site.btaDeputy Economy Minister, Mongolian Ambassador Discuss Economic Ties

Discussions on improving bilateral economic ties were held during a meeting between caretaker Deputy Minister of Economy and Industry Nikolay Pavlov and the Ambassador of Mongolia, Sayanaa Lkhagvasuren, the Ministry of Economy and Industry's press service said on Wednesday.

"The level of trade and economic cooperation does not correspond to the potential of the two countries and to the good political relations between them," Pavlov said. Customs statistics show that from January to May 2024, Bulgarian exports to Mongolia reached USD 1.7 million, marking a 6.6% decrease from the same period in the previous year. The total trade volume between the two nations in 2023 stood at USD 3.6 million, comprised solely of Bulgarian exports.

"Important prerequisites for the growth of Bulgarian exports are the liberalization of Mongolia's foreign trade regime and the opportunities for Bulgarian companies to offer competitive and attractive goods on the Mongolian market", Pavlov said.

A good example of the positive developments in bilateral trade and economic relations was the license agreement signed in May 2023 between the Bulgarian state-owned dairy company LB Bulgaricum and the Mongolian company Apu Dairy.

Pavlov pointed out that Bulgaria will continue to support strengthening the ties between the EU and Mongolia.