Bulgaria will re-establish the Office of Trade and Economic Affairs in Brazil after a gap of more than 6 years. This became clear during a meeting between the Minister of Economy and Industry Nikola Stojanov and the Ambassador of the Federative Republic of Brazil H.E. Maria Edileusa Fontenele Reis.
In 2022, trade between Bulgaria and Brazil will grow by over 62%, with Bulgarian exports increasing by 85%. ‘Although the absolute figures are not high, the trend shows that we can do a lot more in the economic sphere. At the same time, Brazil is a huge market and it is extremely important for us to use all opportunities for partnership,’ Minister Stojanov stressed. He added that Bulgaria provides very good conditions for the positioning of companies from the manufacturing sector that want to enter the European market, but the country needs a broader presentation to businesses overseas. ‘That is why we have taken steps to re-establish the Office of Trade and Economic Affairs, because it is also necessary to take action at the state level to intensify investment exchanges,’ the economy minister said.
Ambassador Reis said that the Brazilian side is also planning to re-establish the trade section of the Brazilian Embassy in Bulgaria in order to strengthen trade and economic cooperation. She pointed out that there is a great potential for increasing Bulgarian exports, focusing on products from the cosmetics industry, food industry, etc. Exports of mineral or chemical phosphate fertilizers account for 65% of Bulgaria’s total exports to the South American country. The Brazilian ambassador added that in this area there is even more potential for increasing exports.
They also discussed the holding of the first session of the Joint Bulgarian-Brazilian Intergovernmental Commission for Economic Cooperation, which has existed since 2016 but has not held a meeting so far. Minister Stojanov pointed out that the Bulgarian side was ready to host the first meeting and proposed that it be held jointly with a bilateral business forum. ‘In this way, the two countries will show a strong commitment at the highest level to work to strengthen business contacts and more joint initiatives,’ Nikola Stojanov added.