD . Coca-Cola Bulgaria EOOD . Coca-Cola HBC Bulgaria AD . Coface Bulgaria Credit Management Services EOOD . Colgate-Palmolive Adria . COLLIERS International . ConsulTeam Recruitment and Selection Ltd. . Cook Communications . Corstjens Worlwide Movers Group . CPM Consultancy Sllc . Curtis / Balkan Ltd. . Data and Information Consult . DeConi International . Deloitte Bulgaria EOOD . DENIMAR Ltd. . DHL Express Bulgaria Ltd. . Diageo Bulgaria Ltd . Diamed Ltd. . Dimitrov, Petrov & Co. . Djingov, Gouginski, Kyutchukov, & Velichkov . DLA Piper Weiss-Tessbach Branch Sofia . Dobrev, Kinkin & Lyutskanov Law Firm . Domaine Boyar AD . Dr. Emil Benatov & Partners . Dr. I.S. Greenberg Medical Center, Ellen Ruth Greenberg, Ph.D. . DynCorp International LLC . Effekten Und Finanz - Sofia AD . Ekotoi - Service Ltd. . Electron Progress AD . Eli Lilly and Company . Elido (Lamel Ltd.) . Elmec Sport Bulgaria Ltd. . Elta consult AD associated partner of CB Richard Ellis for Bulgaria . Emerson Process Management AG . Encourageme