87% Growth in Trade between Bulgaria and Iraq

By Kaloyan Vassev for the Bulgarian News Agency (BTA). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.

Ministry of Economy: 87% Growth in Trade Between Bulgaria and Iraq

Trade between Bulgaria and Iraq grew by 87% in 2022, said Deputy Minister of Economy and Industry Irina Shtonova on Monday during the opening of a business forum and meetings with companies from the city of Baku and after meeting representatives of the Iraqi Kurdistan Autonomous Region of Erbil, Northern Iraq. According to Shtonova, the trade exchange for 2022 amounted to more than USD 325 million.

"The implementation of initiatives such as this are an opportunity to lay the foundations for business partnerships and joint projects in various sectors of the economy," Shtonova stressed. She commented that Bulgarian business has a lasting interest and is looking for different options to increase exports to the Iraqi market. That is why the Bulgarian state supports the Office of Trade and Economic Affairs in Iraq. The Bulgarian government supports the Trade and Economic Affairs Office in Erbil and is actively working to deepen trade and economic cooperation between the two countries, she said.

Speaking at the forum, Irina Shtonova presented Bulgaria as a business and investment destination and highlighted Bulgaria's key advantages - EU membership, macroeconomic and financial stability, and strategic geographic location. "As a member of the European Union, we can provide unhindered and duty-free access to the EU's 500-million-strong market," Irina Shtonova pointed out, adding that "positioning a business in Bulgaria would also facilitate the establishment of trade contacts with the rest of Europe, thanks to communication and transport connectivity."

The Erbil Chamber of Commerce and Industry representatives pointed out that there are long-standing relations between the two countries and this forum is an opportunity to develop them, especially in the tourism and agriculture sectors. It was reported that Erbil has an Investment Law for local and foreign businesses and companies can be exempted from taxes for a period of 10 years.

A Memorandum of Understanding between the two Chambers of Commerce was also signed during the event.

The forum was organized by the Bulgarian Chamber of Commerce and Industry in cooperation with the Office of Trade and Economic Affairs of Bulgaria in Erbil and the Erbil Chamber of Commerce and Industry. Mr. Stanislav Nokov, President of the Erbil Chamber of Commerce and Industry, representatives of Bulgarian and Erbil companies.

No comments yet.

Leave a Reply