site.btaAround 31% of Bulgarian Businesses Have Used Bulgaria’s Trade and Economic Affairs Offices Abroad Services, Survey Shows

Around 31% of business representatives in Bulgaria have used the services of the Trade and Economic Affairs Offices (STIV) of Bulgaria’s diplomatic missions abroad, which operate under the Ministry of Economy and Industry, according to a survey conducted by the Bulgarian Chamber of Commerce and Industry (BCCI) among its member companies. The respondents in the survey were 29 companies, members of the organization, Boryana Abadzhieva, Head of the Economic Analyses and Policy Department at BCCI, told BTA in an interview.

32% of respondents indicated they do not have detailed information about the services STIV can offer. 15.7% stated they do not need assistance. Nearly 37% of respondents said they operate only on the Bulgarian market and therefore do not use STIV services.

According to 71% of those surveyed, new Trade and Economic Affairs Offices should be opened abroad, for example, in South China, Singapore, Australia, Sweden, and Finland. 57% believe there should be more staff in the presently existing offices, especially in China and Germany.

When asked what exactly they used STIV services for, companies responded: 58% for assistance in finding business partners; 58% for obtaining information and/or participating in fairs, forums, or other events; 50% for finding economic information about the host country; 25% for organizing business visits; 25% for assistance with local government institutions concerning trade procedures and regulations; 16.6% for resolving disputes related to delayed or failed contracts.

Survey participants also made suggestions on how STIV services could be further improved: 68% propose that STIV be proactive in organizing targeted B2B meetings or forums; nearly 58% believe STIV can provide information on sectors or industries of mutual interest for investment, entrepreneurship; 53% think they can assist with searching for and sending offers from local companies for mutual cooperation; 26% suggest providing information about significant changes in trade, customs, and other regulatory regimes; 16% believe STIV could offer overviews of the economy and industry in the countries where they are posted.

The survey is conducted annually and is part of the methodology for the STIV ranking, which BCCI carries out jointly with the Ministry of Economy and Industry. The most successful Bulgarian trade representatives abroad will be awarded based on this ranking.

The Bulgarian Chamber of Commerce and Industry, together with the Ministry of Economy and Industry, will present awards to the most successful Trade and Economic Affairs Offices of Bulgaria abroad for 2024 at a ceremony on July 24 at BCCI. This will be the 15th edition of the awards, said Gabriela Dimitrova, Director of International Relations at the Chamber. The ceremony is a modest recognition of the contribution of Bulgaria's trade representatives abroad in providing services to Bulgarian businesses and raising Bulgaria’s visibility internationally, BCCI noted. The evaluation is based on objective indicators, including statistical data on changes in exports, investments, and tourism, as well as assessments from businesses, the Chamber, and the Ministry.