Bulgaria is among the top 15 countries worldwide in terms of greatest manufacturing growth potential.
Bulgaria was ranked 7th in the ‘High Growth Locations’ category based on Costs, Risks and Conditions parameters, in a Manufacturing Index report by Cushman&Wakefield (C&W) commercial real estate services company.
In order for C&W to determine a list of high growth countries, locations had to have an existing manufacturing base and a pre-defined level of economic infrastructure and development. With manufacturing companies increasingly focusing on emerging markets for expansion, C&W suggested that these locations will experience higher growth and become a hub for manufacturing activity in the future.
Estonia is ranked highest overall as a result of scoring well across all three parameters.Vietnam is in 2nd position with Lithuania in 3rd position. The ranking includes Philippines, Costa Rica, Singapore, Tunisia, Ukraine, Hungary, Sri Lanka, Morocco, the Czech Republic and Honduras.
The results from the Manufacturing Index are dominated by locations within the Asia Pacific region, highlighting the importance of the area in terms of global manufacturing. Malaysia is at the top, ahead of Taiwan in second position and South Korea in third. Canada leads the way in the Americas, ahead of the USA and the best performing countries in Europe, the Middle East and Africa (EMEA) were Russia, followed by Turkey and Switzerland.
From an EMEA perspective, Russia has scored the most impressively and is placed 7th overall. Russia is one of the least expensive locations in the index, with competitively low costs for registering property electricity costs for heavy industrial usage.
Following Russia were Turkey, Switzerland and Poland, ranking in11th, 12th and 13th place respectively in the overall ranking.The largest manufacturing country in the world, China, is positioned in 5th position overall, scoring well in terms of costs, but falling short of the top position due its high score for the Risk parameter.