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A cooperation memorandum was signed by Minister Karanikolov and the Romanian Minister of the business environment, trade, and entrepreneurship
October 3, 2017

A memorandum for agreement and cooperation between the Bulgarian investment agency /IBA/ and the Romanian Ministry of the business environment, trade, and entrepreneurship was signed by the Economy Minister Emil Karanikolov and his Romanian colleague Ilan Laufer, Minister of the business environment, trade, and entrepreneurship, within the joint meeting of the governments of the Republic of Bulgaria and Romania.

Minister Karanikolov pointed out that the Memorandum will become an important mechanism for stimulation and support for business between Bulgaria and Romania, and will provide a basis for the development of close trade relationships and increased volume of bilateral investments. The Cooperation memorandum will ensure mutual information support in the implementation of various types of activities in Bulgaria and Romania, which will encourage the mutual attraction of investments, such as business forums, exhibitions, and fairs. The two countries will exchange information on matters related to attracting investments, including information on potential business partners /companies from Bulgaria and Romania/, public statistical data, analytical reviews, results of market studies, as well as information on state regulatory measures. The Bulgarian and Romanian parties will work together for the development of sustainable economy and will cooperate in the event of projects and programs associated with public-private partnership, which may be beneficial to both parties.

Minister Karanikolov held a joint meeting with Ilan Laufer and George Simon, Minister of the Economy of Romania, to discuss the development of commercial and economic cooperation by support for various forms such as business forums, exhibitions, cooperation on the markets of third countries, and also support for the small and medium enterprises by the two parties. Upcoming joint forums will feature discussions about current issues facing the business, such as those with staffing, facilitating visas for workers and reducing the administrative burden. Minister Karanikolov pointed out that contacts between Bulgarian and Romanian companies will be supported and encouraged, and in this regard, a bilateral business forum is being organized in early November in Sofia. Romanian guests introduced the Minister of economy to the experience they have in supporting small and medium enterprises and start-ups. It became clear during the meeting that there is potential for growing the volumes of bilateral trade in areas like: mechanical engineering, electronics and electrical equipment, construction, food industry, textile and knitwear sector, IT and outsourcing.

Trade between Bulgaria and Romania shows a positive trend, the exchange of goods for the last year amounting to EUR 3.8 billion, an increase of 5.7%. The balance in bilateral trade is positive for Bulgaria and amounts to EUR 256 million for 2016. The first five months of this year show an increase of 14.2% of the exchange of goods compared to the same period in 2016.

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