site.btaInnovation Minister Discusses Investment Opportunities in Bulgaria with US Companies

Innovation and Growth Minister Daniel Lorer discussed the deepening of trade and investment relations during a meeting with US companies in Washington, D.C., his Ministry said in a press release Thursday. Lorer presented the opportunities for investment in high-tech production and research and development activities in Bulgaria, noting the increased interest of US businesses.

During his official visit to the United States, Minister Lorer took part in a roundtable with US business representatives in Washington, D.C., organized by the US Chamber of Commerce. Also attending the meeting were representatives of the US Department of Commerce, representatives of companies in machine building, biotechnology and pharmaceuticals, transport automation, cyber security, artificial intelligence, among other fields.

Among the discussed topics were he development of the segment of autonomous cars and the related R&D activities, as well as opportunities for cooperation with science and technology institutes in Bulgaria, including the Institute for Computer Science, Artificial Intelligence and Technology (INSAIT) in Sofia. In the field of machine building, the participants in the meeting discussed a technology for storing nitrogen and nitrogen-electric charging stations for vehicles.

Lorer presented the research opportunities Bulgaria offers in the field of molecular biology. Also discussed was the potential for aerospace research as well as Bulgaria possibly becoming a transfer location for Central and Eastern Europe for shipments from Asia to Europe.

All participants in the discussion expressed interest in the further development of specific projects and initiatives. In the short term, a scientific delegation to Bulgaria will be organized of Virginia Commonwealth University's centre for technological transfer and patent commercialization, as well as trade missions at state level in partnership with State International Development Organizations (SIDO) and the US Department of Commerce. 

While in Washington, D.C, Minister Lorer discussed with the US Department of State's Bureau of European and Eurasian Affairs the forthcoming signing of a bilateral economic cooperation memorandum. The agreement will help Bulgaria and the US further strengthen their bilateral ties through an increase in trade participation and the imports of goods, services and investments in Bulgaria from the US private sector.