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Bulgaria business conditions have improved significantly since the loss of the Soviet market and volatile years that followed. While corruption in public administration, a weak judiciary, and the presence of organized crime continue to hamper the country’s investment climate, it has also made giant strides forward, with one of the lowest personal and corporate income tax rates in the European Union. Today its private sector accounts for more than 80 percent of GDP. Major industries include extraction of metals and minerals, production of chemicals, pharmaceuticals, apparel, copper products, machinery and vehicle components, petroleum refinement and steel. Local iron, copper, coal and lead deposits are vital for the domestic manufacturing sector. Bulgaria is a net food exporter. Important agricultural products include sugar beets, sunflowers, tobacco, grains, vegetables (tomatoes, cucumbers, peppers), grapes (wine production), livestock, dairy, plus essential oils for perfumes such as lavender and rose oil. In recent years Bulgaria has also emerged as an attractive tourist destination with some of Europe’s least expensive resorts. Main destinations include the capital Sofia, the medieval capital Veliko Tarnovo, coastal resorts Golden Sands and Sunny Beach and winter resorts Bansko, Pamporovo and Borovets.

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