Promoting exports to alternative markets both within and beyond Europe by leveraging the EU’s concluded or forthcoming trade agreements with third countries, strengthening the role of the Trade and Economic Relations Offices (TERO) in identifying new opportunities, and preparing financial instruments via the Bulgarian Export Insurance Agency (BAEZ) to support exporters are among the measures we are advancing in response to the U.S. tariffs on European goods.
This was stated by Peter Dilov, Minister of Economy and Industry, during a hearing of the Committee on Economic Policy and Innovation in the National Assembly, where he addressed questions concerning the Ministry’s priorities in safeguarding the competitiveness of the Bulgarian economy, in the context of newly imposed tariffs on European goods and the support for Bulgarian enterprise. Deputy Minister of Economy and Industry Nevena Lazarova also took part in the hearing.
In response to a question about the Ministry’s policy for mitigating the effects of the imposed tariffs, Minister Dilov indicated that work began in April to assess both the direct and indirect impacts, in cooperation with the Economic Institute of the Bulgarian Academy of Sciences.
According to him, the estimated direct impact identified by the Ministry of Economy and Industry amounts to EUR 468 million, with an expected indirect effect of EUR 158 million.
The Minister of Economy also emphasised the importance of the bilateral intergovernmental commissions which the Ministry holds to identify new opportunities for Bulgarian exporters. Minister Peter Dilov noted that a number of such commissions have already taken place, describing them as one of the best tools for promoting Bulgarian goods abroad.
In response to a question regarding the planned joint venture with Rheinmetall, Dilov stated that negotiations are at an advanced stage. “We will be able to take part in NATO supplies and in the rearmament of our partners. Jobs in the defence industry will not only be preserved, but also expanded,” the Minister explained.
He stressed that a large part of the production is expected to be destined for export to EU and NATO countries. “We will be able to manufacture something we have never been able to before,” Dilov underlined
According to him, active work is being carried out in the context of EU rearmament, with all projects and contracts including an industrial cooperation clause, so that the entire Bulgarian defence industry can benefit, take part in future projects, and generate revenue.
He also confirmed the government’s commitment to preserve and increase jobs at VMZ – Sopot through the creation of the joint venture. “More than 70,000 people are currently employed in our defence industry, including 5,000 at VMZ,” he added.