Trade credit insurer Euler Hermes has opened an office in Sofia to serve Bulgarian clients.

Forecasting further economic growth in the country, Euler Hermes hopes to capitalise on Bulgaria’s export recovery, but the Sofia office will also contribute local business intelligence to the insurer’s international network.

“Our global objective is to grow and protect our clients in their domestic and export markets,” says Ludovic Senecaut, CEO of Euler Hermes Northern Europe Region.

“To achieve this goal, Euler Hermes seeks economies like that of Bulgaria that demonstrate domestic growth potential and export opportunities. Growth markets in Eastern Europe are an increasing focus for our European clients and the Sofia office adds to our ability to provide them with local market business intelligence for safe, sustainable growth.”

Bulgaria’s economic growth rose from +1.1% in 2013 to an estimated +1.6% in 2014, more on the back of domestic than external demand, which was affected by eurozone uncertainty.

“We expect private Bulgarian consumption and investment to remain robust in 2015 and exports to recover, supported by both lower oil prices and a weaker lev pegged to the euro,” explains Ludovic Subran, group chief economist at the firm. “As a result, the gradual economic uptrend should continue and economic sentiment improve. Euler Hermes forecasts real GDP growth in Bulgaria of +2% in 2015, followed by +2.5% in 2016.”

Bulgaria is part of Euler Hermes Northern Europe Region, which also includes Belgium, the Czech Republic, Denmark, Finland, Hungary, Luxemburg, the Netherlands, Norway, Poland, Romania, Russia, Slovakia, Sweden and the UK.