The two sides discussed ways to promote economic development between the two countries.
Reducing the administrative burden and deadlines for the implementation of foreign investments in Bulgaria, as well as the possibilities for monitoring the process were part of the topics discussed by the Minister of Economy and Industry Bogdan Bogdanov and the US Ambassador to Bulgaria H.E. Kenneth Merten.
‘We will continue to work actively to exploit the existing potential for the development of our cooperation with the US and for the effective promotion of bilateral trade and US investments in Bulgaria,’ Minister Bogdanov said at the meeting.
He shared with Ambassador Merten that a strategy for the development of industrial zones in Bulgaria is currently being developed. He said this would allow the country to focus on its industry and make the country attractive for foreign investment.
They also discussed the potential and opportunities for deepening the economic relations between the two countries in the fields of industry, trade and energy diversification.
During the meeting, Minister Bogdanov focused on Bulgaria’s accession to Schengen, the euro area and the Organisation for Economic Cooperation and Development (OECD), stressing that these are key priorities for the country and work is underway towards their implementation.
The US market is among the main export destinations for Bulgarian products from the high-tech spectrum and a major user of outsourcing and engineering services. In recent years, exports of electronics and electrical equipment have also been steadily growing. The trade data for January—March 2023 shows exports to the US at USD 305 million and imports at USD 245 million, with our trade during the same period in 2022 at USD 376.9 million; of which exports at USD 281.4 million and imports at USD 95.5 million.