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More than 100 Indian companies welcomed the Bulgarian business delegation to Delhi









 

A Bulgarian – Indian business forum was held on 15 October 2012 in Delhi. The event was attended by Bulgarian companies accompanying the Minister of Economy, Energy and Tourism Delyan Dobrev on his visit to India. The business mission is taking place on the occasion of the 17th session of the Bulgarian – Indian Intergovernmental Joint Committee on Economic and Scientific and Technical Cooperation (15 – 16 October 2012). 
 
The event was organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Bulgarian Chamber of Commerce and Industry (BCCI) and the Commercial and Economic Affairs Office of the Embassy of Bulgaria in Delhi. 
 
The forum was opened by the President of FICCI Mr. R. V. Kanoria. He presented the Indian economy and the perspectives for development of bilateral cooperation in the sectors IT, pharmacy, biotechnology, agriculture, food industry, etc. According to Mr. Kanoria the main condition to use the existing potential for development of bilateral business cooperation is to promote the exchange of economic information between the two countries. 
 
The President of BCCI Tsvetan Simeonov greeted the participants and said that the Bulgarian business delegation comprised companies with interests in the IT sector, machine-building, power engineering, electronics, tourism, agriculture, food industry, etc. 
 
He pointed out that the Regional Governors of five Bulgarian regions – Varna, Burgas, Stara Zagora, Gabrovo and Razgrad, were accompanying Minister Dobrev to India. Their participation in the delegation would help develop cooperation on regional level. 
 
The President of BCCI invited Indian companies to do business in Bulgaria, which is the EU Member State closest to Asia. He mentioned some of the positive aspects of doing business with Bulgarian partners, including avoiding the risk of differences in the exchange rates when paying in Euro. 
 
Minister Delyan Dobrev made a detailed presentation of our country’s economic and investment potential and invited more Indian companies to invest in Bulgaria, to trade with Bulgarian partners and thus to enter the EU market. 
 
During the forum a new project – Sofia Tech Park – was presented, which envisages a technology park to be set up and developed for young scientists to work in. The achievements of India in this sector were appraised and the ambition of Sofia Tech Park to cooperate and not compete with the Indian partners was stressed. 
 
Two Indian companies which have already invested in Bulgaria in the field of IT outsourcing and agriculture shared their experience. Some of the advantages of Bulgaria were highlighted, such as the large number of young people with higher education, fluency in more than one foreign language, the favourable climate and goods conditions for growing vegetables, etc. 
 
The Indian Investment Agency presented opportunities to do business in India. The organization was founded by the Indian Ministry of Trade and Industry and FICCI. According to the provided data, India is ranked 4th place worldwide by FDI. Seven of the top 10 foreign investors to the Asian country are from Europe. For the last 5 years the construction sector has been developing rapidly and construction output in that period was equal to the output achieved in the previous 25 years. In the same period more than USD 500 million were invested in infrastructure. Mobile subscribers reached 950 million. By 2025, India is expected to become the largest consumer market in the world. 
 
In the presence of Minister Dobrev, BCCI and FICCI signed a Memorandum of Understanding and a Cooperation Agreement in the field of commercial arbitration. The President of BCCI handed a special letter to the President of the Arbitration Court of India inviting him to visit Bulgaria and get acquainted to our experience. The forum continued with bilateral business meetings between Indian and Bulgarian partners.  
 
As part of the visit, a meeting with the Indian Association of Tour Operators was held during which cooperation for the development of various types of tourism was discussed, including business, congress and SPA tourism. Each year 40 million Indian citizens visit various tourist destinations. Indian tourists are No. 1 in Dubai, Switzerland, United Kingdom and mainly visit those countries for shopping. Besides, India is the largest investor in tourism in the UK. 
 
On 16 October meetings with the regional chamber - PHD Chamber will be held so that Bulgarian companies can once again establish contacts with local partners, as well as with the Federation of Indian Industries. 
 
 
Presentation made at the business forum:http://bcci.bg/resources/files/Invest_India_v1.pdf

15.10.2012

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