Minister Bogdanov: There is great potential for economic cooperation between Bulgaria and the USA

Minister Bogdanov: There is great potential for economic cooperation between Bulgaria and the USA

In 2022, the trade between the two countries is expected to grow by 45% to nearly USD 2 billion.

Bilateral trade between Bulgaria and the USA has great potential for development. The American market is among the main export destinations for Bulgarian products from the high-tech sector. This was stated by Minister of Economy and Industry Bogdan Bogdanov during a meeting with a trade and investment delegation of 15 leading American companies. The visit is one of the largest in recent years and is organised by the American-Central European Business Association (ACEBA) and the U.S. Department of Commerce.

During the meeting, the sides discussed opportunities for promoting investment and partnership between the two countries in the fields of trade, military industry, pharmaceuticals, finance, energy, infrastructure modernisation and others.Minister Bogdanov: There is great potential for economic cooperation between Bulgaria and the USA

The Minister of Economy briefed the representatives of the American companies on the advantages of our country as an investment destination. He highlighted the favourable tax policy, the growing geostrategic importance, as well as Bulgaria’s opportunities to become a transport and logistics hub in the region.

Bogdanov highlighted the vision of the Ministry of Economy for the development of industrial zones in the country through which new investment projects could be attracted. “We will create two new industrial zones in Dobroslavtsi and Stara Zagora, applying the best practices of international institutions such as the World Bank or the European Bank for Reconstruction and Development (EBRD). They will be specialized in specific sectors such as the automotive industry and will have opportunities for research and development,” Bogdanov stressed. In his words, the possibility of public-private partnership will be opened with international or local investors interested in building them in partnership with the state.

Bogdanov assured the representatives of the American delegation that the Bulgarian side is working for a stable and predictable business environment and for the creation of conditions for attracting investments in high added value industries.

The Minister announced that Bulgaria is going to send trade attachés to the USA, who will work to intensify bilateral trade relations, which have an extremely great potential.

During the meeting Minister Bogdanov highlighted the three main priorities the Bulgarian government is working on related to the country’s accession to the Schengen area, its accession to the euro area and the Organization for Economic Cooperation and Development (OECD), which are of leading importance for attracting investments and for the development of the business climate in Bulgaria.

For the period January-August 2023 alone, trade between the two countries amounted to $ 1.131 billion, of which exports to the US amounted to $ 697.3 million and imports of $ 434.3 million.

For 2022, trade between the countries peaked at $ 1.936 billion, a 45% increase from 2021.