site.btaJapanese Companies Want to Expand Operations in Bulgaria, Says Japanese Envoy in Sofia

Bulgaria's caretaker Economy and Industry Minister Petko Nikolov and Japan's Ambassador in Sofia Michigami Hisashi discussed ways for improving bilateral trade relations and investment, Nikolov's Ministry said in a press release on Friday. The diplomat noted that Japanese investors in Bulgaria are satisfied, as most of them want to expand their operations in this country. In his words, Japanese companies operating in Bulgaria have created 7,700 jobs. 

Japanese companies are interested in investing in Bulgaria in the automotive and energy sectors, where there is great potential for partnership, Michigami said. Bulgaria's participation in EXPO 2025 in Osaka is also a good opportunity to increase Japan's interest in Bulgaria. 

In 2023, the total trade with Japan approximated USD 310 million, the Ministry said. Bulgarian exports amounted to USD 96 million, up 19% from the previous ear.

A Japanese business delegation is scheduled to visit Bulgaria in October 2024, which will set a good start to strengthening business ties between the two countries.

Earlier in June, Bulgarian dairy company LB Bulgaricum held a meeting with executives of the Japanese company Meiji. The Economy Minister said that the partnership between LB Bulgaricum and Meiji is important for the development of Bulgarian-Japanese cooperation. Bulgaria desires to continue the good relations and to deepen the partnership, Nikolov added. The Japanese side's proposal to establish a new joint research laboratory in Sofia was also discussed during the meeting. The future laboratory will focus on the development of new projects and the research of new common markets, as well as on venturing into other sectors.