Minister of Economy and US Ambassador discussed investment opportunities

Reducing the administrative burden and deadlines for the implementation of foreign investments in Bulgaria, as well as the possibilities for monitoring the process were part of the topics discussed by the Minister of Economy and Industry, Bogdan Bogdanov, and the US Ambassador to Bulgaria, H.E. Kenneth Merten, the Ministry of Economy said on July 25.

"We will continue to work actively to exploit the existing potential for the development of our cooperation with the United States and for the effective promotion of bilateral trade and American investments in Bulgaria," Minister Bogdanov said during the meeting.

He shared with Ambassador Merten that a strategy for the development of industrial zones in Bulgaria is currently being elaborated. According to him, this would allow the country to focus on its industry and make it attractive for foreign investments.

The two also discussed the potential and opportunities for deepening economic relations between the two countries in the fields of industry, trade and energy diversification.

During the meeting, Minister Bogdanov focused on Bulgaria's accession to Schengen, the euro area and the Organisation for Economic Co-operation and Development (OECD), stressing that these are key priorities for the country and work is underway to implement them.

The US market is among the main export destinations for Bulgarian products in the high-tech spectrum and a major user of outsourcing and engineering services. In recent years, exports of electronics and electrical engineering have also been steadily growing. Data on trade in January-March 2023 show exports to the US at USD 305 million and imports at USD 245 million, while in the same period of 2022 our trade amounts to USD 376.9 million; of which exports at USD 281.4 million and imports at USD 95.5 million.