site.btaKorean Companies Explore Investment Opportunities in Bulgaria for Energy Storage Battery Production, Says Head of BTEA - Seoul

Korean companies are exploring investment opportunities in Bulgaria in the production of energy storage batteries, solar parks, and logistics hubs, Iliya Dekov, Head of the Bulgarian Trade and Economic Affairs Office (BTEA) in Seoul, told BTA.

Dekov noted that there are already Korean investments in Bulgaria in sectors such as hospitality, agriculture (ginseng cultivation), and the construction of a Korean hospital.

In October 2024, Hyundai Engineering and Construction opened a representative office in Sofia, which currently employs around 50 people. Last year, the Korean corporation was approved by the Bulgarian Parliament to construct two new nuclear reactors (using AP-1000 technology) at the Kozloduy Nuclear Power Plant. An engineering contract has already been signed, and the construction contract is expected to be signed by the end of 2025 or early 2026. Dekov commented that this project is expected to attract the interest of major Korean chaebols (large corporations) for future investments in Bulgaria. Currently, the investor profile in the country mainly consists of small and medium-sized enterprises.

The head of BTEA-Seoul noted that over the past two years, Bulgarian cosmetic products made with rose oil, essential oils, Bulgarian wines, honey, grains, integrated circuits and components have been increasingly successful on the Korean market. Certification processes are also underway for Bulgarian companies to export dairy products and pork to Korea.

This year, a Bulgarian pharmaceutical company, in the presence of the Head of BTEA-Seoul, numerous Korean distributors/importers, and representatives of the Korean Ministry of Food and Drug Safety, opened a representative office in the Gangnam district of Seoul for the sale of veterinary medicines. Around 10 employees have already been hired.

In February 2025, with the assistance of BTEA-Seoul, a Bulgarian manufacturer of mattresses and bedding products also opened a representative office in Seoul.

Bilateral Trade

In 2023, Bulgarian-Korean trade reached a record high of USD 443 million, with an 80% increase in Bulgarian exports to the Republic of Korea, amounting to USD 243 million, and imports from Korea totaling USD 200 million.

In 2024, bilateral trade amounted to USD 417 million, including USD 178 million in Bulgarian exports and USD 239 million in imports from Korea.

The leading Bulgarian exports to Korea include refined copper and copper alloys, wheat, corn, and rye, integrated circuits and electronic microassemblies, lead ores, electric motors, medical, dental, and veterinary instruments, and others.

Upcoming Trade Fairs

According to Ilia Dekov, Bulgarian companies regularly participate in international trade fairs in the Republic of Korea under preferential conditions, including free exhibition booths, with the support of BTEA-Seoul.

By the end of 2025, planned Bulgarian business participation includes: KOIMA Import Fair, July 7–9 in Seoul, K-Beauty Expo Korea 2025, September 13–16 in Seoul, Cosmetics & Beauty Expo, Osong 2025, October 23–25 in Osong, CPHI Korea 2025 (pharmaceuticals, biotech, and supplements), August 26–28 in Seoul, ADEX 2025 (military/defense exhibition), October 17–24 in Seoul and others.