Balkans Investment Consulting Agency (BICA) is a private company providing fund management, as well as project and asset management services in Central and Eastern Europe.

PEST Analyses

BICA prepares brief PEST analyses (evaluating political, economic, social and technological factors) for several Balkan countries to help investors evaluate the country risk they face when entering a given country.


We draw conclusions using information from public sources, paid industry reports from reputable institutions and review of articles in reputable local media covering the last 2 years.


2012: PEST Analysis Bulgaria

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2008: PEST Analysis Serbia

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