site.btaSofia Conference Presents Business Opportunities in US for Bulgarian Companies

The Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA), the US Embassy and the American Chamber of Commerce (AmCham) in Bulgaria held the EXPLORE U.S. conference in Sofia on Thursday to present opportunities for Bulgarian companies to start and expand their business in the US, said the organizers from BSMEPA.

The business forum was attended by caretaker Economy and Industry Minister Nikola Stoyanov, caretaker Innovation and Growth Minister Alexander Pulev, US Assistant Secretary of State for Energy Resources Geoffrey R. Pyatte, BSMEPA Executive Director Boyko Takov and AmCham President Olivier Marquette. 

Economy Minister Nikola Stoyanov

In 2021, Bulgarian export to the US increased by 50%, Economy Minister Stoyanov said, adding that the US are not only among the largest markets in the world, but among the most competitive ones. Managing to grow in the US market means that Bulgarian companies and their products are of high quality, he added.

Citing data from AmCham, Stoyanov said that the US are the sixth biggest foreign investor in Bulgaria.

He encouraged the business communities of the US and Bulgaria to invest in the two countries. Addressing the US business representatives, Stoyanov urged them to explore Bulgaria and invest here. He also advised Bulgarian companies to be brave and take advantage of the services which BSMEPA and Bulgarian commercial attaches offer. "Consider entering the US market as a reality and not as a dream," the Economy Minister said.

Stoyanov pointed out that, geographically, Bulgaria and the USA are far from each other, but economically they are close, thanks to the efforts of state institutions and business industries in both countries. Today’s times are times of crisis, but also of opportunity. A strong partnership is needed to exploit these opportunities, Stoyanov added.

He also said that, following the meetings with Austrian business executives under the new Breakfast with Investors initiative, meetings are planned with German and French business executives, as well. Stoyanov voiced hope that a meeting with business representatives from the US will also take place soon. 

Innovation and Growth Minister Alexander Pulev

"Bulgaria is a European and a democratic country, the direction is clear and the US is a natural strategic partner for our economy," said caretaker Innovation and Growth Minister Pulev. 

Two-way trade between Bulgaria and the US stood at USD 1.3 billion in 2021, which is 20% more compared to 2020. Exports have increased by 16% in the first seven months of this year, compared to the like period of 2021, he said. 

The Ministry is working on three main areas - encouraging investments, effectively managing European funds and strategic partnership, Pulev said, adding that over 20 priority US projects worth BGN 4 billion have been certified since 2005, over 3,500 jobs have been created. "We are working on four more projects with US sponsors, with which I hope we will be able to create 1,000 jobs for high-tech specialists," the caretaker Minister said, explaining that there are new procedures for accelerating the certification of projects. "Our approach to investors is proactive," he said. 

"In the second half of August, we submitted to the European Commission OP Competitiveness and Innovations and got Brussels' approval within a record-short period. The Programme's budget is BGN 3 billion for innovations and export potential," Pulev said.

"We have strategic dialogue with the US and with other partners. Currently I am a national coordinator of the Three Seas Initiative and we had interesting discussions with the American partners with a focus on cybersecurity," he said. 

U.S. Assistant Secretary for Energy Resources Pyatt

U.S. Assistant Secretary for Energy Resources Pyatt congratulated Bulgaria on the extraordinary progress in terms of security and diversification of energy supplies.

Pyatt pointed out that Bulgaria has launched activities to diversify natural gas supplies and to establish gas connections with neighbouring countries. According to him, achieving independence from Russian gas is linked to Russia's unprovoked invasion of Ukraine and the subsequent problems with natural gas supplies.

He added that President Biden and the US are helping Europe solve the global energy problems related to Russia's invasion of Ukraine. 

The big news for the US is that the transformation of the economy is not just a means to curb the impact of Russia's invasion of Ukraine, but also one for achieving climate change goals, Pyatt said, adding that USD 37 billion are earmarked for energy transformation over 10 years.

Separately, there is a USD 500 billion energy infrastructure change bill, which will seek a major transformation of the energy sector and the introduction of innovation, such as wind, solar, and other measures to transform the US energy sector, Pyatt said, adding that the Recovery and Resilience Plan and the EU Green Pact are also very important for the large-scale energy transformation.  

The US has the capacity to export natural gas, and President Biden has focused on revitalising the economy, on modernization, and on cleaner energy, where innovation is key, he said. 

According to Geoffrey Pyatt, there are opportunities for a US-British strategic partnership in energy, which can be used to overcome energy price challenges.

Bulgarian SME Promotion Agency Director Boyko Takov

BSMEPA's head Boyko Takov said that in a few days there will be a trade mission to the United States with the participation of nine Bulgarian companies from the fintech sector, which will visit one of the largest exhibitions there.

In Takov's words, exporting is not "rocket science," but a blend of knowledge, information, skills, and especially knowledge of the specifics of different markets. Bulgaria has quality products, but sometimes the problem is how to enter the relevant markets, Takov pointed out, adding that this is one of the goals of the forum - to provide businesses with practical knowledge.