site.btaBulgarian Economy Minister, UK Trade Commissioner for Europe Discuss Ways to Increase Two-Way Trade

Minister of Economy and Industry Peter Dilov held a meeting with Chris Barton, UK Trade Commissioner for Europe, who is paying an official visit to Bulgaria, said Dilov's Ministry Friday. The sides discussed the opportunities for activating the bilateral economic partnership and increasing two-way trade. Dilov and Barton agreed that there is significant potential for investments and deeper bilateral cooperation and implementation of projects in technology, innovation, finance, and business services, pure energy, and infrastructure projects.

Dilov underscored that the UK is one of Bulgaria's important foreign trade partners, and Bulgaria assigns priority importance to cooperation with the UK. In his words, bilateral economic ties are active and mark positive development. According to official data, in the last years the two-way trade with the UK regularly exceeded EUR 1 billion a year; British companies are among the leading investors in Bulgaria. British direct investment in Bulgaria amounts to EUR 2.6 billion.

The Economy Minister and the UK Trade Commissioner for Europe also discussed the process of Bulgaria's accession to the Organization for Economic Co-operation and Development (OECD) and the support provided by the UK during the review of Bulgaria's accession to the OECD Trade Committee.

The Minister of Economy pointed out that active efforts are being made to reduce the administrative burden and achieve sustainable industrialisation. The sides also discussed support for SMEs, which is among the top priorities of both countries.

Dilov noted that Bulgaria's accession to the euro area is among the Government's main priorities. “We expect the accession to improve the business climate in the country and raise the credit rating, as well as to increase trade exchanges with our partners,” he said firmly.

The meeting was also attended by British Ambassador Nathaniel Copsey and Deputy Minister of Economy and Industry Nevena Lazarova.