Bilateral Trade Surpasses 2023 Levels in the First Ten Months of 2024, Reaching EUR 750 Million
Switzerland is a strategic economic partner of Bulgaria, with bilateral trade showing positive development in recent years. This was stated by Minister of Economy Peter Dilov during a meeting with His Excellency Raymund Furrer, Ambassador of Switzerland to Bulgaria.
Both noted the positive momentum in bilateral trade relations, though they agreed there is significant potential for further cooperation. According to the latest figures, bilateral trade with Switzerland in 2023 amounted to nearly EUR 700 million, while in just the first ten months of 2024 it already exceeded that figure, reaching EUR 750 million.
Minister Dilov stressed that an increasing number of Swiss companies are investing in Bulgaria, contributing to job creation, the introduction of innovations, and the strengthening of economic ties. In his words, Bulgaria is establishing itself as a preferred destination for high value-added manufacturing.
“These results clearly indicate that our economic relations are moving in a positive direction. Bulgaria and Switzerland have a long-standing tradition in trade and investments, and the statistics show that there is enormous potential to deepen this partnership,” said Minister Dilov.
During the discussion, it was noted that Swiss companies show interest in various sectors of the Bulgarian economy, including IT, high-tech manufacturing, the automotive industry, cement production, pharmaceuticals, the food and beverage industry, and more. The expansion of existing investments, along with the arrival of new investors, contributes to modernizing the economy and strengthening business ties between the two countries.
“Our country is becoming a key innovation hub for Swiss companies in Europe. We will continue to encourage innovative, high value-added, export-oriented production,” the Minister noted.
Minister Dilov also underscored the significance of industrial zones for Bulgaria’s economic development. He said that streamlining administrative processes and reducing bureaucracy are essential, especially for small and medium-sized enterprises, which account for over 90% of all companies in Bulgaria and play a key role in the national economy.
Ambassador Furrer, for his part, expressed satisfaction that a significant number of Swiss companies are present in Bulgaria. “The companies and investors who decide to invest and trade in both directions are proof of the existing opportunities and our commitment to sustainable, long-term development of these relations,” he remarked, adding that cooperation in science and education is also an important aspect of bilateral relations.
The two also discussed Bulgaria’s progress toward membership in the OECD and the process of joining the Eurozone.
“I commend you for your efforts toward Eurozone accession and joining the OECD. These are enormous opportunities that provide guidelines for the reforms needed not only in the economy but also in society as a whole. This process delivers results and improves the business and investment environment,” Ambassador Furrer concluded.