Bulgaria is seeking to increase its bilateral trade volume with Turkey by 30% on an annual basis, according to the country’s Innovation and Growth Minister, Alexander Pulev.
The announcement came during a Bulgarian-Turkish business forum held in the Black Sea city of Burgas.
The bilateral trade volume between the two countries reached a record high of €7.3 billion ($7.9 billion) in 2022, and Turkey is currently one of Bulgaria’s top priority trade partners.
Direct investments from Turkey to Bulgaria have reached €1 billion, and over 2,200 Turkish companies are currently registered and operating in Bulgaria, creating over 4,500 jobs.
Pulev emphasized the importance of Turkey as a trade partner for Bulgaria, noting that there are regions in Bulgaria that nearly exclusively rely on Turkish investors for their incomes. He added that the two countries have a strong potential for collaboration in the areas of energy, transport, and agriculture.
Bulgaria’s efforts to increase its trade volume with Turkey are part of a broader effort to boost the country’s economy, which has been struggling in recent years. The COVID-19 pandemic has further exacerbated Bulgaria’s economic challenges, with the country experiencing a 4.4% contraction in GDP in 2020, according to the World Bank.
Increasing trade with Turkey could help to stimulate economic growth and create new jobs in Bulgaria, while also providing opportunities for Turkish businesses to expand their operations in the country.
Overall, the growing economic relationship between Bulgaria and Turkey is a positive development for both countries, and could lead to increased prosperity and stability in the region. As the two countries work to deepen their economic ties, they may also find opportunities for collaboration in other areas, such as tourism, culture, and education.
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