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Bulgaria courts Korean investment in high value-added manufacturing at first intergovernmental commission in seven years

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Clean, brightly lit high-tech production line with automated equipment in a cleanroom Foreign Investment
Clean, brightly lit high-tech production line with automated equipment in a cleanroom

Economy Minister Alexander Poulev pointed to defence, microelectronics and high technology and presented a new public-private partnership law at the third Bulgaria-Korea commission session in Sofia.

Bulgaria is open to Korean investment and wants to attract high value-added manufacturing, Deputy Prime Minister and Economy, Investments and Industry Minister Alexander Poulev said on 2 November at a meeting with Park Jonghan, Deputy Minister for Economic Affairs at the Korean Foreign Ministry, BTA reported. The meeting was part of the third session of the Bulgaria-Korea Intergovernmental Commission for Economic Cooperation, held in Sofia.

The session is the first in seven years, after the previous one in Seoul in 2019. It was co-chaired by Bulgaria's Deputy Economy Minister Krasimir Yakimov and Park Jonghan. Bulgaria and Korea mark 36 years of diplomatic relations this year.

Poulev said Bulgaria was working to diversify its economic partnerships and saw Korea as a strategic partner with significant potential for joint manufacturing ventures and technology projects. He pointed to cooperation in the defence sector, microelectronics, high technology and innovation. "We can join forces and encourage the creation of joint ventures and other forms of cooperation with Korean partners," he said.

He also spoke about joint projects in infrastructure, energy, transport, connectivity and digitalisation, and presented a new legal framework for public-private partnerships prepared by his ministry, which is due to go to Parliament. "We have prepared an entirely new legal framework to support public-private partnerships, which allows for the attraction and mobilisation of private capital while ensuring a balance with the State's economic interests," Poulev said. A large investment programme based on this model is planned in all applicable areas, he added.

Poulev also highlighted a central coordination unit at the Council of Ministers that acts as a single point of contact and support for investors.

The commission discussed steps to expand trade and investment and deepen cooperation in energy, transport and logistics, high technology, innovation and agriculture, with emphasis on joint industrial projects, technology transfer, manufacturing capacity and access for Bulgarian products to the Korean market.

Sources