Germans to open IT Hub in Sofia

Economy Minister Emil Karanikolov and Dr. Carsten Bittner, a member of the Board of Group Technology Foundations Commerzbank AG discussed the bank's intentions to open an IT Hub in Sofia. During the meeting, the bank's investment plan was presented and, according to Dr. Bittner, 400 jobs will be initially created for highly qualified IT professionals, with the tendency to increase to 600.

Minister Karanikolov said that the intentions for the investment of Commerzbank AG is yet another proof of the positive development of the IT sector in Bulgaria and contributes to the consolidation of the image of Bulgaria as an attractive and competitive investment destination. "We count on Commerzbank AG's investment to provoke the interest of other leading German investment companies in Bulgaria as well," Karanikolov said.

In mid-2019, there are over 62,200 people employed in the IT sector. In the second quarter of 2019, the turnover of enterprises in the ICT sector increased by 28.9% compared to the corresponding quarter of the previous year, the largest increase for a year and a half. In the previous quarter of 2019, the annual growth rate of turnover was 20.6%. Activities in the ICT sector are carried out by about 12,498 companies.