Future growth drivers are high-tech exports and investments in high-value-added manufacturing utilizing Industry 4.0 technologies. Deputy Minister of Economy and Industry Nikolay Pavlov announced this at the opening of the 15th MachTech&InnoTech 2024, an international exhibition for industrial machinery, technologies, robotics, and industrial automation. He noted that these goals are clearly outlined in the two main strategic economic policy documents: the National Strategy for Small and Medium Enterprises 2021-2027 and the Innovation Strategy for Smart Specialization 2021-2027.
“The government’s priorities for improving the business environment include streamlining the process of starting a business, creating a strong network for SMEs, and promoting active collaboration with institutions and businesses,” the Deputy Minister of Economy and Industry emphasized.
Nikolay Pavlov noted that mechanical engineering is a well-established and key sector in the Bulgarian economy, blending experience and tradition with notable European and international interests. “The industry accounts for about 7% of the added value in the manufacturing sector and employs over 30,000 people,” he added.
In the opinion of the deputy minister, the sector’s future is to advance high-tech and medium-tech mechanical engineering. “Bulgaria has several advantages over many other countries, especially with the current global mechanical engineering industry changes. We should leverage these advantages and integrate directly into global value chains,” said Deputy Minister Pavlov. He believes Bulgaria has the required infrastructure, reliable Internet connectivity, and highly skilled technical and mathematics professionals to accomplish this.
The Deputy Minister of Economy announced that over the last two years, industrial production in the sector has been returning to pre-crisis levels and is on the rise. “The industry’s turnover index is up by 18.2% in 2023,” Pavlov said. He also noted that the export of machinery and equipment has consistently grown in recent years, surpassing 200% between 2010 and 2022.
This year, the MachTech&InnoTech Expo 2024 will host over 180 direct exhibitors from Bulgaria, Austria, Türkiye, Italy, Germany, China, and Romania. From October 1st to 4th, attendees can explore more than 350 global brands in metalworking, industrial robotics and automation, welding equipment, tools, and 3D printing.