Page 92 - SE Outlook Regions 2023

The completion of Corridor VIII, which includes road, rail and port
infrastructure, will lead to better transport and economic connectivity, as
well as improved efficiency of transport services. Corridor VIII connects
the Bulgarian and Albanian coasts via North Macedonia.

At the end of 2022, Bulgaria's Road Infrastructure Agency (API)
launched a tender worth an indicative BGN88mn (€44.9mn) for the
reconstruction and upgrade of a secondary road in the southeastern
part of the country leading to the border with Turkey. The 58.6km road
will connect the town of Tsarevo, on the Black Sea coast, to the town of
Malko Tarnovo near the border with Turkey. Offers can be placed by
companies by January 12, 2023. The road should be completed within
600 days after a contract is signed.

3.3.6 Major Sectors

In the tech sector, Webit Investment Network (WIN), the Bulgarian
company that organises the Webit forum for innovations and
technologies, is also expected to make fresh investments in 2023. The
company is in talks to invest in two start-ups - French green tech
company EcoTree and Swiss food tech firm Alver. WIN will take part in
Alver's planned fourth fundraising round once a lead investor is brought
on board.

Among the fastest developing companies with Bulgarian origin in 2022
was Dronamics, which produces and operates middle-mile cargo
drones. Its Black Swan long-range cargo drone is still being developed
but the company has managed to sign several agreements, including to
launch a drone cargo airline in Malta and to join a consortium for
medical drone deliveries for NHS in Scotland.

In 2023, Bulgarian farming company Agria Group Holding is expected
to get a regulatory nod to complete the acquisition of local bioethanol
producer Almagest. As part of the deal, the farming company will
purchase 441,866 shares with a par value of BGN80 each,
representing 100% of Almagest’s capital.

The tourist sector, which is among the most important for the Bulgarian
economy, has nearly reached its pre-pandemic level despite the
Russian war in Ukraine. Moreover, in the first five months of 2022 the
number of Russian tourists to the country has quadrupled.

Among the widely expected events related to tourism in 2023, is a
possible visit by Elon Musk, the owner of Tesla and Twitter, in April.
Reportedly, Musk will visit the Belogradchik Rocks and Fortress, are
among Bulgaria's 100 national tourist sites and one of the best
preserved fortresses in the country. The fortress was built in the third
century AD by the Romans to guard the strategic roads crossing the
region.

92 SE Outlook 2023 www.intellinews.com