Over 940 Bavarian companies with more than 260 representative offices and branches develop production and commercial activities in Bulgaria, the Minister of Innovation and Growth said at a meeting with representatives of Bavarian business in Bulgaria
We will turn Bulgaria into a destination that creates high added value through human and intellectual capital. We will be one of the partners for new technologies and cutting-edge solutions in this sector. This was stated by the Minister of Innovation and Growth, Milena Stoycheva, at a meeting with representatives of the German-Bulgarian Chamber of Commerce and Industry and Bavarian business.
Over 940 Bavarian companies with more than 260 representative offices and branches develop production and commercial activities in Bulgaria. “Long-term active economic ties have been established between Bulgaria and Bavaria. In a number of areas, Bulgarian-Bavarian cooperation marks achievements and opens up new opportunities for interactions,” Stoycheva said. She emphasized that Bavaria is among the three German federal states with the highest share of investments in Bulgaria and in bilateral trade.
Minister Stoicheva noted that Germany occupies the first place as a foreign trade partner, and in 2022 the exchange of goods will reach nearly 12 billion euros, and Germany’s investments in our country amount to about 4 billion euros. She also said that 1,500 German companies are developing business in Bulgaria, and 35,000 jobs have been created.
“On behalf of the Ministry of Innovation and Growth, I would like to express our confidence that Bulgaria has the economic potential to develop as an alternative to supplies from third countries. Also, to be a regional leader in the field of digital technologies, deep technologies, innovations in areas such as logistics, transport, healthcare, creative industries,” said Minister Stoycheva.
According to her, the country has a dynamic entrepreneurial ecosystem and an environment that can be the basis for interaction in the direction of innovation between large companies and startups.
“Bulgaria and Bavaria have been trading partners for a long time. In addition to the largest German companies, a number of small and medium-sized enterprises are present here, which are the backbone of the German economy,” said Ulrike Wolff, Director-General at the Bavarian Ministry of Economy, Regional Development and Energy.
The manager of the German-Bulgarian Chamber of Commerce and Industry, Mitko Vasilev, expressed support for the idea of Minister Stoycheva to restore the work of the Permanent Intergovernmental Commission “Bulgaria-Bavaria”.