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The idea to open a Higher School of Commerce (HSC) in Varna arose in 1911, and the foundations of the present-day building of the University were laid. The construction was financially supported by the Chamber of Commerce and Industry - Varna and the state, which provided considerable funds.
In 1914, during the XXIst session of Varna Chamber of Commerce and Industry there was passed the decision to open a Higher School of Commerce. The funds needed to lay the foundations of the HSC were approved, however, because of the impending World War I the decision was not fully carried out. After the War, the first post-war session of the Chamber was held in 1920.
On 14 May 1920 there was held XXVth session of the Chamber of Commerce and Industry, during which the official decision to open the HSC was taken. There was created a Governing body of the school - the Supreme School Board. Mr Tsani Kalyandzhiev was unanimously elected Rector of the School. He held that post till 1933.
The organizers of the HSC are well aware of its twofold purpose of being both an educational and research institution. They expect the school of higher education to undertake broad research and theoretical work aimed at studying the Bulgarian economy, which would reveal the objective laws and development mechanisms and outline the working principles for economic figures.