India is Increasingly Becoming an Important Trade Partner with Bulgaria

Business | September 25, 2017, Monday // 14:11| Views: | Comments: 0
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Bulgaria: India is Increasingly Becoming an Important Trade Partner with Bulgaria Source: Twitter

Indian companies plan to invest over USD 55 million in their short-term projects in Bulgaria and Bulgarian firms also have the potential to do business in India. This was stated by Deputy Minister of Economy Alexander Manolev at the opening of a Bulgarian-Indian business forum on Monday in Sofia, cited by the press center of the Ministry.

"For us, India is an important economic partner in the Asian region, with the strong growth of commodity exchange and Bulgarian exports being indicative of potential and mutual interest." Over the last ten years, bilateral trade has grown nearly three times, from USD 79 million in 2006 to USD 215 million in 2016, "Manolev said, giving examples of successful projects of Namdhari Seeds in the field of agriculture, Elder Pharmaceurticals in the Pharmaceutical Industry, Sinegand "(Cine Grand) in the cinema industry and others.

"The advantages of the IT and outsourcing sector in our country are also appreciated by the Indian investors," said the Deputy Minister, since 2008. So far, Sutherland Global Services has gradually opened four outsourcing centers in Bulgaria. A total of 1600 employees work in the offices of the company in Bulgaria and serve the European market of leading world companies in more than 16 European languages, it became clear during the event.

Another successful example is the company of Feuji, which opened its center for outsourcing and IT services in Sofia at the beginning of 2010. At present, about 50 people work for the Indian company in Sofia, and by the end of 2017 the number of appointed professionals is about to reach 100 people, with the prospect of having 300 people working in it by 2019.

There are very good relations between Bulgaria and India at the political level, but the full potential in the economic sphere has not yet been used, said Indian ambassador to Bulgaria Puja Kapoor. According to her, the moment is very appropriate and such initiatives are important in order to build on the positive trend in bilateral trade relations in recent years. During the Business Forum, a memorandum of cooperation was signed between the President of the Balkan-Indian Business Association Krasimir Angelov and the Executive Director of the ECSEPC, the Indian Council for the Promotion of Electronics and Computer Software Exports. It is envisaged that during the stay in Bulgaria, the Indian delegation will also visit the International Technical Fair - 2017 in Plovdiv.

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