site.btaBulgarian-Maltese Business Forum

Bulgarian-Maltese Business Forum

Sofia, February 5 (BTA) - Addressing a Bulgaria-Malta business forum here on Monday Bulgarian President Rumen Radev said there is untapped potential. He added that the two countries shared many historical and geographical similarities.

Radev said that over 7,000 Bulgarians live in Malta who contribute to the development of bilateral relations. According to him, the Bulgarian economy is developing very well and is working very well within the EU Cohesion Policy. Radev said that Bulgaria is an attractive place for investment with its political, macroeconomic and financial stability.

The Bulgarian head of State voiced hope that the Maltese and Bulgarian businesses will forge stronger presence in the respective country.

Maltese President Marie-Louise Coleiro Preca said there was political will to advance economic cooperation between the two countries.

Coleiro Preca said that tourism exchange between the two countries is developing well, and added that Bulgaria and Malta will discuss an air service to boost future relations.

The Maltese President noted that four agreements and memoranda of understanding were signed between the respective business chambers of the two countries.

Relations between Bulgaria and Malta are on the right track but more efforts are needed to increase commercial exchange, said Bulgarian Economy Minister Emil Karanikolov.

Karanikolov said that in 2016 bilateral exchange stood at over 58 million euro and in the first months of 2017 it exceeded 22 million euro.

Karanikolov said that in the past year Bulgaria achieved good economic results which shows that it is implementing the right policies and reforms. He expressed confidence that the government measures will bear tangible results and will contribute to a more active economic cooperation in trade and will boost the presence of the Maltese business in Bulgaria. He outlined potential for cooperation in tourism, small and midsized businesses, energy, infrastructure, transport, environment and telecommunications.

The Economy Minister said that Bulgaria has one of EU's lowest taxes at 10 per cent and the lowest operational costs in Europe. Under the Investment Promotion Act a number of incentives are available to investors. Karanikolov said that he government prioritizes a reduction of the administrative burden for the citizens and the business.

Carmelo Abela, Malta's Minister for Foreign Affairs and Trade Promotion, said that the presence of such a large Maltese delegation is proof there is readiness to develop the business relations between the two countries. He said that the Maltese delegation has representatives of more than 30 companies and shows that the business community in Malta is very diverse. He vowed to back the promotion of business cooperation between the two countries.

Christian Cardona, Minister for the Economy, Investment and the Small Business, underscored that the business forum reaffirmed Malta's interest to develop economic ties between the two countries. According to him, Malta has a very open market and such a type of economy boosts living standards and creates new jobs. According to Cardona, Bulgaria and Malta have similar economies and both have had their GDP grow considerably.