site.btaBulgaria, Japan Sign Key Economic Agreements at Business Forum Aimed at Expanding Cooperation

A bilateral business forum on infrastructure, energy, and digitization was held between Bulgaria and Japan here on Wednesday. It was organized by the Bulgarian Small and Medium Enterprises Promotion Agency, in partnership with the Embassy of Japan in Bulgaria, the Ministry of Economy, Trade and Industry of Japan and the Japan External Trade Organization (JETRO).

Within the event, Bulgaria's Deputy Prime Minister and Minister of Innovation and Growth, Tomislav Donchev, and Japan's Parliamentary Vice-Minister of Economy, Trade and Industry, Akiyoshi Kato, signed a draft Joint Statement on Economic Cooperation.

During the forum, Mila Nenova, Executive Director of the InvestBulgaria Agency, and Susumu Kataoka, President of the Japan External Trade Organization (JETRO), signed a Memorandum of Cooperation between the two organizations.

Opening the business forum, Tomislav Donchev said that on the platform of the excellent bilateral political relations, "we must build further with better cooperation in all fields: technologies, education, culture, and more active cooperation in the business field." The bilateral business forum on infrastructure, energy, and digitization is organized by the Bulgarian Small and Medium Enterprises Promotion Agency, in partnership with the Embassy of Japan in Bulgaria, the Ministry of Economy, Trade and Industry of Japan and the Japan External Trade Organization (JETRO).

Energy Minister Zhecho Stankov said in his remarks at the forum that Bulgaria and Japan are on a solid footing in their relations, especially in the energy sector. He highlighted the joint experience with Toshiba more than 30 years ago, when the construction of the largest pumped storage hydroelectric power plant on Bulgarian territory began, and pointed out that this proves that 30 years later, the bilateral relations can only be strengthened.

Addressing the Bulgarian-Japanese business forum, Japan's Parliamentary Vice-Minister of Economy, Trade and Industry, Akiyoshi Kato, said that the forum is set to serve as a foundation for new relations between the two countries, given the 24 Japanese companies and representatives of government agencies represented. He expressed the hope and conviction that the two countries will establish real cooperation, not just about the food industry but also about energy, information technology, and carbon neutral societies. This is a milestone not only for Bulgaria and Japan but also for the world, he added. 

Deputy Minister of Transport and Communications Lyuben Nanov said Japan is a significant partner for Bulgaria in East Asia. He expressed confidence that there is potential and prospects for deepening and developing the bilateral ties and cooperation in areas of mutual interest. He acquainted the participants in the business forum with Bulgaria's national transport policy, pointing out that its aim is to ensure satisfaction of the needs of consumers and sustainable development of the transport sector in accordance with the principles of security, safety, energy efficiency and environmental friendliness.

Japanese Ambassador Hisashi Michigami said in his remarks that Japanese business is returning to Bulgaria and described that as a significant event. "As you know, Toshiba and Meiji will set foot in Bulgaria within months. Along with them, a number of other companies, in cooperation or with operational activities, are already represented here, such as Yazaki, Sega, Toyota, Murata, Nidec, and others," the Ambassador specified. However, the diplomat described what has been achieved so far as only a small step, against the backdrop of great potential. Bulgaria is recognized as an innovation hub, beyond its nickname of "the country of yoghurt", he noted.

InvestBulgaria Agency Executive Director Mila Nenova said that in the current environment, strategic alliances have changed and geopolitics is more important than ever; investors highly value having a secure investment in an EU Member State  and having the Made in EU label. Nenova said further that although Bulgaria is known for its agriculture, tourism and culture, the country is actually industrial. She assured the Japanese business representatives that the InvestBulgaria Agency is at their service. Once they choose Bulgaria, they should contact the Agency before they start their investment, she specified.

Susumu Kataoka, President of the Japan External Trade Organization (JETRO), said that Bulgaria offers a wide range of advantages that remain largely unknown to Japanese businesses. He stressed the importance of providing clearer information about this country’s developments and the business opportunities it presents. “There is no doubt that Japan must strengthen its relations with Europe, particularly with Central and Eastern European countries,” he said. These regions, including the Western Balkans and Southeastern Europe, are attracting growing interest from Japanese businesses due to numerous infrastructure projects already in the pipeline, which offer major opportunities, he added. Susumu Kataoka also outlined three key reasons for enhancing economic cooperation between Japan and Bulgaria: strong political will on both sides to strengthen economic ties; shared values; and a favorable business environment.