By Korea.net Honorary Reporter Alexandra Taseva from Bulgaria
Photos = Ministry of Economy of Bulgaria

The Korean Trade-Investment Promotion Agency (KOTRA) was established in 1962 in the Republic of Korea to implement a national policy of maintaining a trade balance and building a sustainable economy. The main functions and roles are expanding medium and small-sized enterprises’ business in overseas markets, supporting small-sized enterprises (SME) to extend their business abroad, overseas market information production, distribution and consultation, improving the national brand, supporting international development cooperation, supporting munitions trade and more. Today, KOTRA has sales offices in more than 90 countries around the world. In April 1989, the KOTRA Sofia office was opened to expand the scope of activities in the field of investment and marketing. It helps Korean companies to connect with potential Bulgarian partners and supports the development of the Korean and Bulgarian economies.

This year on Oct. 15, KOTRA Sofia organized the Korea-Bulgaria Trade Meeting which brought together potential Bulgarian partners and Korean companies. Among the Korean companies that participated were manufacturers of water purification systems, fruit cereal snacks and fruit juices for children, textiles to make blinds, facial cosmetics and others. The Bulgarian companies could also meet with representatives of Dowon TEG, Hyundai Fiber, Moncross Switzerland, NAEUN, Dongwontex, YU SUNG and more. The event took place in the Sredetz Hall at the Sofia Hotel Balkan.

Two other meetings were in Varna and Burgas (the two biggest cities on the Black Sea coast) on Oct. 24 and 25. The event is called "Moving Kotra." Representatives from KOTRA Sofia visited Burgas and made individual consultations to arrange potential contact with Korean partners and suppliers interested in establishing mutually beneficial cooperation. In Burgas the business meetings were held on Oct. 24 in the Captain's Hall at the Hotel Bulgaria.

On Oct. 25 the event moved to Varna. The Municipality assisted in the meetings of representatives from Bulgarian businesses in the sea capital with Korean companies for establishing mutually beneficial bilateral trade contacts. The meetings were held at the Golden Tulip Hotel, with the support of the Varna Chamber of Commerce and Industry. During the meeting, representatives of KOTRA Sofia provided individual consultations and opportunities for contact with potential Korean partners and suppliers. On the same day, a visit to the Korean ambassador to Varna Municipality was scheduled.



During an event organized by the Korean Embassy in Bulgaria to mark the National Day of the Republic of Korea, Minister Karanikolov said that "The trade between Bulgaria and the Republic of Korea in the first six months of 2018 is worth almost USD 135 million, which is an 80% increase over the same period in 2017. This includes USD 40.5 million exports from Bulgaria and USD 94.2 million imports from Korea."

In addition, Minister Karanikolov stressed that the government's efforts are aimed at attracting more Korean investments into priority sectors. "There are a number of advantages that the country offers—political, macroeconomic and financial stability, skilled labor, and the lowest operating costs for businesses in Europe."

He also said that the Republic of Korea is a priority trade and economic partner in East Asia. "The dynamic dialogue between the leadership of the two countries is another proof of our political will to develop and strengthen our traditionally good and long-lasting relations." He stressed that our Asian partners should use the potential and the advantages of Bulgaria as a platform from which to jump into the huge market of the European Union and the region. "Our country is in a position to act as an entry point for Korean goods intended for the EU, as well as a transit center between the markets of the Union, the Middle East, North Africa, Russia and the former Soviet republics."

In conclusion, Minister Karanikolov expressed confidence that the Bulgarian government will continue to place a strong emphasis on the development of economic relations between Bulgaria and the Republic of Korea. "As a member of the European Union, Bulgaria is the correct, reliable and predictable partner. We will actively support and encourage all initiatives in the interest of good cooperation between our countries."

wisdom117@korea.kr

* This article is written by a Korea.net Honorary Reporter. Our group of Honorary Reporters are from all around the world, and they share with Korea.net their love and passion for all things Korean.