Chennai, Oct 19, 2021: H.E. Ms. Eleonora Dimitrova, Ambassador Bulgaria to India is visiting Tamil Nadu from 19th – 22nd October 2021. The objective of her visit is to strengthen the economic, business and cultural ties between Bulgaria and Tamil Nadu. The visit is being organized by the Embassy of Bulgaria to India andthe Indo-Asia-Bulgarian Chamber of Commerce (IABCC). The Chamber aims to foster and promote mutually beneficial relations between India and Bulgaria through business and trade.
Both countries traditionally enjoy a close, cordial and multi-dimensional relationship. Trade and investment relations between the two countries have been on the rise since the last few years. The Bulgarian export to India has increased in 2020 with 16% reaching USD 131 minand for the first 4 months this year with 30%. Bulgaria joined the European Union (EU) in 2007. It is also a member of the WTO and NATO.
Bulgaria offers companies and entrepreneurs from India the ideal environment for the conducive developme of successful business and investment projects. Bulgaria has the lowest corporate and personal tax rate of 10 % amongst all the EU countries. Bulgaria has one of the most competitive costs of business in Europe. At present the credit rating of Bulgaria according to Fitch and Standard and Poor’s is “BBB”, the best in the Balkans region. The country is ideally placed to act as a gateway for Indian companies to the highly lucrative European Union market consisting of 447 million consumers. Additionally Indian companies can use Bulgaria as a springboard to Turkey, the Balkan Countries, North Africa, Russia and the CIS countries.
The bilateral trade between India and Bulgaria stood at US $ 295 million in 2020-21. India exported goods worth $ 170 million to Bulgaria while imports were $ 125 million. In the agriculture sector, Bulgaria is famous for its ingredients like rose and lavender oils as well as Bulgaria has longstanding traditions of wine producing. Major exports from India consisted of organic chemicals, tobacco,pharmaceuticals, electric parts, wool, construction materials and ferro-alloys. The major imports were laboratory instruments, animal feed, aluminium, machinery and equipment. During the last years, engines, motors and automotive components made in Bulgaria are getting increasingly important.
There is considerable untapped potential for enhancing trade between the two countries keeping in view Bulgaria’s geo-strategic location, EU membership and India’s strong economic profile. The business sectors in Bulgaria with promising potential are automotive sector, information technology & BPO, electronics and electrical engineering, pharmaceuticals, textiles, food-processing, machine building, steel, education, tourism and winery. Special cooperation with excellent growth prospects has been started in the film industry.
In addition, Bulgaria offers bright chances in academic education and university cooperation.