Doing Business in Targovishte

The Targovishte Economy

The Institute for Market Economics groups Targovishte with Ruse and Razgrad in one economic centre with three cores, where Targovishte generates 17% of the value added, Ruse 54% and Razgrad 12%. Targovishte’s periphery includes Omurtag and Antonovo.³

Glass is the defining industry of Targovishte, which previously relied on machine building, the military industry and furniture. Its industry also includes batteries, wine, food, furniture, textiles and glass processing.⁴

Glass and Other Industries

The glass company Pashabahce, with 1,700 employees, is the largest employer in Targovishte. Trakia Glass Bulgaria, part of the Turkish group Şişecam, was established in Targovishte in 2003 and has made flat glass with float technology since 2006. It opened a new flat-glass furnace after a €42 million investment in 2019, and in 2026 launched a second coated-glass line after a €20 million investment, taking capacity for special products to 14.6 million m² a year.^3,4

Source: Institute for Market Economics: Ruse–Targovishte–Razgrad economic centre; Standart: The glass giant of Targovishte^3,4

Investment and the New Industrial Park

Foreign direct investment in Targovishte Municipality was €267 million at the end of 2021, and Targovishte accounted for 15% of the centre’s spending on machinery, land and buildings.³

The technical infrastructure of the new Targovishte industrial park was completed in June 2026, in 11 months. It cost close to €18 million, almost €14 million of it from the Recovery and Resilience Plan, and covers more than 300 decares on the site of the former Energia battery factory and nearby land.^5,6

• 17 investment plots, four of them with industrial halls ready for use.
• A rail connection to the national network, gas, a new high-, medium- and low-voltage substation, two wastewater treatment plants and a new road.
• Six interested investors were reported in June 2026, two of them foreign, and inquiries came from makers of industrial conductors, transformer substations, electrical distribution equipment and lithium-ion batteries.
• The operator is Industrial Zone Targovishte AD.

Source: Kiss 13: The technical infrastructure of the new Targovishte industrial park is completed; Money.bg: A new industrial zone in Targovishte after a €18 million investment^5,6

Workforce and Salaries

• 17,600 people were employed in Targovishte in the Institute for Market Economics study, and unemployment there was 4.7%.
• Unemployment in Targovishte Province averaged 9.73% in 2025, and 67.3% of residents aged 20–64 were employed.
• 22.6% of the province’s residents aged 25–64 have a university degree.
• The average gross salary in Targovishte Province was €1,100 a month in the fourth quarter of 2025.

Source: Institute for Market Economics: Ruse–Targovishte–Razgrad economic centre; Institute for Market Economics: Regional Profiles, Targovishte Province; Ministry of Labour and Social Policy: Labour market bulletin, fourth quarter of 2025^3,7,2

Transport

Targovishte’s ring road was repaired to improve the industrial park’s connection with the Hemus Motorway, and the park has a rail link to the national network. Motorways and first-class roads made up 15.8% of the road network of Targovishte Province in 2025.^6,7

Registering a Company in Targovishte

Bulgaria has one national Commercial Register, so a company based in Targovishte can be filed online from anywhere with a qualified electronic signature, or on paper at the Registry Agency’s Targovishte office. After registration, the company deals with the Targovishte office of the National Revenue Agency for tax and VAT, and with Targovishte Municipality for local taxes and fees.^8,9

Source: Registry Agency: Commercial Register contacts; Council of Ministers IISDA: National Revenue Agency offices; Targovishte Province: Municipalities; Bulgarian Chamber of Commerce and Industry: Regional chambers^8,9,10,11

The full steps, documents, fees and timings are in the guide to registering a company in Bulgaria.