site.btaBusiness Memorandum Signed with Portugal

A memorandum of understanding between the Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) and the AICEP Portugal Global Trade & Investment Agency was signed in Lisbon on Friday. Under the memorandum, the two organizations will share information about trade and economic legislation, encourage direct contacts between enterprises in Bulgaria and Portugal, implement investment projects, and organize joint business forums and other promotional events.

The document was signed by BSMEPA Executive Director Boiko Takov and AICEP Chairman and CEO Luis Filipe de Castro Henriques.

Bulgarian exports to Portugal between January and July 2022 amounted to BGN 163.3 million, increasing by 10.7% compared with January-July 2021. Portuguese imports to Bulgaria were worth BGN 138.7 million, going up by 17.6%. This resulted in a BGN 24.6 million surplus for Bulgaria in two-way trade over the seven-month period, according to data from the National Statistical Institute in Sofia, as cited by caretaker Minister of Innovation and Growth Alexander Pulev, who attended the signing ceremony.

Bulgaria's Ambassador to Portugal Ivan Naidenov was also present.

BSMEPA and AICEP will work actively to boost contacts between small and medium-sized enterprises in the two countries through various joint initiatives such as exchange of business delegations, bilateral forums and business-to-business meetings.

Pulev said Bulgaria and Portugal have untapped potential in their relations. "We may be on the opposite ends of Europe, but now that this memorandum is a fact, we should look at each other and reinforce our partnership," the Minister said.

He went on to note that Bulgaria aspires to serve as a gateway for investments from the Middle East and Asia into Europe.

It transpired during the talks that Bulgaria will receive a Portuguese business delegation early in 2023 and will have a separate booth at the next Web Summit in Lisbon, one of the biggest international technology and digitization events.