The document will contribute to attracting Korean investments in Bulgaria and to establishing concrete business partnerships
Minister of Economy and Industry Bogdan Bogdanov and Inkyo Chong, Minister of Trade, Industry and Energy of the Republic of Korea signed a Memorandum of Understanding and Cooperation in Trade and Investment Promotion between the two countries.
The official signing of the document took place during the 13h Ministerial Conference of the World Trade Organization (WTO), which is being held in Abu Dhabi, United Arab Emirates.
The MoU establishes a framework for cooperation in trade and investment promotion between the two countries. It will facilitate cooperation in trade, investment, industry, supply chains and other areas. ‘The document will contribute to a better exchange of information and experience in the economic sphere, to attract Korean investments in Bulgaria and to establish concrete business contacts and partnerships between companies from both countries,’ Minister Bogdanov said at the meeting.
‘Our efforts are aimed at diversifying Bulgarian exports and promoting exports of higher value-added products. We are working to find new markets and to intensify economic cooperation with partners outside the EU,’ the Economy Minister said.
The forms of cooperation, according to the MoU, include encouraging companies and individuals to explore the possibilities of implementing joint projects, promoting cooperation between specialized entities and companies and the exchange of experts, scientists, technicians, students and trainees, encouraging the participation of companies and individuals from both countries in international fairs and exhibitions held in the territories of the two countries and others.
Minister Bogdanov and his South Korean counterpart also discussed the opportunities for the positioning of South Korean companies in the industrial zones in Bulgaria, as well as possible investments in the fields of the automotive sector, energy, defence and energy storage projects. Minister Bogdanov invited the Republic of Korea to participate with a srand at the international exhibition WEBIT, where Bulgaria is an official partner country, to show the opportunities for innovation and cooperation in various fields.
In the first ten months of 2023, trade with the Republic of Korea was worth USD 379.5 million and marked an increase of nearly 30% compared to the same period of 2022. During this period, Bulgarian exports grew by 72.4% and amounted to nearly USD 206 million. Imports from Korea were worth USD 173.6 million. (0.06% reduction). The balance is positive for Bulgaria.