site.btaBulgaria-Turkiye Forum Highlights Strong Economic Ties and Future Growth Potential

Bulgaria-Turkiye trade and business relations dominated a forum in Sofia held Tuesday with the participation of government officials, industrial associations and representatives of businesses. It was organized by the Turkiye Exporters Assembly (TIM), in cooperation with the Bulgarian Chamber of Commerce and Industry (BCCI) and the Bulgarian-Turkish Chamber of Commerce and Industry (BULTISAD) and with the support and coordination of the Commercial Counselor of the Turkish Embassy in Sofia.

Exports to Turkiye accounted for 6.7% of Bulgaria's total exports in 2024, making the country one of the leading export markets for Bulgarian goods, Minister of Economy and Industry Petar Dilov said in his remarks. 

He said that Turkiye is one of the leading and key foreign trade partners of Bulgaria. "The two countries have very good neighbourly and partnership relations. The geographical proximity and the potential of the Turkish economy and market predetermine the high economic activity between the business representatives," Dilov said.

Investments of Turkish companies in Bulgaria are in all sectors of the economy and are related to the construction of transport and energy infrastructure, construction of housing, commercial and office buildings, glass industry, production of parts and components for the automotive industry, production of aluminum products, food, textile and chemical industries, Dilov noted.

Turkish Trade Minister Omer Bolat added that in 2024 trade between Turkiye and Bulgaria amounted to USD 7.8 billion, and his country’s goal is to increase this to USD 10 billion within 2-3 years.

He said 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. 

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, Minister Bolat said.

It transpired from his remarks 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.

Turkish Exporters Assembly President Mustafa Gultepe said that approximately 12,000 Turkish companies exported to Bulgaria in 2024. He explained that Turkish exports to Bulgaria have followed an upward trend over the past decade, but in some years, they fell short of expectations. Therefore, ensuring stability in bilateral trade should be a priority, he emphasized, he commented.

BCCI President Tsvetan Simeonov noted the strong presence of Turkiye in the Bulgarian economy. He said that 2,555 Turkish companies are registered in BCCI’s voluntary register, either partially or fully funded by Turkish capital, along with over 1,700 Turkish trade representatives.

BULTISAD Management Board Chair Burhan Nemutlu emphasized that Turkiye is Bulgaria's second-largest importer. In 2024, Turkish exports grew by approximately 13.7%, while imports increased by around 13%. Bulgaria ranks second on Turkiye's export list among its neighbouring countries, accounting for around USD 5 billion in trade, according to him. The highest annual growth rate was recorded in Turkish exports to Bulgaria, which increased by approximately 22% in 2024.