Bulgaria and the Republic of Korea will intensify cooperation in the automotive and energy sectors

The Minister of Economy and Industry Bogdan Bogdanov and the newly appointed ambassador of the Republic of Korea to our country H.E. Mr. Bae Jongin discussed the possibilities for deepening bilateral economic relations.

The two talked about the potential for a partnership between Bulgaria and the Republic of Korea in the automotive sector, energy, information and communication technologies, healthcare and innovation.

Bogdanov and Ambassador Bae Jongin agreed that they will work actively to expand trade and open up new opportunities for investors from both countries.

Minister Bogdanov emphasized that the Republic of Korea is a priority partner in Asia. "We are looking for a strategic partnership with you in key sectors for Bulgaria," he said.

According to him, Bulgaria can become a center for the production of energy storage systems.

Bogdanov stated that Korean companies can gain key access to the European market by building production facilities in Bulgaria and added that ready-made land and industrial zones with built infrastructure are being prepared in which the companies can position themselves.

The minister also pointed out that our country is already a member of the European Battery Alliance. "We can work on common projects and use the Bulgarian capacity for recycling batteries and raw materials," he said.

Bogdanov pointed out that the automotive sector is among the fastest growing in our country. He stated that our country has talented IT specialists and sufficient expertise to develop software for autonomous cars. According to him, more and more investors from the automotive industry are opening development centers in Bulgaria.

During the meeting, the Minister of Economy also said that among the main priorities of the government are Bulgaria's admission to Schengen, the Eurozone and our accession to the Organization for Economic Cooperation and Development.

He assured that we are working towards a predictable business environment, as well as transparency and easing of administrative processes for business in our country.

At the meeting, it also became clear that Minister Bogdanov's visit to the Republic of Korea is being prepared this year, during which meetings with strategic investors will be held.