“Bulgaria proposes to intensify bilateral trade and economic cooperation with India. The rapidly growing Indian economy is an important strategic partner in the Asian region for Bulgaria. Complementing mutual complementarities, Bulgaria seeks to invite Indian business community to its region as well”, said H.E. Mrs. Anna Yaneva, Deputy Minister of Economy and Energy of the Republic of Bulgaria during an interactive meeting organized by MVIRDC World Trade Centre Mumbai and All India Association of Industries in association with Commercial and Economic Office of Bulgaria and Embassy of the Republic of Bulgaria.
Elaborating on the bright prospects for Indian business players in Bulgaria Mrs. Yaneva said that the region is an important transit hub to the markets of the European Union, Russia and the Mediterranean region. The region displays ease of doing business with low tax rates, educated and skilled workforce, low operating costs and well developed transport and logistics facilities. Also, the economy of Bulgaria has emerged unscathed from the great economic crisis of 2008 thereby displaying low budget deficit and public debt. The Government of Bulgaria promotes FDI into the region through preferential treatment in the form of tax incentives and subsidies, Mrs. Yaneva added.
Present on the occasion was H.E. Mr. Borislav Kostav, Hon’ble Ambassador Extraordinary and Plenipotentiary of the Republic of Bulgaria. Trade and economic ties have constituted an important component of the cordial relations between Bulgaria and India. The bilateral cooperation between the countries encompasses science and technology, information and communication technology, defense, education, culture, sports, etc. In order to extend this mutually beneficial relationship it is vital to encourage bilateral contacts and meetings, participation in trade fairs, exhibits, etc Mr. Kostav said.
Earlier, in his welcome remarks Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai and President, All India Association of industries said that the bilateral trade between two countries stands at mere US $140.2 million in which includes Indian exports worth US $ 96.40 million and Indian imports of US $ 43.80 million. Indian exports to Bulgaria comprise of organic chemicals, articles of plastics, aluminum, medicaments, ferro-alloys, tobacco; cotton yarn, cotton fabrics, etc. Major Bulgarian exports to India include electronic laboratory instruments, animal feeding preparations, aluminum waste & scrap, copper waste & scrap, ferrous waste & scrap, kraft paper, engines & motors, copper articles, electrical equipment, cosmetics, etc. However, there exists potential for expansion of bilateral trade, investment and economic cooperation, Mr. Kalantri added.
MOUs between Bulgarian Small and Medium Enterprises Promotion Agency & All India Association of Industries, Bulgarian Small and Medium Enterprises Promotion Agency & MVIRDC World Trade Centre Mumbai and Bulgarian Small and Medium Enterprises Promotion Agency and The Council of EU Chambers of Commerce in India were signed during the event.
Further, participants from the high level business delegation deliberated on prospects for mutually beneficial business ties between India and Bulgaria.
Over 100 business matching meetings were hosted which witnessed participation from the sectors of electrical and electrical engineering, energy, infrastructure, chemicals, pharmaceuticals, IT, agriculture, automotives, BPO, food processing, telecom, railways, airports, solar systems, defense among others.
January 21, 2014
From (L-R) : H.E. Mr. Borislav Kostov, Hon’ble Ambassador Extraordinary and Plenipotentiary of the Republic of Bulgaria, Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai and President, All India Association of Industries, H.E. Mrs. Anna Yaneva, Deputy Minister of Economy and Energy of the Republic of Bulgaria, Mr. Stefan Ionkov, Head of Commercial and Economic Office, Embassy of Republic of Bulgaria during an interactive meeting organized by MVIRDC World Trade Centre Mumbai and All India Association of Industries in association with Commercial and Economic Office of Bulgaria and Embassy of the Republic of Bulgaria.