site.btaEconomy Minister Bogdanov: Over 940 Bavarian Companies Operate in Bulgaria

"Germany is Bulgaria's leading trade partner, and in 2022 we set a record in bilateral trade. One third of this trade is thanks to trade with Bavaria, which is also among the three German federal states with the largest investment presence in Bulgaria," Minister of Economy and Industry Bogdan Bogdanov said in Munich Thursday, where he opened the "B2B Forum Bavaria-Bulgaria", Bogdanov's Ministry reported. 

According to Bogdanov, over 940 Bavarian companies with more than 260 representative offices and branches are engaged in production and trade activities in Bulgaria.

An emphasis was placed during the forum on the information and communication technology (ICT) sector, where Bulgaria and Bavaria have active partnership relations. "This is one of the fastest growing sectors in Bulgaria and our country has a well-developed ecosystem of innovative and globally recognized companies," Minister Bogdanov said. He noted that given the dynamic and changing environment, the sector needs stability and predictability. "That is why Bulgaria relies heavily on the development of human resources," the Economy Minister stressed.

The Economy Minister said the Government was putting an emphasis on the aerospace and fintech industries, adding that Bulgaria was already home to hundreds of high-tech companies.

During his working visit, Minister Bogdanov also met with representatives of leading Bavarian companies in the automotive, electronics and transport sectors, with whom he discussed investment opportunities in Bulgaria. Among them are companies that develop automotive electronics as well as innovative and highly sophisticated systems in the field of emission control, thermal management and new technologies for vehicles of all engine systems. Minister Bogdanov briefed them on the advantages of Bulgaria as an investment destination and assured the representatives of the Bavarian companies that they could count on institutional support from the Ministry of Economy and Industry. 

In 2022, the total trade between Bulgaria and the Federal State of Bavaria marks an absolute record in the history of trade and economic relations, increasing by 22.5% compared to 2021 and amounting to EUR 2.121 billion.