Opportunities for expansion of Bulgarian exports to South Korea

A meeting with the newly appointed Head of Bulgaria’s Commercial and Economic Section in Seoul was held at the Bulgarian Chamber of Commerce and Industry.

The President of BCCI Tsvetan Simeonov spoke with Iliya Dekov, who is about to leave for South Korea this month. Dekov has previous experience at Bulgaria’s Commercial and Economic Section in India. He presented the tasks of his mission - to support bilateral trade, to promote investments and technological cooperation between Bulgaria and South Korea.

Trends in bilateral trade between Bulgaria and South Korea were discussed. In 2021, the total trade amounted to USD 419.1 million, registering a growth of 58.4% compared to 2020. Exports increased by 127.8% (amounting to USD 251 million) and imports grew by nearly 9% (worth USD 168.1 million). The trade balance was positive for Bulgaria and amounted to USD 82.9 million.

Dekov pointed out that there are opportunities to expand Bulgarian exports with products such as: cereals, oil, wine, cosmetics and pharmaceuticals, and others. Despite the Free Trade Agreement between the EU and South Korea, there are some non-tariff restrictions that make business difficult.

Simeonov also discussed with the guest Korean investments in Bulgaria, which are mainly in the RES and electrical engineering sectors. The potential for investment is far greater and close joint cooperation between BCCI and the Ministry of Economy and Industry has been agreed for its better utilization. Both institutions will meet with a delegation of the Korean Chamber of Commerce and Industry, which is visiting Sofia this week.