The Mayor of Sofia, Yordanka Fandakova, has credited the young and well-educated talent pool the city has to offer as one of the key factors in Sofia’s rapidly improved business environment.
In a recent interview with fDi Intelligence, a Financial Times publication on foreign investment, the Mayor highlighted the factors behind Sofia’s rise as an attractive destination for foreign direct investment.
“The investors appreciate the city’s new infrastructure, its good connectivity and key regional location, as well as the fact that Sofia is one of the educational centres in the region. The young, well-educated people are Sofia’s capital and one of the city’s strongest competitive advantages. Another important advantage is the focus on education in engineering and computer-related technology that is being taught in a number of specialised high schools,” said Fandakova.
As a participant of the Digital Cities Challenge, Sofia has been devising strategy to leverage the skills and knowledge of its talented human capital to stand out as a globally recognised hub for technology and innovation.
The Mayor went on to point out that major international companies like the Financial Times had deciding to base its new FT Core technological team in Sofia and Coca-Cola opening its second largest R&D centre globally in the Bulgarian capital, with 130 IT specialists, showed the city was on the right path.
“Sofia ranks third in Europe in number of IT start-ups. For the past five years, the software sector experienced 120% growth, and 90% of the technological companies in the country operate in Sofia. It can be said with confidence that Sofia is creating a unique environment for the development of technologies and innovations,” said Fandakova.
Recognising there was still much work to be done to put Sofia on par with other European capitals, the Mayor set out her aim to develop Sofia as an innovative and green city that is good for business and entrepreneurship.
Read the full interview here.