Bulgaria to Open Trade Missions in 20 Countries by end-2014

Bulgaria will open trade missions in 20 countries by end-2014, according to a media statement of the government.

The new trade representations are to be opened in the United Arab Emirates, Oman, Saudi Arabia, Qatar, Iran, northern Iraq (Erbil), Algiers, Tunisia, Ghana, Indonesia, Thailand, Malaysia, Pakistan, Armenia, Turkmenistan, Mongolia, US (Chicago), Hungary and Cyprus.

The measure was approved by the government on Wednesday and the Ministry of Economy and Energy was allocated BGN 2 M for the maintenance of the new offices.

Five existing trade missions will be closed, while five of the new ones are to be financed through public-private partnership with business organizations.

Bulgaria currently has trade missions in 44 countries with a total staff of 61.

Bulgaria has concentrated efforts on attracting investments and tourists and increasing exports to Asia due to the fast pace of growth of Asian economies, according to the media statement of the government.

Bulgaria's leading trade partners in Asia include China, Singapore, the Republic of Korea, India and Japan.

Apart from the fast pace economic growth and the growth in investments, Asian countries are an attractive market due to the huge consumption and growing purchasing power of the population.

These countries are major importers of raw materials, agricultural and food production and they generate substantial tourist flows.

Bulgaria's interest in cooperation with the Middle East and Africa is driven by the same reasons, taking into account an evaluation of the government describing the countries as promising and financially stable markets with great potential for Bulgarian exports.