On March 7, 2022 at the Faculty of Economics and Business Administration of Sofia University "St. Kliment Ohridski” a lecture was given by Prof. Panayotis Kontakos from UCLAN British University of Cyprus. The lecture on "International Business Strategies for Small and Medium Enterprises" was held in a hybrid format - present in the building of the Faculty of Economics and Business Administration and with the opportunity for online participation by all students, professors and researchers who showed interest in the topic. The scientific forum was held in the technically equipped hall 400 of the Faculty of Economics and Business Administration, which was completely renovated under the SCHOLARNET research capacity building project, funded by the National Science Program of the Ministry of Education and Science "European Science Networks".

The Dean of the Faculty of Economics and Business Administration Assoc. Prof. Dr. Atanas Georgiev welcomed Prof. Kontakos and expressed his confidence in the sustainable partnership between the two educational institutions. Ch. Assist. Prof. Dr. Ivan Angelov, a lecturer in the Department of Business Administration at the Faculty of Economics and Business Administration, who a few months ago gave a series of lectures at UCLAN British University of Cyprus, introduced the Cypriot scientist to students in master's programs.

Prof. Kontakos' lecture presented current trends in the context of international business strategies, which the researcher commented on in four conceptual sections: international, multidomestic, global and transnational, giving the relevant successful examples from world practice. A key question to be answered when developing a business strategy, according to a professor at UCLAN British University of Cyprus, is the right approach to value creation. This in turn involves choosing between two approaches: cost leadership or a strategy of differentiation.

"If you want to build an international strategy for your company, you must first know the global business environment", said Prof. Kontakos.

At the end of the forum there was a discussion with the participants, as the guest speaker made a flash diagnosis of the companies where the students work. The Vice-Dean of the Faculty of Economics and Business Administration with the Department of Research, Innovation and Projects Assoc. Prof. Dr. Todor Yalamov together with Prof. Kontakos discussed the topic of sustainable innovation and the impact of global economic processes on local economies in Europe and the world.

"A vision without action is a dream. Action without a vision is a nightmare", Prof. Kontakos finished his lecture.

Prof. Kontakos' lecture is carried out under the Erasmus+ Teacher Mobility Program and is in line with the priorities of the Faculty of Economics and Business Administration for the Development of International Cooperation and the Integration of the Faculty of Economics and Business Administration in the European Research Area.