In Burgas experts from Coface and BsCCI discussed opportunities to increase competitiveness
On a special Round Table of the project "Business stability and growth" Milena Videnova, Country Manager of Coface Bulgaria and Tsanko Ivanov, Chairman of the Chamber of commerce and industry in Burgas presented new opportunities for more effective business management. The event took place today and the main topic was "How to increase competitiveness – financing and payment management“ and it got together representatives of different companies in the region.
In the beginning Mr. Ivanov talked about the opportunities and services, that the chamber offers. he pointed our the realized European projects and the successes of the region in the programs for regional development.
Milena Videnova from COFACE presented some data over the non-payment problems of companies, that are at some point disturbing – significant part of the protracted invoices turn into permanent insolvency. To keep its competitiveness, however, the SME companies can continue working on an outstanding amounts using the opportunities for researching its clients with credit reports and insuring the risks of protracted default and/or insolvency of the buyer. This is complex solution that can ensure the business stability. In the current environment companies often insist for deferred payment , not because of its bad condition but because they need to increase liquidity. She added that „risk can be decreased by counting not only on public information but also on expert opinion, that can be requested from Coface. Good receivables management ensure stability and contributes to increase competitiveness“.
Mr. Ivanov added that in many cases of intercompany indebtedness the government stands as a final debtor. At a case of payment delay this affects many companies along the chain. Milena Videnova commented that the credit insurance can be used as a collateral for bank financing, which can ensure the needed company liquidity.
This round table was the first 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 Yambol, Stara Zagora, Pleven, Ruse and Varna.
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