site.btaBulgarian, Russian Companies Show Strong Interest in Bilateral Cooperation

Bulgarian, Russian Companies Show Strong Interest in Bilateral Cooperation

Moscow, May 26 (BTA) - Opening a Russia-Bulgaria business forum
in Moscow on Tuesday, Bulgarian Economy Minister Bozhidar
Loukarski said that the widely representative nature of the
forum clearly showed the desire of entrepreneurs and traders in
the two countries to keep up their vigorous relations and to
overcome adverse trends, the Bulgarian Economy Ministry
reported.

Forty Bulgarian and 60 Russian companies took part in the
business forum. They were also greeted by Victor Ermakov,
Director General of the Russian Agency for Small and Medium
Business Support.

Loukarski expressed the hope that Bulgaria and Russia will
achieve positive results in their economic cooperation by the
end of this year and will reverse the fall in bilateral trade.

Ermakov added that Russian small and medium-sized businesses
have a strong interest in working with Bulgarian companies. He
noted that, for their part, Bulgarian companies can benefit from
a number of incentives provided by the Russian government to
small and medium-sized enterprises. Ermakov urged the two sides
to do mutually beneficial business because, he said, everyone
needs external markets. According to him, Bulgaria is one of
five EU member states with which Russian companies are most
willing to work, and after a period of relative slump, the two
countries can now enter a new stage in their trade and economic
ties.

Loukarski said that considering the conditions in which the two
economies are functioning (Bulgaria being a member of the
European Union and Russia being a member of the Eurasian
Economic Union) and having in mind the EU sanctions against
Russia and the Russian response to these sanctions, bilateral
relations are still at a good level.

During the business forum, the Bulgarian Small and Medium
Enterprises Promotion Agency signed a cooperation agreement with
the Moscow Entrepreneurs' Association.

InvestBulgaria Agency CEO Stamen Yanev presented the investment
climate in Bulgaria and opportunities for joint projects which
can help Bulgaria and Russia find new markets outside the EU.

The Bulgarian delegation to Moscow also includes Deputy Economy
Minister Daniela Vezieva, who accompanied Economy Minister
Loukarski during a meeting with Patriarch Kirill, head of the
Russian Orthodox Church. The guests greeted the Patriarch on his
nameday.

* * *

Statistical data show that Bulgaria had vigorous trade relations
with Russia in 2014. According to official Bulgarian sources,
Bulgarian-Russian trade in 2014 accounted for 9.3 per cent of
Bulgaria's foreign trade. Bilateral trade amounted to 6 billion
US dollars, decreasing by 15.3 per cent (with Bulgarian exports
to Russia decreasing by 8.8 per cent and Russian imports to
Bulgaria going down by 16.1 per cent). Bulgarian exports to
Russia amounted to 710 million dollars, making up 2.4 per cent
of total Bulgarian exports, while Russian imports to Bulgaria
amounted to 5.3 billion dollars, which was 15.2 per cent of
total imports to Bulgaria.