site.btaEconomy Minister: Bulgaria Has Potential to Become Energy Storage Hub

Bulgaria and South Korea will sign a memorandum on bilateral trade and investment promotion. This emerged at a meeting in Seoul on Wednesday between Economy Minister Bogdan Bogdanov and the Korean Minister of Trade, Industry and Energy Ahn Duk-geun

The Korean Trade Minister made the proposal to the Bulgarian minister during the meeting. The agreement will lay the foundations for stepping up economic cooperation between the two countries in the coming years.

"We appreciate the proposal. The memorandum may be signed at a session of the Bulgarian-Korean Economic Cooperation Commission, which will be held in 2024 in Bulgaria," Bogdanov said. At the meeting it became clear that South Korea has similar agreements with only eight countries, including the UAE, and Hungary.

The two also discussed improving bilateral cooperation in sectors such as industry, nuclear energy and hydrogen production. Bogdanov and Ahn agreed on a partnership in renewable energy, carbon-neutral industrial zones and the production of electric cars. The ministers discussed the opportunities for cooperation with Korean companies in these areas.

"Bulgaria plays a key role in the energy sector in the region. We can achieve strategic partnerships in the development of renewable energy sources, Bogdanov added. He announced that Bulgaria has a huge potential to become a hub for energy storage systems, and Korean companies can participate in the process.

During the meeting the Bulgarian minister stressed that he highly appreciated South Korea's support for our country's accession to the Organisation for Economic Co-operation and Development.

“Bulgaria and South Korea are strategic partners. We want to advance bilateral economic relations. Given the economic and geopolitical challenges globally, we should be open to new partnerships," Minister Bogdanov said and stressed that Bulgaria has a strategic geographical location and can be a gateway to Europe for Korean companies.

During his official visit to South Korea, the Bulgarian Economy Minister and representatives of the Bulgarian Defence Industry Association held talks with the leadership of the KDIA - the Korean Defence Industry Association. They discussed opportunities for cooperation in the process of modernization of the Bulgarian defence industry. It was proposed to sign an agreement between the two organizations and intensify the partnership in high technologies related to satellites, drones and development of defence applications.

Opportunities for a joint programme for the production of NATO-standard ammunition were also discussed, as well as a visit of Korean companies to Bulgaria during the Hemus 2024 defence exhibition.

In the first nine months of 2023, trade with South Korea totalled USD 344.7 million and marked an increase of 27.2% over the same period in 2022. Bulgarian exports grew by 64.7% and were worth nearly USD 187 million.