The Minister of Economy and Industry invited Korean investors to industrial zones in the country to successfully enter the European market
Bulgaria is becoming a hub for the production of critical components for electric vehicles and energy storage systems. At present, 90% of cars produced in Europe use critical components made in our country. This was stated by the Minister of Economy and Industry Bogdan Bogdanov, who met with the vice-president of one of the largest South Korean car manufacturers at the company’s headquarters in Seoul. The meeting was also attended by the Deputy Minister of Economy and Industry Nikolay Pavlov and the Executive Director of Automotive Cluster Bulgaria Lyubomir Stanislavov.
Cooperation in the automotive sector was discussed, as well as the implementation of joint projects in Bulgaria. Minister Bogdanov pointed out that Bulgaria is a good place for investments and invited the company’s representatives to visit Bulgaria, where they can get acquainted with the already excellent ecosystem in the sector. He stressed that our country has talented engineers and sufficient expertise and pointed out that Bulgaria can achieve sustainable business development as well as synergies and partnerships in the automotive sector.
Minister Bogdanov stressed that the automotive industry is one of the fastest growing in the country and is among the priorities for attracting investments. ‘We already have over 350 companies operating in the sector. Last year alone, the industry generated over 10% of GDP and employed 75,000 people,’ the minister added. According to him, until 10 years ago it accounted for only 1% of GDP, and its employees were less than 9 000.
The Minister of Economy and Industry also visited the headquarters of South Korea’s largest infrastructure and energy project execution company, where he held a meeting with the company’s president. They discussed the existing potential for partnership in the energy, infrastructure and innovation sectors. Bogdanov said that the expertise and innovation for which South Korea is known and the growing economic importance of our region are a real opportunity to promote cooperation between the two countries. ‘Bulgaria is a logistics hub that can be Asia’s link to the countries of Western Europe,’ he said.
During the meeting, emphasis was placed on nuclear energy, where the Korean company has many years of experience. ‘Bulgaria focuses on the development of nuclear energy. We are working to expand investment in the sector and to modernise our nuclear capacity to achieve full diversification,’ the minister said.
He stressed on the need to ensure affordable electricity prices for businesses in the country. ‘In recent years, we have been living amid crises such as COVID-19 and the wars, which have had a negative impact on the price of electricity for businesses,’ Bogdanov added. In his words, the government is working to tackle these challenges and to ensure the competitiveness of Bulgarian business.
Bogdan Bogdanov and the President of the company also talked about the opportunities for implementation of projects with public-private partnership. The Minister of Economy and Industry underlined that Bulgaria is a driving force for many of the important infrastructure projects in the region.
During the meeting the opportunities and conditions for achieving a wider presence of Korean companies in Bulgaria were discussed. The positioning of Asian companies in the industrial zones in the country was discussed, in order to successfully enter the European market. The two sides agreed on the need to dynamically develop the economic relations by jointly organizing a b2b forum in Bulgaria, which will be attended by companies from both countries.