site.btaMinister: Germany Is Bulgaria's Leading Foreign Trade Partner, Commercial Exchange Reached Record Level of EUR 12 Bln in 2022
Germany is Bulgaria's largest foreign trade partner and the commercial exchange reached the record-setting EUR 12 billion in 2022. This transpired during a meeting of the Minister of Innovation and Growth, Alexander Pulev, and German Ambassador in Sofia Irene Plank, Pulev's Ministry said.
German companies are also among the largest investors and employers in the country.
The two sides discussed organizing a business and investment forum in Germany to present opportunities for investment in Bulgaria, as well as to show and share positive experiences of German companies that have already invested in Bulgaria.
Minister Pulev highlighted the automotive, IT and manufacturing as priority sectors for cooperation. He stressed that the automotive industry is the fastest growing sector in the Bulgarian economy together with the technology industry. The automotive sector accounts for 11% of the country's GDP.
Pulev stressed that many German companies in the automotive industry have been working for years in Bulgaria and expanding their activities.
The two sides also talked about cooperating in the green hydrogen sector. Pulev pointed out that his Ministry is developing a hydrogen roadmap, with a focus on green hydrogen, to open up an innovative segment that is highly promising and will unlock a number of investment opportunities. The document is awaiting the EC's approval, after which it will be adopted by the government. "A project for a Hydrogen Valley is also being developed, as Bulgaria aspires to be one of the global leaders," said Pulev. He added that there are only 20 countries in the world which have had such projects and Germany is one of the leaders on a global scale.
The meeting was also attended by the Executive Directors of the InvestBulgaria Agency and the Executive Agency for Small and Medium Enterprises.