site.btaEconomy Minister Bogdanov, Austrian Counterpart Kocher Discuss Development, Upgrading of Economic Partnership

Bulgarian Minister of Economy and Industry Bogdan Bogdanov and Austrian Minister of Labour and Economy Martin Kocher discussed the development and upgrading of the good economic partnership between Bulgaria and Austria. Minister Bogdanov is on a working visit to Salzburg at the invitation of his Austrian counterpart, Bulgarian Economy Ministry reported on Sunday.

The meeting focused on cooperation in key industries such as microelectronics and joint projects related to the European Chips Act. The two also discussed the development of partnerships between small and medium-sized companies from both countries.

Bogdanov and Kocher talked about joint partnership opportunities in the automotive sector and the development of the industrial zones and parks in Bulgaria. The conversation also focused on cooperation in innovation and stimulating the start-up ecosystem.

The ministers agreed to continue to work actively on expanding areas of economic cooperation and opening new opportunities for businesses on both sides. 

"Austria is a priority and leading trade partner and investor in our country. Bulgaria encourages the interest of Austrian companies in new investments and expanding their presence in priority areas," Bogdanov pointed out. He stressed that Austrian companies are among the largest investors in Bulgaria and foreign direct investments from Austria in Bulgaria exceeds EUR 5 billion. "Austrian companies work in all sectors of the Bulgarian economy and Bulgaria's Schengen membership is important for Austrian business as well," the Bulgarian Economy Minister said.

The two also discussed a visit of Minister Kocher to Bulgaria in the first week of October this year, during which a bilateral business forum will be organized. It also transpired from the meeting that a Bulgarian delegation is planned to visit Austria next month to present the opportunities for industrial cooperation offered by Bulgaria.

Trade with Austria amounted to EUR 587.4 million in the first quarter of 2023 alone, which is an increase of nearly 23% compared to the same period last year.