site.btaBenefits of Bulgaria's Schengen Entry for Austrian Businesses Discussed Online between Economy Ministers

Ways to boost bilateral economic cooperation and the benefits which Austrian investors and businesses can expect from Bulgaria's planned accession to the Schengen area of free movement were discussed at an online meeting between Bulgaria's Economy and Industry Minister Bogdan Bogdanov and Austria's Labour and Economy Minister Martin Kocher. Bogdanov stressed that Bulgaria's Schengen entry will add impetus to the two countries' relations, his Ministry reported on Wednesday.

Bogdanov and Kocher discussed the key sectors of interaction where Sofia and Vienna can enhance their partnership, such as microelectronics, the automotive industry and green energy.

Bogdanov said Austria is a strategic partner to Bulgaria. Austrian companies are among the largest investors here. Austrian direct investment in the Bulgarian economy since 1996 has surpassed EUR 5 billion, and 350 Austrian companies operate in this country. Bogdanov noted that Austrian businesses are active in all sectors of the Bulgarian economy, and Sofia's entry to Schengen is important to them.

He also singled out Bulgaria's accession to the eurozone and the Organisation for Economic Co-operation and Development as top priorities of his government.

He invited Kocher to visit Bulgaria later this year and suggested that businesses and institutions from the two countries could hold meetings during the visit.

Kocher said: "We appreciate the existing economic relations between our countries, and we have an interest in this cooperation."

Bogdanov vowed that all efforts will be made to ensure trouble-free operation of businesses in Bulgaria, and described the preservation of the tax model in this country as one of the great advantages of the nation's economy in attracting investments. He said resources will be invested in the development of industrial zones specializing in concrete economic sectors.

Bulgaria's commodity exchange with Austria in the first quarter of 2023 amounted to EUR 587.4 million, increasing by 22.8%. Bulgarian exports to Austria were worth EUR 255.6 million, going up by 27%, and imports from Austria to Bulgaria were EUR 331.8 million, growing by 19.8%, the Bulgarian Economy and Industry Ministry said.