Varna is known among foreign investors as a cheap sea property destination. Since the property bubble has popped up, Varna is offering a sustainable business opportunities, supported by the local city council. The municipality has adopted a strategic plan for development of Varna area. You can read an excerpt from the strategy further below. As you can notice, one of the main locally supported industries is the IT business and business clustering. Normally the IT business is focused in Sofia, but Varna is also a good undeveloped IT investment destination since there is a Technical University - a reputable IT university. Many young programmers tend to search for a job in Sofia, but would like to stay in Varna if a job opportunity opens.

Varna IT sector consists mainly of web site and software development small companies. They work mainly with foreign customers and provide high quality web services. The local IT industry is yet to be expanded, backed up by the Varna Municipality initiatives and the entrepreneurship of the young local people.

See below the 2007-2013 Varna region strategy for business development:

STRATEGIC OBJECTIVES

1. Achieving sustainable, rapid economic growth and stability by creating a favourable business environment to attract investment from the EU and creative initiatives based on life-competitive market, innovation and improved access to markets and services.
2. Mobilizing and increasing the quality of human potential and achieving levels of employment, income and social inclusion, providing better quality of life of the EU average levels.
3. Achieving successful integration of the main industry sectors of the  municipal economy in the European economic structures.

Specific objective 1: Promoting Entrepreneurship

1. Support of retail and social entrepreneurship through support services to businesses and financial instruments targeted at job creation and start-ups.
2. Encouraging activities through an entrepreneurial culture and attitude in society and higher education.
3. Encouraging women’s entrepreneurship through targeted marketing, greater child care and detection of specific structures for business support, providing a suitable environment for women entrepreneurs.
4. Support for creating groups of fishermen and fishing communities to carry out activities of collective interest.

Specific Objective 2: Development of research, technology, innovation

1. Setting up a scientific-industrial council to organize the creation of a local innovation system that provides predominantly increased services with higher added value, research and innovative companies in the municipality.
2. Encouraging the production of structures in industry sectors of internationally recognized research centers and attracting new sponsors for research, new business and new knowledge.
3. Encouraging the use of research and technology by businesses to increase knowledge transfer to business. Encourage cooperation in research, skills development, finding technical assistance and new markets.
4. Qualification and retraining of pedagogical staff
5. Encouraging of creation and development of innovation culture through participation in business structures and increase the number of employed people with education, especially in technology.
6. Setting up of municipal fund to stimulate innovation and technology start-ups and SMEs operating in the municipality.
7. Setting up a community center to foster innovation and new technology start-ups and SMEs.
8. Support for investment in priority social and economic areas in the municipality.
9. Innovation in energy efficiency and renewable energy sources and environmental protection.

Specific objective 3: Establishment of business networks and regional clusters

1. Optimizing of the links between business, sectoral and professional bodies and local administration to ensure efficient use of labour and financial resources and know-how.
2. Encouraging of inter-company cooperation and public-private partnership in the transfer of new technologies and best practices from the EU.
3. Development of programs to identify, establish and support the development of cluster structure in the local economy with priority given to tourism, the marine industry, crafts and more.
4. Setting up centers for cluster transfer and cluster management in industry sectors in the municipal economy.
5. Development the specialized infrastructure serving clusters.

Specific objective 4: Promote the development of information society

1. Creation of local infrastructure of the information society.
2. Creation of municipal school information network and local school information networks.
3. Improving access to and development of online public and business services.
4. Support businesses to adopt and effectively use information and communication technologies.
5. Development of ICT in all levels of education.
6. Creation of municipal public portal with opportunities to access all public information from various walks of life.