site.btaEconomy Minister, Korean Ambassador Discuss Bilateral Trade and Investment Prospects

Economy and Industry Minister Peter Dilov and Korean Ambassador to Bulgaria Dong-bae Kim discussed bilateral economic relations and ways to boost trade and investment between the two countries, the Ministry’s press centre reported on Tuesday.

As of 2024, bilateral trade is valued at nearly USD 500 million.

Dilov noted that Korea is a promising economic partner for Bulgaria thanks to its competitive economy and strong focus on innovation. Both sides agreed that there is significant untapped potential for expanding trade and cooperation across various sectors.

Among the key mechanisms for deepening economic ties, Dilov and Kim highlighted the role of the Bulgaria-Korea Intergovernmental Commission sessions, which provide a platform for discussing future steps and cooperation opportunities.

They also identified bilateral investment as a particularly promising area of cooperation. Sectors with strong potential for Korean investment include automotive and mechanical engineering, research and development, information and communication technologies, and high-tech manufacturing.

Dilov emphasized that the presence of Korean companies in Bulgaria’s industrial parks would strengthen their position on the European map and create opportunities for collaboration in research and development. “Our country is establishing itself as a key innovation hub, and we will continue to support high value-added, export-oriented innovative manufacturing,” he added.

Ambassador Kim noted that this year marks the 35th anniversary of the establishment of diplomatic relations between Bulgaria and Korea, a milestone that opens up new possibilities for expanding cooperation in various fields.