site.btaEconomy Minister Loukarski Negotiates Broader Trade, High Tech Cooperation with US

Economy Minister Loukarski Negotiates Broader Trade, High Tech Cooperation with US

Washington, DC, September 13 (BTA) - Meeting with Bulgarian Economy Minister Bozhidar Loukarski in the US capital on Monday, Kenneth E. Hyatt, Acting Under Secretary for International Trade, said the US and Bulgaria should work to expand their trade and economic relations to match the good political dialogue, the Economy Ministry said.

Loukarski said: "The levels of trade and investments achieved between Bulgaria and the US are very good but both sides have a much larger potential." He said the purpose of his working visit to the US was for Bulgaria to present the opportunities for investment, its export potential and the potential of Bulgarian companies to implement projects in the United States.

Loukarski stressed that US companies are not familiar with the opportunities Bulgaria offers, above all with its advantages as a gateway to the EU markets, the Middle East and Africa, as well as Eastern Europe. He said Bulgaria's priorities have to do with high tech production, in which US companies are leaders. The sectors in focus are mechanical engineering, including the automotive industry, electronics, electrical engineering, ICT, and the outsourcing of business processes and services. Health care, tourism and agriculture can also be of interest to US businesses.

Loukarski also talked about the successful experience in the US of Bulgarian companies in pharmaceutics, robotics, information technology and solar installations. The Economy Minister, who will meet with Wal-Mart's management, said traditional Bulgarian products including yoghurt, cheese and wine, could have a stronger presence in leading American retail chains.

Loukarski suggested that an investment and trade mission to Bulgaria be organized for US companies in 2017.

Loukarski and Hyatt identified a need to see progress in the EU-US talks on the Transatlantic Trade and Investment Partnership.

On Monday the Bulgarian official held the first of his planned meetings with US business representatives. A roundtable was organized by the Business Council for International Understanding to discuss Bulgaria's business and investment environment and the specific interest of US companies in implementing projects in Bulgaria. The participants included AIC, Textron, Cheniere Energy, Sierra Nevada Corporation and S2 Global. They showed an interest in natural gas diversification, security and surveillance technology, cyber security and air transport.