site.btaTurkish Trade Minister Aims for USD 10 Bln Trade with Bulgaria in 2-3 Years

On Tuesday, Turkish Trade Minister Omer Bolat attended the first event in Bulgaria organized by the Turkish Exporters Assembly (TIM) in collaboration with the Bulgarian Chamber of Commerce and Industry (BCCI) and the Bulgarian-Turkish Chamber of Commerce and Industry (BULTISAD), with the support and coordination of the Turkish Embassy’s trade counsellor in Sofia.

"Good neighbours conduct the most trade with each other, which boosts prosperity and strengthens economic development. Last year, trade between Turkiye and Bulgaria amounted to USD 7.8 billion, and our goal is to increase this to USD 10 billion within 2-3 years," Bolat said, addressing the event.

The Turkish Trade Minister highlighted that Bulgaria serves as a gateway to Europe and the Balkans, making it a highly valuable neighbour for Turkiye. Conversely, Turkiye acts as a gateway for Bulgaria to the East, including Asia, Africa, and the Middle East. According to Bolat, this geographic complementarity connects two continents and gives both countries a significant geostrategic position.

Bolat noted that over the past 22 years, Turkiye’s economy has grown sixfold, reaching a national income of USD 1.32 trillion. He pointed out that energy, automotive manufacturing, logistics, manufacturing of spare parts, machinery, metals, and agricultural products are key sectors in Turkiye-Bulgaria bilateral relations. Customs cooperation between the two countries has also been successful, with Turkiye having five border checkpoints with Europe – three of which are on the border with Bulgaria.

Regarding economic ties, Bolat emphasized the importance of investments. Bulgaria’s investments in Turkiye amount to USD 41 million, while Turkiye has over 2,500 companies operating in Bulgaria with more than EUR 2.6 billion in investments. These companies engage in significant production activities, creating tens of thousands of jobs. "Investments boost trade, so this is mutually beneficial, and we are working to further increase these numbers," the Turkish minister added.

Speaking about construction companies, Bolat mentioned that Turkish entrepreneurs have completed over 12,000 projects in 130 countries, with a total value exceeding USD 540 billion. In Bulgaria alone, Turkish companies have completed 84 projects worth over USD 2.2 billion, he noted.

The Turkish minister also highlighted the growing cultural and tourism relations in recent years. Turkish TV series attract worldwide audiences of around 1 billion people daily, with significant interest in Bulgaria, where 148 Turkish series have been broadcast.

Annually, about 3 million Bulgarian tourists visit Turkiye. Bolat stated that Turkish tourists are also eager to visit Bulgaria, but Schengen visa requirements create certain difficulties.

He also mentioned Turkiye’s role as a bridge in supplying natural gas to Bulgaria and voiced hope that once the conflict in Ukraine ends, energy trade will further expand.

Bolat added that Turkiye has modernized its border checkpoints with Bulgaria and streamlined check procedures. He recalled that Turkiye has been a member of the EU Customs Union for 30 years and continues negotiations for full EU membership. A high-level trade dialogue between Turkiye and the EU was initiated in Brussels in 2024, and the European Commission aims to enhance cooperation within the Customs Union framework, he stressed.

The minister also expressed a desire to improve visa cooperation to facilitate travel for truck drivers, transport sector employees, businesspeople, engineers, and technical representatives.

Bolat concluded by mentioning that a delegation of 23 Turkish companies will hold meetings and visits in Sofia over the next three days. He emphasized that Bulgarian companies have shown significant interest in the Turkish delegation.