The Union for Private Economic Enterprise (UPEE) was founded on December 22^nd, 1989, immediately after the changes. The main founders are private companies whose main objective is protection of the interests and promotion of the private business.

In 1993, the Union was recognised as Nationally Representative Employers Organisation with Council of Ministers Order and actively participates in the Tripartite Dialogue on all levels – national, local and branch.

UPEE defines itself as the Union of the small and medium-sized businesses and crafts. Small and medium-sized enterprises and crafts are over 90% of all enterprises in Bulgaria. They are the backbone of each economy as they are flexible and are an engine for competition and innovation.