site.btaBulgaria Seeks Investment from S. Korean High-tech Firms, President Plevneliev Tells Yonhap News Agency

Bulgaria Seeks Investment from S. Korean High-tech Firms, President Plevneliev Tells Yonhap News Agency

Seoul/Sofia, May 13 (BTA) - Bulgarian President Rosen Plevneliev
called on South Korean high-tech firms to invest in his
country, the "front-door" to the European Union, reads an
interview Plevneliev gave for the Yonhap News Agency on the eve
of his official visit to South Korea, the President's Press
Secretariat reported Wednesday.

"To step in Bulgaria for Korean business means to step in the
region, placed between Europe and Asia; we are the front door to
a 500-million people single European market," Plevneliev told
the Yonhap News Agency.

He also boasted Bulgaria's low tax levels, saying they are the
sixth lowest in the world for small- and medium-sized firms and
the lowest in the EU.

"We strongly welcome Korean businesses to set up in Bulgarian
industrial zones and in the first innovation ecosystem in
Bulgaria - Sofia Tech Park, which could be a platform for Korean
firms to start-up in Bulgaria and the EU," he said.

Bulgaria could be especially attractive for high-tech firms as
it is already host to big names such as HP, IBM and Cisco.

In Bulgaria, 96 percent of Internet users have a connection
speed of more than 4 Mbps, which is higher than South Korea's 95
percent, Plevenliev said.

The two sides should also make full use of the instruments
established within the context of the South Korea-EU free trade
agreement, he said.

Last year, two-way trade amounted to US$310 million. As of
September 2014, South Korean investment in Bulgaria reached an
accumulated total of $263 million, while Bulgarian investment in
South Korea amounted to an accumulated total of $1.2 million,
according to South Korean government data.

The Bulgarian president is scheduled to arrive in South Korea
Wednesday for a three-day visit marking the 25th anniversary of
forging diplomatic relations between the countries.

On Thursday, he will meet with President Park Geun-hye to
discuss ways to bolster cooperation in trade, investment,
infrastructure building and national security, according to
Park's office.

South Korea and Bulgaria will also hold a business forum and
sign a number of memorandums on understanding (MOU) aimed at
developing their business and cultural ties, Plevneliev said.

"One of our goals is to boost business-to-business contacts in
various fields," he said, citing areas such as information and
communication technologies, business process outsourcing and
energy.

Special attention will be directed toward small- and
medium-sized enterprises, leading to the signing of MOUs between
the Bulgarian Small and Medium Enterprises Promotion Agency and
the Korea Federation of Small and Medium Business, and between
the Bulgarian Exporters Association and the Korea Importers
Association, he said.

Plevneliev also stressed the importance of cultural exchanges,
citing the popularity of Korean pop music and films among the
Bulgarian youth.

"We are looking forward to broadening and enhancing our youth
exchange by signing a Memorandum of Understanding on Cooperation
in the Field of Sports," he said.

On Seoul's efforts for peaceful reunification with North Korea,
Plevneliev expressed support for the process of reconciliation
between the sides and the reopening of stalled six-party talks
on North Korea's nuclear weapons program.

Bulgaria, a former communist state, has diplomatic relations
with both South and North Korea, the South Korean News Agency
recalls.

"We know the difficult road to building a democratic society. We
know democracy is not for free, it cannot just be installed and
needs to be worked for everyday," Plevneliev said. "Keeping in
mind the prospects of peaceful reunification of Korea, Bulgaria
is ready to share its experience and lessons learned from its
transition to a free democratic society and market-based
economy."