site.btaEconomy Minister, UK Commissioner for Trade with Europe Discuss Boosting Trade Ties, Investments

Economy Minister Bogdan Bogdanov and British Trade Commissioner for Europe Chris Barton discussed boosting trade relations and investment between the two countries. Barton leads a team at the UK Department for International Trade based in 34 countries. He is visiting Bulgaria to promote increasingly close UK-Bulgarian economic relations and the creation of new business opportunities. The meeting was also attended by UK Ambassador Rob Dixon. 
 
The excellent trade and economic relations between the two countries were highlighted, pointing out that there is great potential for development and investment opportunities in priority high-tech sectors with high added value in innovation, technology, logistics, manufacturing, infrastructure and energy.  
 
Minister Bogdanov said that the UK is one of our country's important trading partners, and over the past five years trade between the two countries has grown by 50%, reaching record highs.  
  
The Minister of Economy and Industry assured that the Bulgarian government is working for a stable and predictable business and investment environment, and that concrete actions are being taken to fight corruption and ensure transparent processes for business.   
 
Another focus of the talks was Bulgaria's accession to the Eurozone, Schengen and the OECD.  Minister Bogdanov said that Bulgaria has met all the criteria for the Schengen area and that Bulgaria's membership in Schengen is also key for foreign investors in Bulgaria. In his words, regarding the Eurozone, Bulgaria is getting closer to meeting the last criterion related to inflation, which is confirmed by the data that show that in February it continued to slow down and reached 3.3% on an annual basis, the lowest since mid-2021. 
 
"We are actively working to create favourable conditions for investors, including the construction of prepared industrial sites with ready infrastructure for specific sectors," Bogdanov said, citing three new zones that are developed - near Sofia, Varna and Stara Zagora. He also said that Bulgaria has changed the way it treats priority investment projects and now provides direct funding for these projects, especially in high value-added industries, and this funding is tailored to the region in which the investment is made.  
 
The Minister said that one of the leading priorities of the ministry is securing new markets for Bulgarian businesses. "Our efforts are aimed at diversifying Bulgarian exports and promoting exports of higher value-added products with non-EU partners, given the recession in some of our traditional partners in the Union.  
  
Bogdanov stressed that Bulgaria has transformed its economy and is no longer an outsourcing destination, but is becoming one of the best destinations for high value-added manufacturing and technology in Southeast Europe. In his words, Bulgaria already has technology companies that are globally recognized in areas such as ICT, aerospace, logistics and artificial intelligence, such as the first of its kind in Eastern Europe, the Institute for Computer Science, Artificial Intelligence and Technology, based in Bulgaria - INSAIT.