site.btaPresident Radev Discusses Bilateral Cooperation with US Delegation

Bilateral partnership in investment and technology transfer is the key element of the strategic cooperation between Bulgaria and the United States, President Rumen Radev said at a meeting with representatives of leading American companies and US Ambassador to Bulgaria Kenneth Merten, the head of State’s press office reported on Wednesday.

President Radev stressed that in economic terms Bulgaria offers a number of advantages - geographical location, business conditions, human potential and perspective against the backdrop of dynamic regional and global political and economic processes.

He noted that during his first talks with Ambassador Merten upon his arrival in Bulgaria, priority was given to the economic and investment cooperation between Bulgaria and the United States. The President welcomed the business delegation led by Eric Stewart, CEO of the American-Central European Business Association, for the opportunity to discuss the prospects for the development of business projects and initiatives in a number of important areas.

Bulgaria provides opportunities for growth and sustainability, for leadership in innovative projects and solutions, Rumen Radev said and highlighted the proven potential of Bulgaria's young people in the fields of mathematics, physics, applied sciences, linguistics.

The President pointed out that thanks to this potential Bulgaria has managed to develop innovative and technological industries, and ones with high added value - such as information technology, robotics, electronics, autonomous systems, mechanical engineering, defence industry, pharmaceuticals, fintech, as well as organic farming. As an example, he pointed to the rapid development of the automotive sector in Bulgaria, which has led to the use of Bulgarian components in almost every car produced in Europe. The head of State also spoke about the country's first economic zone for the strategic development of electric mobility, suitable for clean and green production to meet the highest standards of foreign investors.

The head of State stressed that with an active policy Bulgaria has managed to establish itself as an energy hub in the region, contributing to the diversification of supplies to partners and allies, providing security with the production and export of electricity and fuels and developing nuclear energy and renewable energy.

In addition to Bulgaria's macroeconomic and fiscal advantages, the President pointed to the prospects for investment in major infrastructure projects and the development of transport, energy and digital connectivity, which stem not only from Bulgaria's crossroads position between Europe and Asia, but also from the reorientation of global supply chains following the pandemic and the blockage of the Northern Corridor as a result of Russia's war against Ukraine.

Ambassador Merten expressed his satisfaction at hosting the delegation of fifteen leading American companies to explore opportunities to develop bilateral trade and investment. He said that many of these companies are already doing successful business in Bulgaria and are interested in expanding their business here, while others are exploring opportunities to enter the market, adding that it is in the interest of the United States to see Bulgaria strong and prosperous.