Bulgarian Exports to Romania Increase by over 40%

Bulgarian Exports to Romania Increase by over 40%

Bulgarian exports to Romania grew by over 40% in the first ten months of last year and exceeded EUR 4 billion. This became clear during a meeting between the Minister of Economy and Industry Nikola Stojanov and the Ambassador of Austria in Bulgaria H. M. Brandusa Joana Predescu.

‘Trade for the same period amounts to EUR 7.247 billion, exceeding our initial forecasts of EUR 7 billion for the whole year 2021,’ Minister Stojanov said. Bulgarian companies are already leaders in certain sectors of the Romanian market and have a significant share in insurance and even in lending in our northern neighbour. ‘Bulgarian investments in Romania are many times more than Romanian investments in our country and this is a trend that I hope we can change with joint efforts,’ Nikola Stojanov added.

The two sides agreed on more joint initiatives in 2023 to promote trade and investment between the two countries. It is also planned to hold a meeting of a Working Group with experts from the two economic ministries in the second half of 2023 for consultations and cooperation to strengthen bilateral economic cooperation.

Bulgaria and Romania can exchange experience in the development of industrial parks and in policies to attract investments, it was further commented during the meeting. H. M. Brandusa Predescu presented their experience on permanent screening of foreign investments and committed to provide more information.

The reporting of indicators by the statistical institutes of the two countries was also a topic of discussion. The two institutions cooperate on the basis of a signed memorandum, but a more detailed review of the data is needed, the Romanian side said.

Today’s discussion was attended by the Deputy Minister of Economy and Industry Dimitar Danchev and the Economic Counsellor at the Embassy of Romania in Bulgaria Radu Moldovan.