Greek companies find 'safe haven' in Bulgaria

Sofia

Faced with a deep economic crisis at home, at least 11,000 Greek companies have found a safe haven in neighbouring low-wage Bulgaria -- the poorest member of the European Union. 

"We have stability here: reliable taxation, sound legislation and a positive environment," said Ioannis Politis, manager of Greek hygiene products company Septona, which established a plant in the northern Bulgarian city of Ruse 10 years ago.

Some 120 large Greek businesses set up in Bulgaria in the 2000s in sectors such as retail, metallurgy, fuel distribution, construction and real estate.

And if the Greek crisis put an end to the big-business migration in 2009, a rising number of small and medium Greek companies -- especially ones that trade with Europe, the Balkans and Russia -- have continued moving to Bulgaria to take advantage of its lower taxes.

Kostas Mikhail left Athens in 2014 to open a bakery in Sofia. 

He has already plans to expand his business. 

"I don't think the situation in Greece will impact this," he said with a smile.

His fellow countryman Panagiotis Douvos made the move in 2011.

"Bulgaria gave me an opportunity to survive, which is difficult in Greece these days," Douvos told AFP among rows of olive oil bottles and stacks of halloumi cheese in his deli in downtown Sofia.