Bulgarian envoy underscores need to enhance bilateral trade
LAHORE: The Ambassador of Bulgaria, Irena Gancheva, emphasised the necessity for Pakistan and Bulgaria to delve into collaboration opportunities, noting that the potential between both nations remains underutilised. Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Gancheva highlighted Bulgaria’s offerings in various sectors such as food processing, agriculture, IT, and new technologies.
During the event, LCCI President Kashif Anwar extended a warm welcome, underscoring Bulgaria’s support for Pakistan’s GSP Plus status, which has significantly bolstered Pakistan’s exports to the European Union (EU). He emphasised the need to enhance bilateral trade, aiming to surpass the one billion dollar mark in the near future.
Anwar pointed out that while Bulgaria’s total global trade volume stands at around US 108 billion dollars; Pakistan's share is a mere US 80 million dollars, indicating untapped potential. He outlined the current trade dynamics, highlighting Pakistan’s exports to Bulgaria and the potential for Bulgaria to increase imports of various products from Pakistan.
Moreover, Anwar identified key sectors for potential economic cooperation between the two countries, including Information Technology, Food Processing, Automotive, Tourism, Agriculture Technology, and Education. He also briefed the ambassador on Pakistan's Special Investment Facilitation Council (SIFC), aimed at expediting new investments in strategic areas.
Anwar expressed hope that the ambassador would inform Bulgarian investors about investment opportunities in Pakistan, particularly under the SIFC framework. He stressed the importance of strengthening ties between the private sectors of both countries through delegation exchanges and participation in trade fairs and exhibitions.
In conclusion, the event highlighted the shared commitment of Pakistan and Bulgaria to exploring avenues for collaboration and enhancing economic relations for mutual benefit.
Copyright Business Recorder, 2024
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