Trade between Bulgaria and Iraq grew by 87% last year. This was said by Deputy Minister of Economy and Industry Irina Shtonova during the opening of a business forum and meetings with companies from the city of Erbil, Kurdistan Autonomous Region of Iraq, northern Iraq. According to her, the exchange of goods for 2022 amounts to more than USD 325 million.
‘The implementation of initiatives such as this are an opportunity to lay the foundations for business partnerships and joint projects in different sectors of the economy,’ Deputy Minister Shtonova said. She also commented that ‘Bulgarian business has a lasting interest and is looking for different options to increase exports to the Iraqi market.’ Therefore, the Bulgarian State maintains the Office of Trade and Economic Affairs in the city of Erbil and is actively working to deepen trade and economic cooperation between the two countries, she said.
The Deputy Minister of Economy presented Bulgaria as a destination for business and investment and highlighted the key advantages of our country — our EU membership, macroeconomic and financial stability, and our strategic geographical location. ‘As a member of the European Union, we can provide unhindered and duty-free access to the EU’s 500-million-strong market,’ Irina Shtonova further pointed out, adding that ‘positioning a business in Bulgaria would also facilitate the creation of trade contacts with the rest of Europe, thanks to communication and transport connectivity.”
On the part of the Erbil Chamber of Commerce and Industry, it was pointed out that there are long-standing relations between the two countries and this forum is an opportunity to develop them, especially in the tourism and agriculture sectors. It was reported that Erbil has an Investment Law for local and foreign businesses and companies can be tax exempt for a period of 10 years.
On the part of the Erbil Chamber of Commerce and Industry, it was pointed out that there are long-standing relations between the two countries and this forum is an opportunity to develop them, especially in the tourism and agriculture sectors. It was reported that Erbil has an Investment Law for local and foreign businesses and companies can be tax exempt for a period of 10 years.
A Memorandum of Understanding between the two Chambers of Commerce was also signed during the event.
The Forum is organized by the Bulgarian Chamber of Commerce and Industry, in cooperation with the Office for Trade and Economic Affairs of Bulgaria in Erbil and the Erbil Chamber of Commerce and Industry. The event was attended by the Chairman of the BCCI Board Tsvetan Simeonov, the Vice President of the Erbil Chamber of Commerce and Industry Soran Abdulbekir Azez, OTEA in the city of Erbil Stanislav Nokov, representatives of Bulgarian and Erbil companies.