“Pakistan is our major economic partner in Asia. Bilateral trade has grown steadily over the last year, last year exceeding 34 million dollars, but still does not meet the capabilities of both countries.” This was stated by the Deputy Minister of Economy Lilia Ivanova at the opening of the Second Session of the Bulgarian-Pakistan Intergovernmental Joint Commission for Economic Cooperation, which was held in Islamabad. Participation was also made by Ms. Yana Topalova, Deputy Executive Director of Bulgarian Small and Medium-Sized Enterprises Promotion Agency.

„There are opportunities to expand our exports to the vast Pakistani food market (over 200 million people), such as Bulgarian sunflower oil, preserved fruits and vegetables, milk and dairy products, cereals (wheat, corn), and welcoming the creation of mixed businesses between Bulgarian and Pakistani companies in these areas“, Ivanova said. She added that the potential for exports to Pakistan is also products of cosmetics, such as rose oil, machine building, (in particular machines for the agro-food industry and agricultural machinery), drugs and substances.

By her words, the two countries could expand their cooperation in areas such as textiles and leather industry and agriculture – to exchange experience and know-how, as well as in the field of small and medium-sized enterprises, in which the signing of the agreement is all about.

The Deputy Economy Minister stressed that the Joint Commission is a key mechanism for activating trade and economic links and provides opportunities to discuss specific initiatives and cooperation projects in promising areas such as transport, agriculture, IT, automotive, tourism, etc.

During the session аn agreement to avoid double taxation signed, which will contribute to improving the contractual legal basis of the relations and are a prerequisite for their activation.

As Head of the Bulgarian Delegation in the Islamic Republic of Pakistan, Ms. Lilia Ivanova held meetings with Mr. Abdul Razak Daud, Advisor to the Prime Minister of Pakistan on Trade, Textiles, Industry and Production and Investment, and Mr. Muhammad Sultan, Minister of National Food Security and Research. They discussed the development of mutually beneficial trade and economic relations and the serious potential for cooperation to be exploited. With Mr. Daud, it was agreed that a business delegation from Pakistan would visit our country to explore opportunities for investment, as well as to contact Bulgarian partners from different sectors.

According to Bulgarian statistics, our export to Pakistan amounts to USD 13.4 million in 2018, with basic commodities being raw or raw tobacco; tobacco waste, articles and clothes, other engine, liquid pumps and others.

Imports from Pakistan in the period January-December 2018 are 20.7 million USD, mainly including the following items: bed linen, cotton fabrics, synthetic staple fibers, cotton, etc.

source: Ministry of Economy

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