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Minister Lorer discussed investment opportunities in Bulgaria with representatives of American companies in Washington
 
June 16, 2022

Innovation and Growth Minister Daniel Lorer discussed deepening trade and investment relations during a meeting with US companies in Washington. He presented opportunities for investment in high-tech manufacturing and research and development in Bulgaria and highlighted the increased interest of US companies in our country.

Minister Lorer participated in a round table with representatives of American business in Washington, organized by the American Chamber of Commerce. The meeting was also attended by representatives of the United States Department of Commerce, as well as representatives of companies in the fields of mechanical engineering, biotechnology and pharmaceutical manufacturers, vehicle autonomization, cybersecurity, artificial intelligence, etc.

Among the topics discussed were the development of the autonomous vehicle segment and related development and application activities, as well as opportunities for cooperation with scientific and technical institutes in the country, including the Center for Computer Science and Artificial Intelligence (INSAIT) in Sofia. In the field of automotive, hydrogen storage technology and hydrogen-electric stations for vehicle refueling were discussed.

Regarding research in the field of molecular biology, Minister Lorer presented the opportunities available to Bulgaria in this area. The meeting also discussed the potential for aerospace research and the possibility for Bulgaria to become a transfer location for the Central and Eastern European region for shipments from Asia to Europe.

Exploring the possibility of extracting rare metals from lignite in the Maritsa East complex, accelerating LNG supplies, hydrogen storage and transmission, modernisation of the Chiren gas storage facility and gas transmission on the Danube were also among the topics discussed.

All participants in the discussion expressed a desire to further develop concrete projects and initiatives. In the short term, a scientific delegation to Bulgaria by the Virginia Commonwealth University Center for Technology Transfer and Patent Commercialization will be organized, as well as trade missions to Bulgaria at the state level in partnership with the State International Development Organization (SIDO) and the U.S. Department of Commerce.
Participants included representatives from Waymo, Intel, New Alternative Energy Group, Corban Energy, Pangea Carbon Capture, Sierra Nevada Corporation, FedEx, Rivian (Amazon's electric vehicle manufacturer), Pangea Carbon Capture, New Alternative Energy Group, Corban Energy Group, and academia from the National Science Foundation, Johns Hopkins University, and the University of Central Florida.

During his official visit, Minister Lorer discussed at the U.S. State Department's Bureau of European and Eurasian Affairs the upcoming signing of a Memorandum of Understanding to support economic cooperation between Bulgaria and the United States.

According to him, the Memorandum will support economic cooperation between the two countries as they seek to further strengthen their existing ties by increasing trade participation and imports of goods, services and investments in Bulgaria by the US private sector.

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