Balkans | The Bulgarian Investment Agency organized the International Business and Investment Forum in Istanbul

The Executive Director of the Bulgarian Investment Agency (BAI), Bogdan Bogdanov, announced that Bulgaria and Turkey are working together on strategic projects and innovative systems in his speech at the International Business and Investment Forum organized by the agency in Istanbul yesterday (January 26).

BAI CEO said that the forum is one of a series of events organized by the Agency of the Ministry of Innovation and Growth (MIR) with representatives of the Turkish business world.

Referring to the trade data between the two countries, Bogdanov indicated that in the 2022 consolidated data, Turkey was among the top 5 countries in Bulgarian exports and among the top 3 countries in imports, and that the volume of trade between the two countries had doubled. .

Turkish investors in Bulgaria are well spread across the country and operate in different sectors, from industry to healthcare. More than 2,500 Turkish companies operating in our country have more than 70 production facilities.

The CEO of BAI also noted that the border between Bulgaria and Turkey is the busiest and connects the Middle East, Asia and Europe. Another factor that implies the possibility of cooperation, which Bogdanov emphasizes, is the rapid development of the Turkish automobile industry.

According to his statement, the two countries can do a lot to reduce costs for companies operating in the region. Among the advantages of attracting investments in Bulgaria, the CEO of BAI highlighted the market and incentive measures provided by qualified specialists and the state budget, with which our country can spend more than 18 billion euros in financing within the framework of various European Union (EU) subsidized programs for their implementation Until 2030. According to Bogdanov’s statement, Bulgaria maintains its leadership as the country with the lowest operating cost.

Referring to a 3.3 percent increase in GDP, the CEO of BAI also emphasized the indicators of the Bulgarian economy and noted that the industrial manufacturing sector in Bulgaria is among the fastest growing industrial manufacturing sectors among the EU countries. Bogdanov also noted that Bulgaria, as a net exporter of electricity, has been able to diversify electricity and gas supplies while maintaining a ceiling on electricity prices for companies.

The automotive industry is one of the fastest growing industries in Bulgaria, and the balneological and pharmacy subsectors of the health sector, one of the largest, account for more than 12 percent of the GDP.

As examples of innovations in Bulgaria, Bogdanov cited Dronamix, the first company licensed in Europe for unmanned aerial vehicles to transport cargo, and Endurosat, which produces nanosatellites.

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