Minister Bogdanov: Turkey is Bulgaria’s Leading Trade Partner Outside the EU

Minister Bogdanov: Turkey is Bulgaria’s Leading Trade Partner Outside the EU

Turkish company invests EUR 50 million in its production in Bulgaria

Turkey is among Bulgaria’s leading trade and economic partners outside the European Union and Turkish companies are among the largest investors in our country. For 2022, trade is at a record high, exceeding EUR 7.3 billion. This is a 40% increase compared to 2021. This was stated by the Minister of Economy and Industry Bogdan Bogdanov at the opening of the Bulgarian-Turkish Business Forum, held in Bansko, with the participation of over 250 companies from both countries.

During the official opening ceremony the Ambassador of Turkey to Bulgaria H. E. Eileen Sekizkök highlighted the good relations between the two countries, especially in the areas of security, energy, trade and investment.

Minister Bogdanov stressed that the number of Turkish companies in Bulgaria already exceeds 2,200 and their interest in investing in Bulgaria is growing significantly. In his words, this is confirmed by the intention of a Turkish company, announced a few days ago, to invest EUR 50 million in modernization and expansion of its production in Shumen.

Alcomet AD will invest the funds in new buildings, machinery and equipment this year. The company has established itself in the production of parts for the automotive sector, and with this investment it will also start producing for the aviation industry.

‘We are proud that Bulgaria is growing in the supply chain, in what we produce. The companies are implementing more and more innovative solutions and increasing their efficiency and thus the competitiveness of the Bulgarian economy,’ said the Minister of Economy.

Minister Bogdanov pointed out that yesterday he had a telephone conversation with the Minister of Trade of the Republic of Turkey Yumer Bolat. He said the two discussed intensifying bilateral trade and economic relations and what measures could be taken by the government to ease traffic at border crossings between the two countries.

The forum is held for the second time and is organized by the Bulgarian-Turkish Chamber of Commerce and Industry. The focus of this year’s forum is automotive, manufacturing, healthcare, construction, energy furniture, IT and outsourcing, consulting and travel services. The aim of the business forum is to activate bilateral relations between business representatives, to provide opportunities for exchange of experience, ideas, expertise, as well as to open new opportunities for partnerships and development in the country and the region.