The UK is one of our country’s important trading partners, with trade in recent years standing at the level of one billion euros. For 2022, bilateral trade amounts to 1.2 billion euros, an increase of 23.8% compared to the previous year. Our exports for 2022 reach a peak value of EUR 723.6 million and grow by 15.3%. The UK is also in our top 10 partners in terms of investment. This was revealed during a meeting between the Minister for Innovation and Growth Alexander Pulev and the Executive Director of the British-Bulgarian Business Association (BBBA), Desislava Miteva.
The two discussed the Association’s idea to create an Export Hub to help Bulgarian innovative and high-tech companies develop on the British market.
Minister Pulev pointed out that despite the good results of the last year, there is untapped potential in Bulgarian exports to the UK. He expressed support for the idea of the British-Bulgarian Business Association, which will give new opportunities for Bulgarian companies to enter the British market.
“Internationalisation of small and medium-sized companies is one of our main priorities. Trade missions and exhibitions are organised through the Executive Agency for the Promotion of Small and Medium Enterprises (EAPME) at the Ministry of Industry and Trade to help Bulgarian businesses enter foreign markets,” Minister Pulev stressed.
The Executive Director of BBBA, Desislava Miteva, explained that the first phase of the project for such a hub envisages organising an event in London in October to engage the Bulgarian diaspora on the Island. The focus of the event will be on how a company can start a business in the UK. The two agreed that there are many Bulgarian companies that have a chance to develop on the British market and they should be supported with a mentoring programme. Pulev and Miteva also discussed organizing an upcoming delegation of British companies to visit Bulgaria, as well as presenting successful examples of Bulgarian companies that have already entered the British market.
The Minister of Innovation and Growth pointed out that in recent months active work has been carried out and resources have been provided for Bulgarian start-ups and high-tech companies under the new programmes managed by the MIR. “We have created good conditions to support the entrepreneurial ecosystem. We have signed two new agreements with the Fund of Funds under the two new programmes for Competitiveness (CIP) and Research and Innovation (R&I). They have secured BGN 500-600 million just for equity instruments, Pulev announced. “We have also secured another 360 million BGN financial injection for Bulgarian entrepreneurs through equity instruments with the agreement signed with the European Investment Fund (EIF),” he added.
Pulev reminded that MIR already issues the so-called Start-up visa. “This gives the opportunity to attract high-tech investors from outside the EU to register innovative businesses under a simplified procedure in our country. They will be able to hire Bulgarian talent and create jobs,” he further stressed.
The meeting was also attended by the executive directors of BSMEPA Boyko Takov and the Bulgarian Investment Agency Bogdan Bogdanov.