Bulgarian Exports to Turkey Increase by over 32%

Business | January 26, 2023, Thursday // 13:00
Bulgaria: Bulgarian Exports to Turkey Increase by over 32% @Pixabay

Direct Turkish investments in Bulgaria exceed EUR 1 billion, almost half of them have received some form of state support through the Bulgarian Investment Agency (BIA). Over 2,200 Turkish companies have chosen Bulgaria as a preferred place to do business, as they are one of the largest employers in our country. This was announced by the Minister of Innovation and Growth, Alexander Pulev, who opened a business and investment forum in Istanbul, organized by BIA under the Ministry of Innovation and Growth. The event was attended by over 200 participants from the automotive, mechanical engineering, healthcare and tourism sectors.

The Bulgarian Minister of Tourism Ilin Dimitrov and the Minister of Health Asen Medzhidiev also participated in the forum, and the Turkish Deputy Minister of Industry and Technology Dr. Cetin Ali Dönmez participated in the forum. Mayors of Bulgarian municipalities, representatives of the Industrial Zones in our country and the Bulgarian-Turkish Chamber of Commerce and Industry were also present.

Minister Pulev pointed out that a month ago a historic agreement was signed after the highest level meeting between the two presidents Rumen Radev and Recep Erdogan. This is proof of the strong political will. Minister Pulev emphasized that the forum delegation includes three Bulgarian ministers, seven mayors, representatives of local authorities in key regions in Bulgaria and leading Turkish companies, all of which is additional proof of the strong political will for strategic dialogue.

The Minister of Innovation and Growth pointed out that Turkey is a key foreign trade partner of Bulgaria. "The Republic of Turkey is in the top 5 of our partners based on exports. Exports to Turkey for the period January–November 2022 amount to over 2.5 billion euros, which is an increase of 32.5% compared to the same period in 2021. According to him, our southern neighbor is in the top 3 based on imports among commercial our partners - the import from Turkey for the first eleven months of 2022 is over 4.3 billion euros, marking a growth of 55.4% compared to 2021", added Pulev. He pointed out that the total exchange of goods for January-November 2022 is close to 7 billion euros, and we have the ambition to reach 10 billion euros in the medium term, and forums like this are a step in the right direction.

Pulev stated that a number of Turkish companies have already chosen our country and share positive experiences. They have created 4,600 new jobs in the manufacturing, tourism and healthcare sectors, which is very significant given the size of the Bulgarian economy. Among them are names such as - "Alcomet", "Teklas", "SARK" and others. According to him, in some Bulgarian regions, families mainly rely on large Turkish employers for their livelihood and jobs. "I am sure that we can achieve even greater successes", announced Minister Pulev and invited the officials and representatives of Turkish business to a bilateral business forum in Burgas on February 16.

The Deputy Minister of Industry and Technology of the Republic of Turkey, Dr. Cetin Ali Dönmez, pointed out that the two countries have very good neighborly and partner relations in NATO. According to him, Bulgaria and Turkey are an example of good cooperation in economic and political terms. He stated that new border crossings and new flight routes are being opened. (A new Istanbul-Plovdiv airline line started on February 18). The two and Minister Pulev shared a common opinion that there is still much to be done in deepening bilateral economic relations, as well as in supporting young entrepreneurs.

Bulgaria is one of the best destinations for investment, said Fikret Ince, honorary chairman of the Bulgarian-Turkish Chamber of Commerce and the majority owner of "Alcomet" AD. He indicated that it was the first time he had seen such an organization - three Bulgarian ministers at a forum for deepening relations with Turkey. "People who want to invest in Bulgaria have nothing to worry about. Bulgaria is a very good destination for investments. When you come to invest in Bulgaria - directly work with the state authorities. It has very good structures that will help you, don't use intermediaries", Fikret Ince addressed more than 200 investors present at the forum. He called on Turkish business to invest directly in industrial parks in our country. “I am happy to work in Bulgaria”, said the businessman.

During the forum, bilateral meetings were also organized, where the opportunities for cooperation between Bulgaria and Turkey in the sectors of automobile manufacturing, health care, tourism and balneology were discussed with the participation of ministers Pulev, Dimitrov and Medzhidiev.

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