There is unutilized potential in Bulgaria’s trade with Morocco

The Bulgarian Chamber of Commerce and Industry held a webinar dedicated to “New opportunities for cooperation between Bulgaria and Morocco”. In his opening speech at the event, the President of the BCCI Tsvetan Simeonov thanked the partners from the diplomatic missions of Bulgaria and Morocco in Rabat and Sofia for the initiative and the successful organization. He stressed that the chambers of commerce of the two friendly countries have a long history of cooperation and this facilitates their contacts even in a virtual format.

Dimitar Danchev, Deputy Minister of Economy and Industry, said that there is still potential for increasing Bulgarian exports to Morocco, especially in the sectors related to food industry, agricultural products, electronics, electrical engineering, machinery and equipment, cosmetics, etc.

Last year, bilateral trade grew by more than 35% to USD 217 million, with Bulgaria’s exports increasing by 14% to about USD 114 million and imports from Morocco growing by 70% to USD 103 million, Deputy Minister Danchev said. He expressed hope that this trend would continue in the coming years and encouraged Moroccan companies to take advantage of the economic and business incentives offered by Bulgaria.

H.E. Mrs. Zakia El Midaoui, Ambassador Extraordinary and Plenipotentiary of Morocco to Bulgaria also welcomed the participants in the forum and said that Morocco is a preferred destination by many foreign companies for both investment and trade. “For Bulgaria Morocco is a gateway to Africa and I hope that Bulgaria will be one for Moroccan goods to Europe and the Balkans”, she said.

In his presentation, H.E. Plamen Tsolov, Ambassador Extraordinary and Plenipotentiary of Bulgaria to Morocco stressed that this is the first event in favour of the business community held since the beginning of the pandemic 2 years ago. According to him, there is potential for more intensive cooperation in economic spheres such as: automotive industry, textiles, pharmaceuticals, IT, etc.

More than 40 participants in the webinar received useful information on the development of the economies of both countries, Morocco’s progress in the field of renewable energy sources and detailed information on customs procedures in the African country.