site.btaDeputy Minister of Economy Highlights Bavaria's Leading Role in Bulgaria’s Economic Growth as Trade Hits EUR 2.2 Billion

Economic relations between Bulgaria and Bavaria have seen a very dynamic development in recent years, Deputy Minister of Economy and Industry Nikolay Pavlov said, as reported by the Ministry of Economy and Industry's press service here on Friday. Pavlov was speaking at the traditional Bavarian Evening, organized by the German-Bulgarian Chamber of Industry and Commerce (GBCIC) and highlighted Bavaria’s significant role in Bulgaria’s economy. “Bavaria ranks among the top three German federal states with the largest investment presence in Bulgaria and holds the highest share in bilateral trade,” he said.

Pavlov also shared impressive trade figures: “In 2023, trade between Bulgaria and Bavaria exceeded EUR 2.2 billion, accounting for nearly 20% of the total trade turnover between Bulgaria and Germany. In the first half of 2024, this positive trend continued, with trade reaching EUR 1.3 billion.”

The event was attended by German Ambassador to Bulgaria Irene Plank; Tobias Gotthardt, State Secretary at the Bavarian State Ministry of Economic Affairs, Regional Development and Energy; Sonja Miekley, Managing Director of the German-Bulgarian Chamber of Industry and Commerce (GBCIC), and nearly 100 representatives of Bavarian and Bulgarian companies. During the discussions, it was noted that Bavaria is Bulgaria's 37th largest trading partner.

Pavlov pointed to the active role of nearly 1,000 Bavarian companies in Bulgaria, stating that these include “over 260 representative offices engaged in manufacturing and trade operations, ranging from global technology conglomerates and leading automobile manufacturers to banking, insurance, and a large number of SMEs.”

He also highlighted opportunities for collaboration in high-potential sectors such as electronics, mechanical engineering, automotive, pharmaceuticals, ICT, and healthcare.

In his address, Tobias Gotthardt, State Secretary at the Bavarian State Ministry of Economic Affairs, Regional Development and Energy, expressed Bavaria’s commitment to maintaining its partnership with Bulgaria. “Bavaria will remain a dependable partner for Bulgaria,” Gotthardt said.

Bulgaria and Bavaria have long-standing economic ties, bolstered by discussions in Sofia between Bulgarian Deputy Ministers of Innovation and Growth Veselina Mincheva and Georgi Angelov and Bavarian officials earlier this week. 

BTA notes that the Bulgarian Consulate General in Munich, also earlier this week, hosted the business forum Talents and Partners: Partnerships for the Future, centered on information technology and digitalization. The event brought together Bulgarian and Bavarian companies. It was supported by the Bulgarian Association of Software Companies (BASSCOM) and the German Association of Small and Medium-Sized Businesses and was attended by Deputy Minister Angelov.