Minister Bogdanov: Bulgaria has the potential to become a hub for energy storage systems

Minister Bogdanov: Bulgaria has the potential to become a hub for energy storage systems

Bulgaria and South Korea to sign Memorandum on Bilateral Trade and Investment Promotion

Bulgaria and South Korea will sign a Memorandum on bilateral trade and investment promotion. This was agreed at a meeting in Seoul between the Minister of Economy and Industry Bogdan Bogdanov and the Minister of Trade, Industry and Energy of the Republic of Korea Ahn Duk-geun.

The South Korean trade minister made the proposal to the Bulgarian minister during the meeting. The Deputy Minister of Economy and Industry Nikolay Pavlov also took part in it. The signing of the agreement will lay the foundations for intensifying economic cooperation between the two countries in the coming years.

‘We appreciate the offer. A good opportunity for the agreement to be signed is at the meeting of the Bulgarian-Korean Economic Cooperation Commission, which will be held in 2024 in Bulgaria,’ Bogdanov said. At the meeting it became clear that South Korea has similar agreements with only eight countries, including the UAE, Hungary and others.

Minister Bogdanov: Bulgaria has the potential to become a hub for energy storage systems

The two ministers also talked about improving bilateral cooperation in sectors such as industry, nuclear energy and hydrogen production. Bogdanov and Ahn agreed on a partnership in the field of renewable energy sources, carbon-neutral industrial zones and the production of electric cars. The ministers discussed opportunities for cooperation with Korean companies in these areas.

‘Bulgaria plays a key role in the energy sector in the region. We can achieve strategic partnerships in the development of renewable energy sources, Bogdanov added. He announced that our country has huge potential to become a hub for energy storage systems, and Korean companies can participate in the process to build this capacity.

During the meeting, the Bulgarian minister stressed that he highly appreciated South Korea’s support for our country’s accession to the Organization for Economic Cooperation and Development.

‘Bulgaria and South Korea are strategic partners. We want to intensify bilateral economic relations. Given the economic and geopolitical challenges globally, we should be open to new partnerships,’ Minister Bogdanov said and stressed that our country has a strategic geographical location and can be a gateway to Europe for Korean companies.

During his official visit to South Korea, the Minister of Economy and Industry and the representatives of the Bulgarian Defence Industry Association held talks with the leadership of the KDIA — the Korean Defence Industry Association. They discussed opportunities for cooperation in the process of modernization of the Bulgarian military industry. It was proposed to sign an agreement between the two organizations and intensify the partnership in high technologies related to satellites, drones and the development of defence applications.

They also discussed the possibilities for a joint programme for the production of NATO-standard ammunition, as well as a visit of Korean companies during the Hemus 2024 military exhibition in Bulgaria.

In the first nine months of 2023, total trade with South Korea was worth USD 344.7 million and marked an increase of 27.2% over the same period in 2022. Bulgarian exports grew by 64.7% and were worth nearly USD 187 million.