site.btaPresident Radev, German Ambassador Discuss Economic Cooperation between Bulgaria and Germany

Meeting on Wednesday, President Rumen Radev and German Ambassador to Bulgaria Irene Plank discussed ways for deepening the economic and investment cooperation between Bulgaria and of Germany, the president’s press secretariat said. The talks also focused on the challenges facing the European economy, the consequences of military conflicts in Europe's neighbouring regions, disrupted supply chains.

President Radev noted that Germany is a key economic partner of Bulgaria, and an indicator of the interest of the German business in Bulgaria is the increasing bilateral trade, which amounts to EUR 12 billion annually.

The sides rallied around the idea that the business in Europe expects a more predictable environment, as well as secure supplies of energy resources at affordable prices and sustainable energy, on which the long-term competitiveness of European economies depends. The favourable investment environment in Bulgaria was highlighted, as well as its key geographical location. President Radev highlighted Bulgaria's interest in increasing German investments in industrial production, which strengthens the stability of the Bulgarian economy and promotes technology transfer, and expressed Bulgaria's readiness to encourage German business representatives along those lines.

For hers part, Ambassador Plank said that despite the difficulties caused by the COVID-19 pandemic, the consequences of military conflicts close to the EU and the energy transformation towards a carbon neutral economy, Germany retains its high economic and investment potential, including owing to the energy transformation.