An Indian business delegation visited Bulgaria this week. The Bulgarian Chamber of Commerce and Industry, together with the Embassy of India in Sofia and the Federation of Indian Export Organizations /FIEO/, organized a Bulgarian-Indian Business Forum with bilateral meetings.
Dr. Vasil Todorov, Deputy Presidebt of the BCCI, welcomed the businessmen from the Asian side in the presence of Doncho Barbalov, Deputy Minister of Economy and Industry, H.E. Arun Kumar Sahu, Ambassador of India to Sofia, Manish Sharma, Regional Head North, Federation of Indian Export Organizations, and Dr. Petar Velev, Chairman of the Indo-Bulgarian Business Chamber.
“India is an important partner of Bulgaria in the Asia-Pacific region and we must use the potential for the development of trade and economic relations,” said Todorov at the opening of the forum. He stated that trade exchange has been decreasing over the past two years and there is a need to further promote cooperation between Bulgarian and Indian companies.
The BCCI has had excellent and long-term relations with partners from India since 1976, when the first cooperation agreement was signed with the Federation of Indian Chambers of Commerce and Industry. In 2020 and 2021, during the Covid pandemic, the Chamber organized and participated in webinars and events prepared jointly with the Federation of Indian Export Organizations.
Todorov reminded that the BCCI has been organizing a bazaar of Indian goods in Sofia and other cities for several consecutive years. These events attract numerous visitors and register great interest. The BCCI will continue this good practice.
“The stable partnership between Bulgaria and India is based on mutual respect, trust and an effective legal framework,” said Deputy Minister Doncho Barbalov during the forum. He shared that the bilateral trade between Bulgaria and India was 424 million US dollars in 2024, which is evidence of the presence of significant growth potential.
The Deputy Minister emphasized the importance of the high-tech, pharmaceutical and agricultural sectors as areas with great potential for future expansion of bilateral cooperation. According to him, the Indian economy has demonstrated stable growth and offers numerous opportunities for expanding trade exchange.
Deputy Minister Barbalov noted the progress and importance of the negotiations on a Free Trade Agreement between the European Union and India, as a key instrument for removing trade barriers, promoting investment and improving access to domestic markets.
Over 40 companies from Bulgaria and India participated in the forum.
The Indian delegation represented companies from the following sectors: automotive industry /production of bushings, washers, bearings/; mechanical engineering /production of machine parts/, pharmacy, cosmetics /production of raw materials/, chemical industry, food industry, textile industry, medical supplies, agricultural products /production of tea, coffee, tropical fruits, etc./.
Presentations on the investment environment in Bulgaria were made by the Bulgarian Investment Agency and the National Industrial Zones Company.
Bulgarian companies participating in the forum were introduced to the conditions for intellectual property protection in India.