Bulgaria's foreign trade with Ukraine rose by 10.3% in the first quarter of 2010, it emerged at a roundtable, organized by Wolf Theiss and the Embassy of Ukraine in Bulgaria.

The law firm Wolf Theiss and the Embassy of Ukraine in Bulgaria organized roundtable on the topic Your Successful business in Ukraine involving business and Bulgarian government representatives.

The roundtable gathered Bulgarian investors, and their current and potential Ukrainian partners aiming to exchange knowledge and experience on developing future strategies, instruments and techniques for attaining a favorable business climate.

During the forum the ambassador of Ukraine in Bulgaria H.E. Victor Kalnik presented an overview of the fields of privatization as well as of the most attractive sectors in terms of investments. Privatizations are expected in Energy, the Chemical industry, and Telecommunications. The attractive sectors in terms of private investments are: Agriculture, Retail, Pharmacy, Telecommunication, and Tourism.

"Investment relations between Bulgaria and Ukraine continue to be strong and there is a significant amount of stable trade between the two countries. We are pleased to be advising several Bulgarian companies on their long-term investments and joint ventures on the second largest market in CIS", commented Mr. Richard Clegg - Managing Partner at the Wolf Theiss office in Sofia.

During the roundtable Olexandr Khomenko, Wolf Theiss Ukraine, summarized the main taxes and laws in Ukraine related to international investments, preferences and free economic zones. He outlined the simplicity of the Ukraian law system and the positive preconditions for successful business development of the Ukrainian market.

The discussion about the challenges and success of Bulgarian investors in Ukraine was attended by Bulgarian government representatives. Nadezhda Belelieva, ex-trade representative of Bulgaria in Ukraine and Secretary of the Intergovernmental Commission for Economic Cooperation underlined that Ukraine is a main trade partner of Bulgaria.

During the period 2003-2008 there has been a constant trend of increase in mutual trade. In 2008 total trade has reached its peak of USD 3.15 billion. In 2009 mutual trade has suddenly dropped declining by 58% due to the global economic crisis.

Bulgaria's foreign trade with Ukraine rose by 10.3% in the first quarter of 2010. From January till March 2010 imports from Ukraine decreased with 41% compared to the same period last year, reaching USD 166 million. In the meantime exports have increased with 28% and have reached USD 27 million.