site.btaBulgarian Companies Keen on US Breakthrough, AmCham Says

Despite the complicated trade relations between the US and the rest of the world, Bulgarian companies show a steadily growing interest in extending their operations to the US, American Chamber of Commerce in Bulgaria (AmCham Bulgaria) CEO Ivan Mihaylov told a joint news conference with the Stara Zagora Chamber of Commerce and Industry here on Monday.

The news briefing was held ahead of an upcoming meeting with businesses from the Stara Zagora area, organized by the Stara Zagora Chamber of Commerce and Industry, the US Commercial Service Bulgaria, and AmCham Bulgaria.

Mihaylov noted that the Stara Zagora area is of particular interest to AmCham Bulgaria because of its resources, the two US-owned thermal power plants, and the companies developing around them. He was referring to the coal-fired AES Galabovo (Maritsa East 1) and ContourGlobal Maritsa East 3 (ME3) TPPs, located in the Maritsa East complex.

The AmCham Bulgaria CEO presented the latest transatlantic economy data on trade in goods and services between the US and Europe, noting that it amounts to around USD 10 trillion. "We are seeing a very strong trend that continues to grow. There are about 16 million jobs on both sides. As regards Bulgaria, imports from the US amount to about USD 1.5 billion, while exports to the US stand at around USD 1.1 billion, which is a good proportion. This is not the limit, and much greater growth is possible," Mihaylov said. He added that services exported by Bulgaria to the US are valued at USD 427 million, while imports of services amount to USD 1.1 billion, which is a stable indicator.

In the context of Stara Zagora, AmCham Bulgaria sees a potential both for companies from the area and for foreign investment in the energy sector, artificial intelligence, mineral resources with a focus on the Maritsa Basin, agriculture, the defence industry, and universities. 

"Some companies are also considering producing locally, which would speed up access and minimize tariff-related costs. A wide range of companies and activities are involved, cutting across the spectrum of economic sectors," Mihaylov said.

He sees political volatility in Bulgaria having a significant impact on foreign investment in this country at large and from the US in particular. The CEO stressed that it is the responsibility of the State to maintain the AES power plant in serviceable condition so as to ensure Bulgaria's energy security. 

Stara Zagora Chamber of Commerce and Industry President Oleg Stoilov said the purpose of the upcoming business meeting aims is to provide opportunities for dialogue between the stakeholders and present initiatives for the promotion of investment and the development of bilateral economic cooperation. The event will cover topics related to investment opportunities in the US, business support initiatives, and the development of partnerships between Bulgarian and US companies. A discussion session is also planned, enabling participants to ask questions and exchange ideas, as well as opportunities for informal networking.