“Bulgaria proposes to intensify bilateral trade and economic cooperation with India. The rapidly growing Indian economy is an important strategic partner in the Asian region for Bulgaria. Acknowledging mutual complementarities, Bulgaria seeks to invite Indian business community to its region as well”, said H.E. Mrs. Anna Yaneva, Deputy Minister of Economy and Energy of the Republic of Bulgaria, during an interactive meeting organized on 21st January 2014, by MVIRDC World Trade Center Mumbai and All India Association of Industries, in association with Commercial and Economic Office of Bulgaria and Embassy of the Republic of Bulgaria. Highlighting the bright prospects for Indian business players in Bulgaria, H.E. Mrs. Yaneva said that the region is an important transit hub to the markets of the European Union, Russia and the Mediterranean region. The region offers ease of doing business with low tax rates, educated and skilled workforce, low operating costs and well developed transport and logistics facilities. Also, the economy of Bulgaria has emerged unscathed from the great economic crisis of 2008 thereby displaying low budget deficit and public debt. The Government of Bulgaria promotes FDI into the region through preferential treatment in the form of tax incentives and subsidies. H.E. Mr. Borislav Kostov, Hon’ble Ambassador Extraordinary and Plenipotentiary of the Republic of Bulgaria, Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries, H.E. Mrs. Anna Yaneva, Deputy Minister of Economy and Energy of the Republic of Bulgaria and Mr. Stefan Ionkov, Head of Commercial and Economic Office, Embassy of Republic of Bulgaria

H.E. Mr. Borislav Kostav, Hon’ble Ambassador Extraordinary and Plenipotentiary of the Republic of Bulgaria said, trade and economic ties have constituted an important component of the cordial relations between Bulgaria and India. The bilateral cooperation between the countries encompasses science and technology, information and communication technology, defense, education, culture, sports, etc. In order to extend this mutually beneficial relationship it is vital to encourage bilateral contacts and meetings, participation in trade fairs, exhibits, etc Mr. Kostav said.

Earlier, in his welcome remarks Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries said that the bilateral trade between two countries stands at mere US $140.2 million, which includes Indian exports worth US $ 96.40 million and Indian imports of US $ 43.80 million. Indian exports to Bulgaria comprise of organic chemicals, articles of plastics, aluminum, medicaments, ferro-alloys, tobacco; cotton yarn, cotton fabrics, etc. Major Bulgarian exports to India include electronic laboratory instruments, animal feeding preparations, aluminum waste & scrap, copper waste & scrap, ferrous waste & scrap, kraft paper, engines & motors, copper articles, electrical equipment, cosmetics, etc. However, there exists potential for expansion of bilateral trade, investment and economic cooperation, Mr. Kalantri added. After the meeting, over 100 business matching meetings were hosted which witnessed participation from the sectors of electrical and electrical engineering, energy, infrastructure, chemicals, pharmaceuticals, IT, agriculture, automotives, BPO, food processing, telecom, railways, airports, solar systems, defense among others.