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ISO 9001:2015
Назад
By a coincidence, for the last three months foreign trade - the "locomotive of Bulgarian economy", has seemingly been slowing down, we are even likely to have a decrease as compared with the same period last year. “The aim is to gain the attention of business circles to this traditional instrument of foreign trade, namely factoring - a well-tried expedient of foreign trade operators”, Tsvetan Simeonov said. He participated in the discussion on stimulating business profits entitled "Factoring – a means for business development". B2b Media is the organizer with the support of BCCI.
The purpose of the presentation of factoring as an instrument for achieving rapid liquidity is to introduce it to those who know nothing about it and to build on the knowledge of those who are better acquainted with the matter by indicating that there are quite a few suppliers of this service on the Bulgarian market. The more and the more varied the suppliers a company works with, the greater the quality of the rendered service is - banks and credit institutions try harder and companies engaged in foreign trade become more competitive.
BCCI’s President noted that there was room for such initiatives because BCCI’s experts have found out that Bulgaria lacks an educational institution, whether university or institute for postgraduate qualification, which gives thorough and exhaustive knowledge on foreign trade. “Thereby, a young professional who has just been hired by a foreign trade company needn’t have any questions. We will probably continue to work on this matter because it turns out that Bulgarian companies hit by the crisis are not able to allocate additional resources for training but still follow the "trial-error" method. They need to gain relevant knowledge in advance”, Tsvetan Simeonov told the participants in the discussion.
“That is why it is difficult for companies to take part in lengthy trainings; therefore, a step-by-step approach is needed with regard to their and our capacity. We trust that the information about the possibilities of factoring will reach several thousands of Bulgarian entrepreneurs who will learn more about this tool, which is to be utilized successfully in foreign trade. During the discussion on stimulating business profits through factoring as an alternative to bank financing Vladimir Minev, Head of "Information Services for Business" with the Executive Agency for Promotion of Small and Medium Sized Enterprises pointed out that trainings of business will be conducted in cooperation with the regional offices of BCCI in 28 centers in the country.
The conference prompted BCCI experts to note that the Convention on International Factoring has been signed at a diplomatic conference in Ottawa, Canada, but has not been ratified by our country yet.
REFERENCE: The Convention was signed by Bulgaria in 1988 in Ottawa, Canada. The drafting of the Convention began back in 1974 when the Governing Board of the International Institute for Unification of Private Law (IIUPL) decided to include factoring in the work program of the Institute. The preliminary draft of the Convention entitled "Unified rules on certain aspects of international factoring" was available in May 1983 and was submitted to the representatives of the IIUPL member states for their opinion. This draft was processed at three consecutive meetings by a committee consisting of governmental experts and representatives of international and national organizations such as the International Chamber of Commerce – Paris, the International Group of Factors - Brussels, the British Association of Factors - London etc.
Назад
Tsvetan Simeonov: We trust that the information about the possibilities of factoring will reach several thousands of Bulgarian entrepreneurs to stimulate business profits
The purpose of the presentation of factoring as an instrument for achieving rapid liquidity is to introduce it to those who know nothing about it and to build on the knowledge of those who are better acquainted with the matter by indicating that there are quite a few suppliers of this service on the Bulgarian market. The more and the more varied the suppliers a company works with, the greater the quality of the rendered service is - banks and credit institutions try harder and companies engaged in foreign trade become more competitive.
BCCI’s President noted that there was room for such initiatives because BCCI’s experts have found out that Bulgaria lacks an educational institution, whether university or institute for postgraduate qualification, which gives thorough and exhaustive knowledge on foreign trade. “Thereby, a young professional who has just been hired by a foreign trade company needn’t have any questions. We will probably continue to work on this matter because it turns out that Bulgarian companies hit by the crisis are not able to allocate additional resources for training but still follow the "trial-error" method. They need to gain relevant knowledge in advance”, Tsvetan Simeonov told the participants in the discussion.
“That is why it is difficult for companies to take part in lengthy trainings; therefore, a step-by-step approach is needed with regard to their and our capacity. We trust that the information about the possibilities of factoring will reach several thousands of Bulgarian entrepreneurs who will learn more about this tool, which is to be utilized successfully in foreign trade. During the discussion on stimulating business profits through factoring as an alternative to bank financing Vladimir Minev, Head of "Information Services for Business" with the Executive Agency for Promotion of Small and Medium Sized Enterprises pointed out that trainings of business will be conducted in cooperation with the regional offices of BCCI in 28 centers in the country.
The conference prompted BCCI experts to note that the Convention on International Factoring has been signed at a diplomatic conference in Ottawa, Canada, but has not been ratified by our country yet.
REFERENCE: The Convention was signed by Bulgaria in 1988 in Ottawa, Canada. The drafting of the Convention began back in 1974 when the Governing Board of the International Institute for Unification of Private Law (IIUPL) decided to include factoring in the work program of the Institute. The preliminary draft of the Convention entitled "Unified rules on certain aspects of international factoring" was available in May 1983 and was submitted to the representatives of the IIUPL member states for their opinion. This draft was processed at three consecutive meetings by a committee consisting of governmental experts and representatives of international and national organizations such as the International Chamber of Commerce – Paris, the International Group of Factors - Brussels, the British Association of Factors - London etc.
The Convention is important for detecting the characteristics of a factoring agreement - on the one hand, it is increasingly finding its way in the commercial practice in Bulgaria and on the other hand, knowledge of unified rules for international factoring contract is paramount for Bulgarian entrepreneurs who, due to the accession of our country to the European market and the global world economy, are increasingly involved in international trade, where international factoring is well- known and utilized form of economic cooperation.
The Convention is directly applicable to certain contracts for international factoring provided all stipulated therein relevant assumptions are present at the same time. For other treaties of international factoring:
29.03.2012
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