Small and medium-sized enterprises are the backbone of the economy in Sofia

‘It is an indisputable fact that small and medium-sized enterprises are the backbone of the economy in Sofia - 97.7% of all companies in Sofia are small and medium-sized enterprises. They generate 70% of the city's production, and 63% of Sofia's employees work in the sector’, said Sofia Mayor, Yordanka Fandakova at a meeting with business representatives, organized by Business Lady magazine and club, with President Mila Zaharieva. The director of the municipal investment agency Vladimir Danailov made a presentation at the meeting.

Fandakova noted that these results are recognition of the good business climate in the city and the consistent work towards improving the conditions for starting and developing businesses.

‘In 2019, Sofia entered the rankings of the FDi Intelligence Unit World Cities of the Future, ranking 9th in business-friendly environment and 4th in cost effectiveness’, also said Fandakova.

Small and medium-sized enterprises are one of the main sources of jobs and economic growth. This is one of the reasons why Sofia municipality is the first in the country with its own privatization and investment agency.

We promote innovation and support the efforts of start-ups and SMEs to compete internationally, helping them make the most of various financial grants and instruments.

In 2019, is implemented the Accelerator Start-up Sofia Programme of Sofia Municipality for supporting starting entrepreneurs. The Municipal Investment Agency provides to businesses information support and contacts with other cities and financial instruments. City-to-city is one of the most successful programmes, through which collaborations have been established with other European cities such as Vienna and London.