12 May 2026, Sofia, Bulgaria

On May 12, 2026, Ivaylo Slavov, CEO and Chairman of the Board of Elevate, participated in one of Bulgaria’s leading economic and financial forums – “The Sound of Money 2026”, organized by Profit.bg. The event brought together prominent investors, financial experts, policymakers, and business leaders to explore how institutions, markets, and companies can navigate uncertainty, unlock new opportunities, and build sustainable economic growth.
The forum addressed a wide spectrum of strategic topics, including the defense economy and the geopolitical impact on investments, energy security and sustainable systems, the economic turnaround in Europe and Bulgaria’s role in the eurozone. The participants also discussed the future of banking, emerging investment models, and the real economic situation in Bulgaria, regarding productivity and competitiveness.

Assessing Bulgaria’s Economic Landscape

As part of the agenda, Ivaylo Slavov joined the panel discussion “Bulgaria’s Economic Reality Check, where industry leaders explored critical topics such as human capital, geopolitics, demographic trends, foreign workforce integration, investments, competitive advantages, and the growing role of artificial intelligence.
Demographic Trends and Attracting Talent from Non-EU Countries

A central theme in the discussion was the increasing importance of talent, and the strategies organizations need to adopt to attract, develop, and retain high-performing employees in a highly competitive environment.
Against the backdrop of Bulgaria’s deepening demographic challenges, access to talent and the long-term sustainability of the labor market emerged as key concerns. Slavov emphasized that workforce shortages are no longer a temporary problem but represent a structural issue requiring coordinated actions from both businesses and institutions.

“Over the next five years, we expect 20% of the working-age population to exit the labor market. Currently, Bulgaria attracts between 30,000 and 40,000 workers annually from third countries but falls significantly short of what is needed. To sustain economic growth, the country requires at least 70,000 to 80,000 new workers each year,” Slavov noted.

In this context, the question is no longer whether Bulgaria should rely on foreign talent, but how to do so effectively. Established practices across leading European economies – including Germany, the United Kingdom, France, Spain, and Italy demonstrate that attracting foreign workforce is essential for maintaining sustainable growth.

Artificial Intelligence as a Competitive Imperative

At the same time, this approach introduces new challenges related to integration, cultural alignment, and long-term retention.
“Attracting talent from third countries is a critical part of the solution, but it requires a structured and strategic approach. Successful integration depends on targeted efforts in onboarding, training, and long-term engagement,” Slavov added.

Businesses are increasingly taking an active role not only in recruitment but also in creating environments that support both social and professional integration – positioning talent management as a core driver of sustainable growth.

Artificial Intelligence as a Competitive Imperative

In parallel, the discussion highlighted the growing role of artificial intelligence as a transformative force in business. According to Slavov, organizations are moving beyond experimentation toward the practical integration of AI into core processes, with a clear focus on measurable impact.
He outlined two distinct trajectories in the adoption of AI:

• In some sectors, AI is fundamentally reshaping roles and redefining entire functions
• In others, it serves as a powerful enabler, enhancing efficiency, optimizing processes, and improving data-driven decision-making

This dual dynamic requires organizations to adopt tailored strategies based on the level of impact on their business. In some cases, this means significant transformations and substantial productivity gains while also requiring careful evaluation of associated costs – including infrastructure, technology, and energy consumption.

At the heart of this transformation lies data. Companies today generate vast volumes of information through digital systems and technologies, but the real value lies in their ability to process and utilize it effectively. Artificial intelligence plays a critical role in converting complex data into actionable insights that drive better business decisions.

In this context, AI is no longer merely a technological trend – it is a fundamental factor for business modernization and a key determinant of competitiveness in the near term.

About Elevate

Elevate is a Flexible Workforce Solutions company, delivering innovative, end-to-end business solutions. With over 20 years of experience, Elevate operates from 14 offices across 9 countries, with locations in the USA and Costa Rica, supporting global operations in the Americas, and European offices in Germany, Switzerland, Bulgaria, Poland, Romania, Serbia, and Croatia, driving growth and partnerships across both regions. Elevate serves a wide range of industries such as IT, Engineering, Automotive, Accounting & Finance, Retail, Logistics, Manufacturing, and Hospitality.
The company’s portfolio includes building Shared Service Centers and Centers of Excellence, providing Professional Services and Recruitment Services. By combining advanced technology, processes, know-how and company culture, Elevate ensures excellence at every step of the business journey.