Economic and management analysis of the impact of human capital on the development of machinery-building in Bulgaria

¹ St. Cyril and St. Methodius University of Veliko Tarnovo, Veliko Tarnovo, Bulgaria
² Higher School of Security and Economics – Plovdiv, 13 Kuklensko Shose Blvd., 4004 Plovdiv
³ Higher School of Security and Economics – Plovdiv, 13 Kuklensko Shose Blvd., 4004 Plovdiv

^* Corresponding author: m.petrova@ts.uni-vt.bg

Abstract

At present, foreign markets and, above all, the EU market are decisive for the development of the Bulgarian machine-building sector. In the majority of cases, the presence of European and other foreign markets remains at the level of inter-company trading relationships. One reason for this is the absence of strong national scientific, technical and production structures (science-technology-production) which are able to integrate themselves into large production chains. The lack of adequate human capital management, as well as the low level of professional knowledge, skills and competencies, have a negative impact on the economic performance of the sector. Therefore, it is necessary to carry out an economic and managerial analysis of the state of human capital, revealing the possibilities for its effective utilization and management. The purpose of this article is to examine the state of the human capital by analyzing its impact on the development of the machine building sector in Bulgaria.