Our trade with the UK increased by over 127% in the first quarter of this year, compared to the same period in 2022.
The activation and deepening of the economic relations between the two countries were discussed by the Minister of Economy and Industry Bogdan Bogdanov and the Ambassador of the United Kingdom of Great Britain and Northern Ireland to Bulgaria H.E. Rob Dixon.
They discussed the potential and opportunities for partnership between Bulgaria and the UK in the areas of trade, technology and microelectronics. The two agreed that these sectors are of great interest to UK companies and they provide an opportunity to expand and build on cooperation between the two countries.
Ambassador Dixon pointed out that the British side is interested in cooperation with Bulgarian companies in high-tech sectors.
Minister Bogdanov pointed out that the United Kingdom is one of our country’s important trading partners and the two countries have a very good potential for development.
In the first three months of 2023 alone, Bulgarian exports to the UK grew by over 90% and amounted to EUR 372.1 million. Total trade for the quarter was EUR 625 million, up over 127% compared to the same period in 2022.
Bogdanov also stressed that Bulgaria can offer many opportunities to British companies as a connecting point between Europe and Asia. In his words, through the organization of bilateral business forums and events, together with the British-Bulgarian Business Association, Bulgarian companies will be supported to enter and develop on the British market.
The two pointed out that there are more opportunities for partnerships in the automotive sector, fintech and in the field of artificial intelligence, giving as an example the first of its kind in Eastern Europe Institute for Computer Science, Intelligence and Technology INSAIT, already recognized by major technology giants.
They also discussed the process of Bulgaria’s accession to the OECD, with Minister Bogdanov saying that Bulgaria’s accession is strategic and a priority for the Government and adding that Bulgaria will be more active in fulfilling the membership criteria. Ambassador Dixon expressed the UK’s full support for our country’s membership of the Organisation.