site.btaSpanish-Bulgarian Business Forum in Madrid

Bulgarian President Rumen Radev opened a Spanish-Bulgarian business forum in Madrid during his official visit to the Spanish capital, Radev’s Press Secretariat said on Thursday.

According to Radev, if joined together, the Bulgarian and Spanish business sectors can meet the challenges which the European family faces and be much more effective and competitive.

The Spanish-Bulgarian Forum brings together executives of all economic sectors from both countries, he said, adding that the fragmentation of the European arms industry should be overcome. Bulgaria and Spain have the potential to cooperate in research projects, military science, technologies, and production.

Both countries have prospects to cooperate in information technologies and innovations as well, Radev said, citing the recent inauguration of the Institute for Computer Science, Artificial Intelligence and Technology in Sofia.

Potential areas of bilateral cooperation could be the automotive industry, chemical industry and biotechnologies, the Bulgarian President noted.

Another promising field of cooperation between the two countries could be tourism, Radev said. The 19,264 Spanish tourists who visited Bulgaria in January-October 2021 were 48.7% more numerous than during the same period of 2020.

The Bulgarian Startup Association (BESCO) and the Spanish Startups Association signed a memorandum during the forum.

On his visit, Radev is accompanied by a delegation of Bulgarian business executives representing information technology, tourism, agriculture and construction, among others.

Spain is among the top 10 home countries of foreign investors in Bulgaria. In January-November 2021, two-way trade amounted to EUR 1.5 billion, increasing by 34.5%, year on year. Bulgarian exports to Spain grew by 43.2%, amounting to EUR 870.7 million (2.7% of Bulgaria’s total exports). Bulgaria’s imports from Spain were up by 24.6%, reaching EUR 666.3 million (2% of Bulgaria’s total imports).