Spanish companies have invested nearly EUR 900 million in Bulgaria, it emerged from a meeting between Bulgarian Economy and Industry Minister Nikola Stoyanov and Spain's Secretary of State for Trade at the Ministry of Industry, Trade and Tourism Xiana Mendez. They discussed ways to promote trade and investment cooperation between the two countries, the Economy Ministry in Sofia said.
Stoyanov arrived on a working visit to Spain on 20 February.
"Spain is certainly one of the EU countries with which Bulgaria has the greatest untapped potential," Stoyanov said, adding that this could change by organizing more bilateral meetings between businesses. He thanked the Spanish Ministry for its support in organizing Monday's joint business forum attended by dozens of companies.
For her part, Mendez stressed that Bulgaria is a strategic partner with a potential to step up economic cooperation. "We know that many Spanish companies are already doing business in Bulgaria and are looking for opportunities to strengthen their presence," she said.
Mendez presented the priorities of Spain's EU Council Presidency in the second half of the year.
In 10 years, Bulgaria's exports to Spain have increased by 73% and recent years have seen record highs in the history of economic cooperation between the two countries, it was stated at the business forum in Madrid. There is a serious potential for partnership in the automotive sector, which is well developed in Spain, Nikola Styanov said.
A Spanish company will invest EUR 50 million in a plant in Bulgaria, it emerged from Stoyanov's meeting with potential investors. The manufacturer of pipes for the water sector is planning to sell its products in the Balkan countries. Bulgaria's strategic position was the decisive factor and the investor has already bought land for his project.
Indra, Spain's largest high-tech and innovation company, is looking for opportunities for new projects in Bulgaria. During a visit to Indra's headquarters in Madrid, Stoyanov was briefed on its activities in transport, air traffic, defence and innovation. The company has implemented several projects in Bulgaria and is now interested in cooperating with Bulgarian companies in international tenders and projects.
Stoyanov and the President of the Spanish Association of Defence, Security, Aeronautics and Space Technology Companies (TEDAE), Ricardo Marti Fluxa, discussed Spanish defence industry companies interested in implementing projects with Bulgarian partners under the European Defence Fund. Stoyanov invited leading Spanish companies to visit Bulgaria so that they can learn about the capacity of its military-industrial complex and discuss specific areas of partnership.
Stoyanov also visited the headquarters of Enagas in Madrid. The company has been an international reference for the construction, maintenance and management of gas infrastructure for 50 years. It became clear that Enagas is interested in the implementation of two projects in Bulgaria, which are still in the feasibility phase.