Bulgaria is situated on the Balkans and is bordering Romania to the North, the Republic of Serbia and North Macedonia to the West, Greece and Turkey to the South and the Black Sea to the East. The strategic location combined with developed transportation infrastructure leads to close economic ties with other countries. Bulgaria also benefits from a favourable credit risk score resulting from a healthy fiscal balance and a very low Debt to GDP ratio. In addition, the combination of the lowest market labor costs and one of the lowest flat corporate tax rates in the EU (10%) increase the attractiveness for foreign investors. Bulgaria has made a considerable progress in the last 25 years, reforming its economy in line with the political changes happening in the country.