Bulgaria to Discuss Opportunities to Increase Exports to Russia

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A session of the XI International Bulgarian Russian Commission for Commercial, Economic, Scientific and Technical Cooperation will be held in Sofia on 23 and 24 April, the government announced, quoted by the Bulgarian News Agency (BTA).

Participants in the session are set to discuss bilateral cooperation in commerce, energy, transport, construction, agriculture, defense, etc.

Bilateral trade and opportunities to increase exports of Bulgarian products to Russia are expected to be in the focus of the discussions. Last year Bulgarian exports to Russia increased 34.6% year-on-year to $205.4 mln. Wine accounted for almost 25% of total exports, armature products - 12%, drugs - 7.5%, cosmetics - 3.4%, etc.

Bulgarian exports to Russia were significantly boosted by the 2007 Joint Activities Program for balanced development of trade and intensification of economic ties, approved by the intergovernmental commission.

Russia invested some $294 mln in Bulgaria between 1992 and 2006 ranking 16th in the list of the biggest foreign investors in Bulgaria. Last year its investments here were in the amount of $85 million.

There are more than 4,600 locally registered companies with Russian interest. Russia ranks second by this indicator giving way only to Turkey. Around 400 representations of Russian companies have been registered in the Bulgarian Chamber of Commerce and Industry. The number of Russian tourists in Bulgaria increased 23.12% to 215,828 last year.

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