Bulgaria's recognition of Kosovo may undermine business operations in Serbia, Dnevnik daily reported on March 21. Business' primary concern was that Serbia could punish Bulgarian firms by posing illicit barriers to those investors and exporters using Serbia as a transit hub.

Such barriers could introduce more red tape, delays in investment and scheduled business operations, as well as a general lack of cooperation from Serbian people themselves.

Atanas Bobokov, Prista Oil co-owner and chair of the battery maker Monbat board of directors, said that recognition of Kosovo was an insane move, a severe blow to Orthodox Serbia and probably influenced by strong external pressures. He said that Bulgaria should have waited for another one or two years until Kosovo had passed a constitution and honoured the rights of its ethnic minorities.

He also criticised the Bulgarian government for not testing Bulgarian business opinion before recognising Kosovo.

The chief executive of Bulgarian River Shipping, Dragomir Kochanov, also said the government's decision was rash. Two thirds of the company's operations depended on its business in Serbia, he said. In particular, all transit shipments to western Europe passed through Serbia.

“I hoped for a more reasonable government that could have waited for a while, just as Romania did,” he said. “Nonetheless, I believe that it has taken the most correct decision given the information it had available.”

Valentin Zahariev, majority shareholder of mining firm Intertrust Holding and a former owner of Kremikovtzi steel mill, expected that the Serbian state administration may delay approving  Bulgarian business undertakings.

“If [during snap parliamentary polls in May] the democratic alliance wins, Bulgarian business will not suffer,” Zahariev said. “If, however, nationalists win they are likely to restrict Serbia's future in Europe as well as pose problems to companies from those countries recognising Kosovo.”

Baiko Baikov, the owner of the Bohemia tourist agency and a member of the Association for Bulgarian Tour Operators and Tourist Agencies, said that industry representatives were worried about a potential fall in Serbian tourism to Bulgaria and possible barriers to bus routes in and out of Serbia. Should Serbia impose such obstacles, Bulgarian tour operators would have to search for alternative routes.

Evgeni Ivanov, secretary general of the Confederation of Employers and Industrialists, said that recognition of Kosovo stems from state policy. Bulgarian business, in its capacity as taxpayer, is therefore entitled to protection from the state against possible infringements, he said.