site.btaFor French Business Circles, Bulgaria Is Now Country of Innovation, Says Bulgaria's Trade Representative in Paris

Bulgaria is increasingly perceived as a hub of innovation by French business circles, said Nikolay Teoharov, Head of the Commercial and Economic Section of the Embassy of Bulgaria in Paris, in a BTA interview. The trade representative said that there are numerous examples of Bulgarian companies making strides in innovation, which has clearly impressed their French counterparts. According to Teoharov, innovation, alongside energy and infrastructure, is among the core areas of bilateral business cooperation.

Bulgaria’s Trade and Economic Affairs Service (TEAS) in France was awarded top honours in the 2024 rankings by the Bulgarian Chamber of Commerce and Industry and the Ministry of Economy for achieving the best results. Teoharov began his mandate in December 2022, which will last four years.

Teoharov emphasized that receiving this distinction as Bulgaria’s economic counsellor in France is a great honour. “To us, this is more than just a recognition of our results, it is an acknowledgment of our sustained efforts to build bridges between Bulgarian and French businesses. We work with dedication and respond to the real needs of companies seeking new markets, as well as in attracting French investment into Bulgaria,” he said.

He expressed gratitude to Economy and Industry Minister Peter Dilov and to the Ministry's leadership for their continued collaboration and professional support. He also recognized the vital contributions of the Bulgarian Embassy in Paris, led by Ambassador Radka Balabanova-Ruleva, the Bulgarian Chamber of Commerce and Industry, the French-Bulgarian Chamber of Commerce and Industry, industry associations, and institutional partners.

France Is Key Trade Partner for Bulgaria

France plays a vital role as one of Bulgaria’s key trade partners, actively engaging in strategic sectors such as energy, infrastructure, and innovation, Teoharov noted. He attributed this to targeted efforts to facilitate business contact, organize meetings with French companies, and promote Bulgaria as an attractive destination for trade cooperation and investment.

The Commercial and Economic Section of the Embassy of Bulgaria in Paris has arranged meetings with potentially interested French companies and supported Bulgarian firms in participating in specialized exhibitions and trade fairs in France. According to Teoharov, this is especially important for boosting Bulgaria’s high-tech sector. He highlighted their assistance in organizing Bulgaria’s participation at VivaTech – the leading global event for high technology and artificial intelligence in Paris.

TEAS France also supports Bulgarian businesses in the tourism sector. In collaboration with Bulgaria’s Tourism Ministry and local tour operators, a campaign was launched to promote Bulgaria as a year-round tourist destination. This effort contributed to an 8% increase in French tourists visiting Bulgaria in 2024.

The trade representative also recalled Bulgaria’s successful presence at IFTM Top Resa, one of the world’s largest tourism fairs, held in Paris in 2024. Due to heightened interest from both Bulgarian tourism businesses and French companies, Bulgaria hosted an expanded national stand. As a result, Bulgaria gained strong visibility as a strategic tourism partner with future growth potential.

Teoharov also underscored Bulgaria’s presentation at the international forum for the Balkans and Southeast European Countries, held in Paris under the patronage of France’s Minister of Foreign Trade, Laurent Saint-Martin. The forum gathered diplomats, economic experts, regional organizations, business leaders, and entrepreneurs. Bulgaria was showcased as a compelling destination for investment and cooperation, Teoharov explained.

At the Day of Bulgaria in Marseille economic forum, held jointly with the Bulgarian Embassy in Paris and supported by the French Chamber of Commerce and Industry Aix Marseille Provence, as well as the Bulgarian and French-Bulgarian chambers of commerce, Bulgaria was again presented as a promising partner. Similar events are planned in other major French cities.

Teoharov also highlighted another key economic event, “Choose Bulgaria!”, organized at the Bulgarian Embassy in Paris together with the French-Bulgarian Chamber of Commerce and Industry. The event gathered company executives for high-level meetings and discussions.

He emphasized the symbolic significance of TEAS France’s support in organizing a prestigious ceremony in the French Senate, where French Senate Vice President and France-Bulgaria Friendship Group President Loic Herve awarded Bulgarian-French singer and actress Sylvie Vartan the Senate’s honorary medal for her outstanding contribution to cultural and public ties between the two countries.

The trade office also continues to facilitate connections with French companies across priority sectors such as energy, infrastructure, mobility, innovation, and technology, he added.

Before the end of 2025, TEAS France will support Bulgarian business participation in the World Nuclear Exhibition (WNE), scheduled for November 4-6 in Paris. The WNE is a major event for the civil nuclear sector, offering companies a platform to present innovations and form high-level partnerships—an “exceptional opportunity,” according to Teoharov.

Another key event is the 2025 edition of the IFTM Top Resa tourism fair in September – an international gathering for professional tourism, business travel, and global destinations. Teoharov noted its massive attendance and opportunities for B2B meetings and conferences.

Also in September, the Who’s Next exhibition in Paris for textiles and fashion will take place, showcasing garments, accessories, and fashion products to a large international audience.

Bilateral Trade Statistics

In 2024, bilateral trade between Bulgaria and France surpassed EUR 2.6 billion, while direct French investment reached EUR 1.5 billion, Teoharov reported. France ranks among the largest foreign investors in Bulgaria, with over 200 French companies generating more than 10,000 jobs.

Most French investments are concentrated in industry (58%), followed by finance (28%), and retail and trade (11%). The main sectors include manufacturing, energy and environment, transport and infrastructure, digital services, retail, banking, and insurance.

Demanding French Market

Teoharov advised Bulgarian companies aiming to enter the French market to take a professional and long-term approach. “The French market is demanding, but it values quality and innovation,” he said. The role of TEAS, he emphasized, is to guide companies with up-to-date market intelligence, contacts, and opportunities for participation in forums and international fairs.

“Companies can count on our support. The trade office in Paris is here to open doors, not just to point them out,” said Teoharov. Regarding challenges for businesses, he noted that bureaucracy exists everywhere. “Procedures can be complex, but our role is to guide the right companies so they can overcome these hurdles effectively,” he concluded.