Bulgaria’s 2015 Arms Exports Top EUR 640 M, Up 50% Y/Y

Business » INDUSTRY | May 25, 2016, Wednesday // 18:59
Bulgaria: Bulgaria’s 2015 Arms Exports Top EUR 640 M, Up 50% Y/Y (L-R) Bulgaria’s Chief of Defence Gen. Constantin Popov, defence Minister Nikolay Nenchev, Deputy Economy Minister Lyben Petrov attend opening day of International Defence Equipment Exhibition Hemus 2016, Plovdiv, May 25. Photo credit: mi.government.bg

Bulgarian exports of military hardware increased by more than 50% last year compared with 2014, a government official has said.

“The enterprises of the Bulgarian defence industry sector have sold products worth more than EUR 640 M,” Deputy Economy Minister Lyuben Petrov told a news conference at the opening of 12th XII International Defence Equipment Exhibition Hemus 2016 in the city of Plovdiv on Wednesday.

Export destinations included Afghanistan, Iraq, India, Saudi Arabia and the United States, Petrov added.

The three-day exhibition of arms and military equipment has brought together together 63 manufacturers – 41 from Bulgaria and 22 based abroad, as well as potential customers from around the world.

Petrov said that the Economy Ministry puts priority of easing the administrative burden on Bulgaria's defence industry to create favourable conditions for the development of the sector. He cited as an example recent changes to export control legislation that extend the validity of arms trade licences to five years from three and cut the number of documents required for obtaining a licence.

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Tags: Petrov, manufacturers, Defence, arms, Bulgaria, exports
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