Minister Bogdanov and his South Korean counterpart signed a Memorandum to promote trade and investment between the two countries

The Minister of Economy and Industry Bogdan Bogdanov and Inkyo Chong, Minister of Trade, Industry and Energy of the Republic of Korea signed a Memorandum of Understanding and Cooperation in promoting trade and investment between the two countries.

The official signing of the document took place during the Thirteenth Ministerial Conference of the World Trade Organization (WTO), which is being held in Abu Dhabi, United Arab Emirates.

The Memorandum of Understanding establishes a framework for trade cooperation and investment promotion between the two countries. Cooperation in trade, investment, industry, supply chains and more will be facilitated. "The document will contribute to the better exchange of information and experience in the economic sphere, to attract Korean investments in Bulgaria and to create concrete business contacts and partnerships between companies from both countries," Minister Bogdanov pointed out during the meeting.

"Our efforts are aimed at diversifying Bulgarian exports and promoting the export of products with a higher added value. We are working to find new markets and to activate economic cooperation with partners outside the EU," commented the Minister of Economy.

Forms of cooperation, according to the memorandum of understanding, include encouraging companies and individuals to explore the possibilities of implementing joint projects, promoting cooperation between specialized entities and companies and the exchange of experts, scientists, technicians, students and trainees, encouraging the participation of companies and persons from both countries in international fairs and exhibitions held in the territories of both countries and others.

Minister Bogdanov and his South Korean counterpart also discussed the possibilities for the positioning of South Korean companies in the industrial zones in our country, as well as possible investments in the fields of the automotive sector, energy, defense and projects for energy storage systems. Minister Bogdanov invited the Republic of Korea to participate with a stand at the WEBIT international exhibition, at which Bulgaria is an official party - partner, where the possibilities for innovation and cooperation in various fields will be shown.

In the first ten months of 2023, trade with the Republic of Korea was worth 379.5 million USD. and marked an increase of nearly 30% compared to the same period of 2022. During this period, Bulgarian exports grew by 72.4% and amounted to nearly USD 206 million. Imports from Korea were worth 173.6 million USD. (0.06% decrease). The balance is positive for Bulgaria.