site.btaBulgaria and Japan Open New Page in Bilateral Relations

Minister of Economy and Industry Peter Dilov discussed the opportunities for intensifying the bilateral economic relations with Akiyoshi Kato, Parliamentary Deputy Minister of Economy, Trade and Industry of Japan. Deputy Minister Kato is visiting Bulgaria with a delegation of 24 representatives of Japanese companies. Among them are a Japanese multinational corporation, one of the world's leading industrial groups, a leading global manufacturer of electrical and electronic products, and a global technology leader focused on innovation.

The two delegations discussed new opportunities for cooperation between Bulgarian and Japanese companies in key sectors of mutual interest, including the automotive industry, high technology, energy, infrastructure, etc. Deputy Minister of Economy and Industry Doncho Barbalov also participated in the meeting.

“Bulgaria sees Japan as a key strategic partner in Asia. Our country is well known in Japan as the land of roses and yogurt, but I would like it to be known as an attractive business and investment destination, especially in the high-tech sectors, innovation and information and communication technologies. This will open a new page in our bilateral relations," Dilov said.

He pointed out that efforts are being made to attract new investors, especially in the industrial production and high-tech sectors. In his words, the presence of Japanese companies in the Bulgarian industrial zones will enable a more visible positioning in Europe.

“Bulgaria establishes itself as an innovation hub in the region and promotes high added value industries,” Dilov added.

It became clear at the meeting that bilateral trade for 2024 amounts to more than USD 270 million, but there is significant potential for increasing Bulgarian exports to Japan. “We pay special attention to increasing exports of products with higher added value, including machinery and machine components,” the economy minister stressed.

“We rely on the support of Japan as a partner, a member of the OECD and the G7, to achieve one of our key foreign economic priorities - Bulgaria's membership in the OECD,” Dilov said.

Minister Dilov also welcomed the participants in a bilateral Bulgarian-Japanese business forum with the participation of more than 100 companies from both countries on the theme “Infrastructure, Energy and Digitalization”. The event was organized by the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA), in partnership with the Embassy of Japan, the Ministry of Economy, Trade and Industry of Japan and the Japan External Trade Organization (JETRO).