Bogdanov: Austria is a priority and leading trade and investment partner
The Minister of Economy and Industry Bogdan Bogdanov and the Austrian Minister of Labour and Economic Affairs Martin Kocher discussed the development and upgrading of the good economic partnership between Bulgaria and Austria. The Bulgarian Minister of Economy is on a working visit to Salzburg at the invitation of his Austrian counterpart.
The meeting focused on the cooperation in key industries such as microelectronics and joint projects related to the European Chip Act. They also discussed the development of partnership between small and medium-sized companies from both countries.
Bogdanov and Kocher talked about joint partnership opportunities in the automotive sector and the development of Industrial Zones and Parks in Bulgaria. Emphasis was also placed on the cooperation in the field of innovation and stimulating the start-up ecosystem.
The ministers agreed that they will continue to work actively to expand the areas of economic cooperation and to open new opportunities for businesses in both countries.
“Austria is a priority and leading trade partner and investor in our country. Bulgaria encourages the interest of Austrian companies in new investments and in expanding their presence in priority areas,” Bogdanov pointed out. He stressed that Austrian companies are among the largest investors in Bulgaria and the foreign direct investments from Austria in Bulgaria amount to over 5 billion euros. “Austrian companies work in all sectors of the Bulgarian economy and Bulgaria’s membership in Schengen is important for Austrian business as well,” the Bulgarian Minister of Economy said.
They also discussed a visit of Minister Kocher to Bulgaria in the first week of October this year, during which a bilateral business forum will be organized. It also became clear at the meeting that a Bulgarian delegation is planned to visit Austria next month to present the opportunities for industrial cooperation offered by Bulgaria.
In the first quarter of 2023 alone, the trade with Austria amounted to €587.4 million, an increase of nearly 23% compared to the same period last year.