site.btaBulgaria’s Trade with India Reaches USD 424 Mln in 2024

Bulgaria and India held a bilateral business forum in Sofia on Monday, making an important step forward in implementing joint economic initiatives and developing long-term partnerships, the Bulgarian Ministry of Economy and Industry said in a press release. The event was organized by the Bulgarian Chamber of Commerce and Industry in collaboration with the Indian Embassy in Sofia and the Federation of Indian Export Organisations (FIEO).

Deputy Economy and Industry Minister Doncho Barbalov said: “The stable partnership between Bulgaria and India is based on mutual respect, trust, and an effective legal framework.” Two-way commodity exchange reached USD 424 million in 2024, Barbalov said, noting that it attests to the dynamism of bilateral relations and the existence of considerable potential for further growth.

He singled out high technology, pharmaceuticals and agribusiness as areas with great potential for expanding cooperation. “The Indian economy shows steady growth and offers many opportunities to boost trade exchange,” Barbalov said.

He described the negotiations for an EU-India Free Trade Agreement as a key instrument to remove trade barriers, promote investment and improve access to the internal markets. “The Ministry of Economy and Industry remains committed to the efforts to deepen bilateral cooperation by strategic planning, a proactive approach and adaptation to the differences in the business and investment environment,” Barbalov said.

He expressed his confidence that the forum will contribute to the sharing of ideas, innovations and good practices and will serve as the starting point for sustainable economic partnership between Bulgaria and India.

Indian Ambassador to Bulgaria Arun Kumar Sahu and the FIEO’s Manish Sharma attended the forum, which involved over 40 Bulgarian and Indian companies.