site.btaBulgaria, South Korea to Promote Bilateral Trade, Investment

Minister of Economy and Industry Bogdan Bogdanov and Minister for Trade Inkyo Cheong of the Republic of Korea signed a Memorandum of Understanding and Cooperation in Trade and Investment Promotion between the two countries, the Bulgarian ministry said Monday.

The official signing of the document took place during the 13th Ministerial Conference of the World Trade Organization (WTO), which is being held in Abu Dhabi, United Arab Emirates.

The MoU will facilitate cooperation in the areas of trade, investment, industry, supply chains and others. "The document will contribute to the better exchange of information and experience in the economic sphere, to attract Korean investments in Bulgaria and to establish concrete business contacts and partnerships between companies from both countries," Bogdanov said at the meeting.

"Our efforts are aimed at diversifying Bulgarian exports and promoting exports of higher value-added products. We are working to find new markets and intensify economic cooperation with partners outside the EU," he added.

Forms of cooperation include encouraging companies and individuals to explore opportunities for implementing joint projects, promoting cooperation between specialised entities and companies and the exchange of experts, scientists, technicians, students and trainees, encouraging the participation of companies and individuals from both countries in international fairs and exhibitions held in the territories of the two countries.

Bogdanov and Cheong also discussed opportunities for the positioning of South Korean companies in industrial zones here, as well as possible investments in the fields of the automotive sector, energy, defence, and energy storage systems projects. Minister Bogdanov invited the Republic of Korea to participate with a stand at the international exhibition WEBIT, where Bulgaria is an official partner country.

In the first ten months of 2023, trade with the Republic of Korea was worth USD 379.5 million, marking an increase of nearly 30% compared to the same period of 2022. During this period, Bulgarian exports grew by 72.4% and amounted to nearly USD 206 million. Imports from Korea were worth USD 173.6 million (0.06% decrease). The balance is positive for Bulgaria, the Finance Ministry said.