Small and medium-sized enterprises are the backbone of our economic system, employing over 75% of our workforce and generating 66% of value added. This was announced by the Minister of Economy and Industry Nikola Stoyanov during the opening of the International Conference “Financial and Investment Support for SMEs – Sofia International Money Expo” (SIM EXPO 2022). He added that Bulgaria is even more dependent on small and medium-sized enterprises compared to countries in Europe, where SMEs provide about 66% of employment.
“Over the last 15 years we have seen the transformation of Bulgarian small and medium-sized enterprises to high-tech manufacturing and knowledge-intensive services,” Stoyanov said. According to him, over this period the share of Bulgarian SMEs in knowledge-intensive high-tech manufacturing and services has increased from 15% to 23%. This trend is expected to continue in the coming years.
Minister Stoyanov pointed out that small and medium-sized enterprises are more adaptable, but also much more threatened by the spiral of crises that Europe and the world are facing. “That is why they should be supported in their internationalisation process and be included in the supply chain of foreign companies,” the economic minister further explained.
The international conference is organized by the Executive Agency for the Promotion of Small and Medium Enterprises in cooperation with the Bulgarian Chamber of Commerce and Industry and the Investment Council of BCCI.