An export oriented business round table gathered Coface The Chamber of Commerce of Stara Zagora with local businesses
On a special Round Table of the project "Business stability and growth" Milena Videnova, Country Manager of Coface Bulgaria and Krasimira Sokolova - Deputy Chairman of the Chamber of commerce and industry in Stara Zagora presented new opportunities for financing of exports and non-payment risk prevention. The meeting was held on 30th October 2014 in Stara Zagora and the main topic was "Protection from risks of non-payment to ensure stability of companies“.
Krasimira Sokolova presented the opportunities and services offered by the Chamber and emphasisеd the European network for supporting business. It works with 600 local business organisations in more than 50 countries in and outside EU. the Deputy Chairman paid a special attention on the already realized European projects.
Milena Videnova of Coface presented data on the major trends in exports. For Bulgaria the highest decline of approximately 30% according to the preliminary NSI data for the first half of 2014 compared to the same period of 2013 is of the export of raw materials, inedible (excl. fuel). Major trading partners are Germany, Italy, Romania, Greece, France and Belgium, while there is a decline in exports to countries outside the European Union. Changing economic and political environment, lack of information and the overdue payments are part of the main difficulties faced by the exporters. Videnova paid particular attention to the reasons for the low competitiveness of Bulgarian companies in international markets, including low productivity, few innovations, the high energy consumption, the weak transport connections and difficulties for access to financing .
The roundtable attracted companies in the region which received information about opportunities for researching foreign partners and for the services offered by BCCI. They also heard about the reviews and risk assessment of countries and sectors worldwide. Each company may insure risks of late payment or non-payment, and the policy can be used for collateral for bank financing. "So it can provide affordable means for working capital needs, and insurance payments are a good alternative to the letter of credit, bank guarantees and others" - Milena Videnova added.
This round table was the forth of a series of round tables in the framework of the "Project for business development and growth" of Coface Bulgaria and Bulgarian chamber of commerce and industry (BCCI). The initiative has the aim to give useful know-how for stability and prevention against risks and financing the company activity, especially of SMEs. Practical solutions for cash flows management and achievement of higher competitiveness in the domestic and export markets will be discussed during the round tables. Till end of the year similar initiatives will be held in Pleven, Ruse and Varna.
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