site.btaMinister Stankov: Bulgaria and Japan Are on Solid Footing in Their Relations, Particularly in Energy Sector

Bulgaria and Japan are on a solid footing in their relations, especially in the energy sector, Energy Minister Zhecho Stankov said at a Bulgarian-Japanese business forum here on Wednesday. Focused on infrastructure, energy and digitalization, the forum was organized by the Bulgarian Small and Medium Enterprises Promotion Agency, in partnership with the Embassy of Japan in Bulgaria, the Ministry of Economy, Trade and Industry of Japan and the Japan External Trade Organization (JETRO).

The business meeting is within the framework of a two-day visit of Akiyoshi Kato, Japan's Parliamentary Vice-Minister of Economy, Trade and Industry, with a delegation of about 50 representatives of Japanese companies. The main purpose of the visit, which began on June 24, is to explore investment opportunities and expand bilateral cooperation in strategic sectors.

Minister Stankov highlighted the joint experience with Toshiba more than 30 years ago, when the construction of the largest pumped storage hydroelectric power plant on Bulgarian territory began, and pointed out that this proves that 30 years later, the bilateral relations can only be strengthened. "The task set to me by Deputy Prime Minister Tomislav Donchev is to turn Bulgaria into the balancer of the Balkans, ensuring the security of energy supply, not only for Bulgaria but for the whole region," the Energy Minister noted. In order to achieve this goal, he pointed out that four additional pumped storage hydroelectric power plant projects are being developed with the European Investment Bank.

He noted that the goal in this case is not only to transfer technology, but also to invite additional investors to Bulgaria. If the state budget can afford the immediate start of construction of one of the four plants, Stankov sees no reason to delay the construction of the other three, provided investors can be invited to transfer technology as well. "Building on the solid foundation of technology transfer 30 years ago, I am sure that those for the four pumped storage hydroelectric power plants will also see teams from Japan assisting in construction on Bulgarian territory," the Energy Minister said.

In the context of the country's ambition to be a balancer in the Balkans in terms of the electricity part, he also referred to the construction of over 10,000 MWh of new batteries, which he hoped would be operational and in parallel with Bulgaria's grid by mid-2026.

The Energy Minister described the construction of Units 7 and 8 at Kozloduy Nuclear Power Plant as Bulgaria's biggest project not only for this decade but for the next decade as well. He pointed out that at the peak moments during the construction, at least 10,000 people are expected to be engaged at the Kozloduy site. "Undoubtedly, Japanese technology in the nuclear power sector is also something that can be contributed during construction," Stankov noted.

The Energy Minister said that companies from the Bulgarian energy sector in the face of the Electricity System Operator and the National Electricity Company are only part of the companies that will present themselves during Wednesday's business forum and will present the opportunities for cooperation with Japanese business. "Cooperation between Japanese and Bulgarian companies is not only business. It is a bridge of friendship, of cooperation, of traditions, of exchange of experience, which will give us opportunities in the future and during my visit to Osaka in September, to further develop our relations," Stankov said.