Minister Bogdanov: More than 940 Bavarian companies develop production and trade activities in Bulgaria

Minister Bogdanov: More than 940 Bavarian companies develop production and trade activities in Bulgaria

The Minister of Economy and representatives of leading Bavarian companies discussed investment opportunities in the automotive sector in Bulgaria

“Germany is Bulgaria’s leading trade partner, and in 2022 we recorded a record in bilateral trade. One third of this trade is thanks to trade with Bavaria, which is also among the three German federal states with the largest investment presence in our country. This was stated by Minister of Economy and Industry Bogdan Bogdanov, who opened the “B2B Forum Bavaria-Bulgaria” today in Munich, Germany. According to him, more than 940 Bavarian companies with more than 260 representative offices and branches are engaged in production and trade activities in Bulgaria.

During the forum, emphasis was placed on the information and communication technologies (ICT) sector, where Bulgaria and Bavaria have active partnership relations. “This is one of the fastest growing sectors in our country and our country has a well-developed ecosystem of innovative and globally recognized companies,” Minister Bogdanov said. He said that given the dynamic and changing environment, the sector needs stability and predictability. “That is why Bulgaria relies heavily on the development of human resources,” the Economy Minister said. In his words, our country can create leading innovations in digital and green technologies. “Bulgaria has talented engineers and sufficient expertise, and synergies and partnerships can be achieved in high-tech sectors,” Bogdanov was adamant.

Minister Bogdanov: More than 940 Bavarian companies develop production and trade activities in Bulgaria

The Economic Affairs Minister said the government was focusing on the aerospace and fintech industries. “We support investments in the development of these sectors and our country provides attractive conditions for the implementation of business projects,” Bogdanov said, adding that Bulgaria is already home to hundreds of high-tech companies.

During his working visit Minister Bogdanov also met with representatives of leading Bavarian companies in the automotive sector, electronics and transport, with whom they discussed the opportunities for investment in Bulgaria. These include companies that develop automotive electronics as well as innovative and highly sophisticated systems in the areas of emission control, thermal management and new vehicle technologies from all powertrain systems. Minister Bogdanov introduced them to the advantages of our country as an investment destination. “Bulgaria is becoming a place where investors can find a sustainable environment for development, Bogdanov said. He said more than 400 e-government services for businesses will be rolled out in the coming years. Bogdanov assured the representatives of the Bavarian companies that they can count on institutional support from the Ministry of Economy and Industry. “We are working for Bulgaria to be part of the innovative future of the world,” the minister stressed.

In 2022, the total trade between Bulgaria and the Federal State of Bavaria marks an absolute record in the history of trade and economic relations, increasing by 22.5% compared to 2021 and amounting to EUR 2.121 billion.