The economic development of cities in Northern Bulgaria is crucial for establishing a sustainable entrepreneurial ecosystem in Bulgaria and for the internationalization of small and medium-sized enterprises (SMEs) from the region. This became clear after the meeting between Boyko Takov, PhD., Executive Director of the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA), and the Mayor of Vidin, Tsvetan Tsenkov.

During the conversation, Mr. Takov outlined the economic prospects for the region and informed the Mayor of Vidin about the opportunities for development and the support that SMEs can receive through BSMEPA via two projects: „Providing comprehensive services for enterprises in Northern Bulgaria to support their sustainable development“ and the „Interreg-IPA Bulgaria-Serbia Cross-border Cooperation Program.“

Boyko Takov emphasized that encouraging entrepreneurship in Northern Bulgaria and the financial support available to companies will serve as an incentive for them to continue developing economic activities in the region. In turn, the Mayor of Vidin, Tsvetan Tsenkov, expressed his readiness for close cooperation with BSMEPA. Mr. Tsenkov shared insights into the economic situation in the city, the direction the municipality is working toward to stimulate business processes, and efforts to retain young people as a key factor for the region’s development.

„The Agency is extending a hand to cities in Northern Bulgaria because it is extremely important for us to be close to businesses. Through the Northern Regions project, we will provide comprehensive services to enhance competitiveness, opportunities for developing innovative and thriving companies focused on producing valuable products or providing services. Together with municipalities and businesses, we can create a sustainable business environment, which will contribute to a positive impact on socio-economic and demographic indicators,“ said the Executive Director of BSMEPA during the meeting.

Boyko Takov assured Mayor Tsvetan Tsenkov that the economic benefits for Vidin could be tangible through the activity of SMEs and their involvement in cross-border cooperation with Serbia. The project’s goals include improving access to global markets, enhancing network connectivity, and integrating sustainable practices in line with social and environmental expectations.

BSMEPA is collaborating with the World Bank on these projects, with the development of two analyses – one on the development of Northern Bulgaria’s regions and the other on the economic situation – expected to contribute to efforts for direct support to SMEs in Bulgaria and cross-border cooperation with Serbia.