Bulgaria is open to Korean investments. We seek to attract high-value-added production and want to promote opportunities for direct manufacturing in Bulgaria. This was stated by Deputy Prime Minister and Minister of Economy, Investments and Industry Alexander Pulev, who held a meeting with Jonghan Park, Deputy Minister for Economic Affairs at the Ministry of Foreign Affairs of the Republic of Korea.
During the talks, the importance of a stable and predictable political and economic environment as a prerequisite for long-term investment decisions was emphasized. “Bulgaria is actively working to diversify its economic partnerships and views the Republic of Korea as a strategic partner with great potential for the development of joint manufacturing and technology projects,” the Deputy Prime Minister said.
Pulev highlighted the potential for deepening industrial cooperation between the two countries, including in the defense sector, microelectronics, high technology and innovation.
“We can join forces and promote the establishment of joint ventures and other forms of cooperation with Korean partners,” he said.
The Minister of Economy also highlighted opportunities for joint projects in infrastructure, energy, transport, connectivity and digitalization. In this regard, he presented the new legislative framework for public-private partnerships prepared by the Ministry of Economy, which is to be submitted to the National Assembly.
“We have prepared an entirely new legal framework to support public-private partnerships, which allows for the attraction and mobilization of private capital while guaranteeing a balance with the state’s economic interests,” Pulev said. He added that a large-scale investment program based on this model is envisaged in all areas where it is applicable.
Pulev also emphasized the central coordination unit established under the Council of Ministers, which provides investors with a single point of contact and support.
The meeting took place within the framework of the third session of the Bulgarian-Korean Intergovernmental Commission for Economic Cooperation, which was held in Sofia. The meeting was co-chaired by Krasimir Yakimov, Deputy Minister of Economy, Investments and Industry, on the Bulgarian side, and Deputy Minister Jonghan Park on the Korean side.
The commission provided an opportunity to discuss specific steps for expanding bilateral trade and economic relations, promoting investment and deepening the partnership in energy, transport and logistics, high technology, innovation and agriculture.
Particular emphasis was placed on joint industrial projects, technology transfer, the development of production capacity and expanding access for Bulgarian products to the Korean market.
The third session of the intergovernmental commission was the first in seven years. The previous meeting was held in Seoul in 2019. This year, Bulgaria and the Republic of Korea are marking 36 years since the establishment of their diplomatic relations.