“We are working for a better future for the Bulgarian economy”, Chimimport CEO declares
After reporting more than 50% growth in its annual revenue as of July 2023, the Public Holding Chimimport quite deservedly attracted the attention of the world-wide renown business magazine Newsweek International. It described Chimimport as one of the most significant companies for the development of Bulgarian economy.
Is Bulgaria attractive for foreign investments? How to build a successful company? What the mission of Chimimport is? Answers to these and other questions are given by Ivo Kamenov, Chimimport CEO, to Newsweek. In an exclusive interview for the magazine he explains that the economic future of Bulgaria depends on companies which improve constantly their international reliability and develop long-term partnerships. In addition, as major corporate leader Chimimport works for improving the economic future of the country.
“The Bulgarian business model is developing, therefore international performance is decisive for success. We are going in the right direction and we have been involved in a consistent process of modernization for the last 12 years. Mentality is also changing and this moment is excellent both for the country and foreign investors” Ivo Kamenov states.
Chimimport is founded in 1990 to become one of the largest Bulgarian companies with advanced diversification, counting with up to 70 subsidiaries which operate on the whole European territory in the fields of financial services, trade and production, transport, construction and engineering, and real estate.
Chimimport’s strong financial position and its focus on minimum risk exposure, efficiency and profitability present an exciting opportunity. Only last year, with 26% increase in income from non-financial activities, reaching BGN 442,8 mln, Chimimport reported 27,7% net profit growth from BGN 35,29 mln to BGN 45,11 mln. As per June 2, 2023, the company reports annual income growth of 54.82%.
“Our goal is to make Bulgaria more attractive. We are insisting constantly on attracting foreign investors to develop business here.”, says Chimimport CEO in the interview for the international business magazine.
Besides, Ivo Kamenov analyses another important trend which might have positive influence on the country in the near future: the transfer of the supply chains of the international business community away from Asia. Chimimport CEO believes that the characteristic Bulgarian strength in logistics and production would allow the country to take advantage of the new opportunities and attract new capital.
“Many factories migrate towards Eastern Europe, in general, and Bulgaria, in particular, thanks to the low labor cost, strong logistic opportunities related to the access to the Danube river, and qualified workforce.” he states, adding that this situation might bring a brighter vision, full of perspectives, for the future development of Bulgarian economy.
You may find the whole interview with Ivo Kamenov, Chimimport CEO, for the world-famous magazine Newsweek here :
Further information about Chimimport Public Holding:
The history of Chimimport can be traced back to 1947, when the export company was first founded to specialize in chemical products. Throughout the following decade, Chimimport started exporting vegetal raw materials, such as herbs and essential oils, thus laying the foundations for strong development in the 90s which led to the registration of a holding company in 1997. In the 2000s and 2010s Chimimport Holding was progressively built and consolidated its operation in asset management, river and sea transport and the aviation industry, by creating Bulgarian Airways Group in 2003 – the leader aviation company in Bulgaria which owns the national carrier Bulgaria Air.
Presently, Chimimport offers a wide range of financial services through its well-known subsidiaries. Simultaneously, through companies like Oil and Gas Exploration and Production – the only Bulgarian enterprise which performs the full set of activities: searching for, exploring, development and exploitation of oil and gas fields, as well as processing of crude oil into finished market products – Chimimport is progressively expanding its presence on the oil and natural gas market and in the bio fuel industry.
Chimimport Holding is highly reliable both in public and private sectors. Its subsidiary Energoproekt has designed and executed all energy projects in Bulgaria, from the smallest hydro power plant or thermal plant to the largest thermal plants and the electricity transmission grid of the country. Currently, Chimimport is open for local and international partnerships, and welcomes investments in all the companies in its portfolio.
In the last decades, Chimimport has used some of its significant resources to support different social initiatives and has invested in human capital as part of its broader mission to improve opportunities in Bulgaria.
At present, the company offers scholarships for leading Bulgarian universities and sponsors many international sports events and organizations, including the National Association of Combat Sports, Kamenov being its Chairman. Chimimport built the Varna Sports Complex, known as Palace of Culture and Sports, the biggest contemporary Bulgarian project of such size. The facility includes a football ground which meets FIFA’s requirements, as well as gym halls, offices and restaurants.