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Economy Minister Bogdan Bogdanov's visit to South Korea has laid the groundwork for a strategic memorandum between the two countries. Discussions held in Seoul with Korean officials, including Trade Minister Ahn Duk-geun, revealed plans for enhanced economic collaboration through a bilateral trade and investment promotion agreement.
The proposed memorandum, eagerly welcomed by Bogdanov, is set to fortify economic ties and is slated for signing during the Bulgarian-Korean Economic Cooperation Commission's 2024 session in Bulgaria. Notably, South Korea has such agreements with only a select few nations, including the UAE and Hungary.
Highlighting sectors of mutual interest, both ministers deliberated on boosting cooperation in industries like nuclear energy, hydrogen production, and renewable energy. Bogdanov underscored Bulgaria's pivotal role in the regional energy sector and the country's potential to become a hub for energy storage systems. He emphasized the possibility for Korean companies to actively participate in this promising endeavor.
The visit also spotlighted discussions on Bulgaria's accession to the Organisation for Economic Co-operation and Development (OECD), with Bogdanov expressing gratitude for South Korea's support in this regard. Stressing Bulgaria's strategic location, he outlined the country's potential to serve as a gateway to Europe for Korean enterprises.
Beyond economic collaboration, the visit extended into the realm of defence, where talks between Bulgarian representatives and the Korean Defence Industry Association (KDIA) explored prospects for modernizing Bulgaria's defence industry. The discussions included potential partnerships in cutting-edge technologies related to satellites, drones, and defence applications.
Trade figures revealed a marked increase in trade volume between the nations in 2023, amounting to USD 344.7 million in the first nine months alone. Bulgarian exports soared by 64.7%, reaching nearly USD 187 million, indicating a promising trajectory for future economic collaboration between Bulgaria and South Korea.
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