Unlocking up to USD 27 billion in untapped export potential could be achieved through the new digital platform that was presented at the Ministry of Economy and Industry
“The challenges facing Bulgaria’s foreign trade are significant, which is why it is important to encourage exporters and support the economy. The role of Bulgarian exports in economic growth is key and should be stimulated in a targeted and consistent manner,” said Minister of Economy and Industry Peter Dilov during the presentation of a digital platform designed to identify new opportunities and support exports. The platform is also intended to improve the work of officials from the Trade and Economic Affairs Offices (TEAO).
“The Ministry will make every effort to implement the Bulgarian Export Navigator (BEN) system and ensure that it is as useful as possible,” Dilov emphasised. The platform was developed by the Ministry of Economy and Industry, with the support of a team from the Bulgarian Academy of Sciences (BAS).
Also attending the event were Deputy Minister of Economy and Industry Dontcho Barbalov and Deputy Minister of Foreign Affairs Nikolay Pavlov, as well as representatives and experts from the Ministry of Economy and Industry and the Bulgarian Academy of Sciences.
The Minister of Economy underlined that the new platform provides the necessary conditions for the TEAO to become even more effective in supporting Bulgarian businesses in entering new markets and strengthening their presence in those where Bulgaria is already represented.
“Following Bulgaria’s full membership of the Eurozone and the Schengen Area, the Bulgarian economy has become more competitive. Now is the time to reverse the trend and diversify and increase exports,” Dilov noted in his address to the TEAO.
He added that the platform to be used by the trade representatives is still at an early stage, and that their feedback is essential for the further development and enhancement of the system.
The meeting made it clear that the primary objective of the BEN is to support the work of the TEAO in stimulating exports of Bulgarian goods and services. The platform identifies export potential from Bulgaria for more than 170 products to nearly 70 countries. It also determines market niches towards which the efforts of the TEAO should be directed in order to generate imports in those countries. In addition, the platform provides up-to-date information on economic conditions, programmes and opportunities for financing and insurance to support exports, advance information on tariff and non-tariff changes, as well as key trade information on international markets.
“The creation of the Bulgarian Export Navigator is a first-of-its-kind development in Europe,” Deputy Minister of Economy and Industry Dontcho Barbalov emphasised at the meeting. “Through it, our ambassadors and trade representatives will be able to actively support exports and safeguard the interests of Bulgarian businesses,” he added.
For his part, Deputy Minister of Foreign Affairs Nikolay Pavlov highlighted that the new tool will facilitate closer and more effective cooperation between institutions.
The system represents an important step towards digitalisation and will provide up-to-date trade information. The Bulgarian Export Navigator consists of three main components: a trade component, offering core information on markets and export opportunities; export financing and insurance, presenting programmes and opportunities to support companies; and economic information, including analyses of economic conditions, sectoral analyses and forecasts.
The platform operates with analytical tools, including the use of artificial intelligence, and ensures interactive connectivity between the TEAO and the Ministry of Economy and Industry. The objective is to realise the identified export potential of USD 27 billion and to strengthen the presence of Bulgarian businesses on international markets.
The Bulgarian Export Navigator (BEN) is accessible to staff of the Trade and Economic Affairs Offices within the Ministry and will serve as a tool to support their day-to-day activities, while at the same time stimulating the growth of Bulgarian exports and enhancing the competitiveness of the economy.