Bulgaria, South Korea to boost trade, investments

The initiative aims to attract Korean investments into Bulgaria and create business partnerships, streamlining industrial cooperation and supply chains and promoting joint ventures and the exchange of experts, scientists, technicians, students and trainees, the ministry said in a press release on Monday.

Bulgaria seeks to diversify its exports and promote higher value-added products, looking for new markets and economic cooperation beyond the EU, Bulgarian economy minister Bogdan Bogdanov said.

The two countries also discussed positioning South Korean firms in Bulgarian industrial zones, along with potential investments in the automotive, energy and defence sectors and energy storage projects.

Bulgaria ran a surplus of $32.4 million in its trade with South Korea in the first ten months of 2023, with exports of some $206 million (up 72.4% year-on-year) and imports of $173.6 million (down 0.06%). Bilateral trade turnover amounted to $379.5 million (349.7 million euro), growing by almost 30% in annual terms.

($ = 0.9215 euro)