Balkans | “Germany is Bulgaria’s leading foreign trading partner”

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Balkans |  “Germany is Bulgaria’s leading foreign trading partner”

During a meeting with Bulgarian Minister of Innovation and Growth Alexander Bolev and Ambassador of the Federal Republic of Germany to Sofia Irene Blank, he mentioned that Bulgaria is the largest foreign trade broker in Bulgaria, with its trade volume reaching a record level of nearly 12 billion euros in 2022. German companies are among the The largest investors and employers in our country. Over the years, the number of investment projects that have been approved by German companies only within the scope of the Investment Incentives Act has reached 52.

The two discussed holding a business and investment forum in Germany, during which investment opportunities in Bulgaria will be presented, and positive experiences of German companies that have successfully invested in Bulgaria will be presented and exchanged.

Minister Bolev highlighted automobiles, informatics and manufacturing as priority sectors for cooperation. He stressed that the automotive sector, along with the technology sector, is the fastest growing sector in our economy. According to his statement, the automobile industry is part of the GDP of our country. (It provides 11% of the GDP. Pulev stressed that there are very good examples of German companies that have been working in the automotive sector in Bulgaria for years and are expanding their activities in our country.

Cooperation in the field of green hydrogen was also emphasized during the meeting. Pulev noted that the Ministry of Innovation and Growth (MIR) has drawn up a hydrogen roadmap that focuses on green hydrogen production to open up an innovative sector that is very promising and will open up a range of investment opportunities. The minister announced that the document is awaiting approval by the European Commission after which it will be accepted by the Council of Ministers. Pulev said, “The Hydrogen Valley project is being developed in our country, and our country is trying to become one of the leaders on a global scale.” Pointing out that there are only 20 countries in the world where such valleys have been developed so far, Pulev turned to the ambassador and added: “Germany is one of the leading countries at the global level and your experience and best practices in this field will be very useful.”

Minister Bolev and Ambassador Blank also discussed the progress of the implementation of the programs conducted by the MIR under the National Recovery and Sustainability Plan (PVU) and programs funded by structural funds, as well as the actions of industrial zones under the PVU, which will soon be open for application. The meeting was also attended by Bogdan Bogdanov, Executive Director of the Bulgarian Investment Agency, and Boyko Takov, Executive Director of the Executive Agency for the Promotion of Small and Medium Enterprises.


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