Bilateral Commercial and Economic Relations
Trade and investment relations between the two countries, though of
modest level, have been on rise since last few years.
Bilateral trade between two countries, after worldwide economic
recession, has recovered rapidly. However, there is still considerable untapped
potential keeping in view Bulgaria’s geo-strategic location, EU membership and
India’s strong economic growth and profile. Our trade with Bulgaria still reflects
the traditional export basket of India which is not reflective of the true export
profile of India of today. Mutually beneficial opportunities exist for investment in
agriculture, food processing, IT, Pharmaceutical, manufacturing, tourism and
construction.
Indian firm “Elder Pharmaceuticals” acquired a majority stake in a
pharmaceutical company “Bio-meda” in Plovdiv in 2007. In 2014, the first major
Bulgarian investment in India in line with the new campaign “Make in India” was
done by the Bulgarian company Prime Petroleum for packaging bitumen in
Bhiwandi, Maharashtra.
Bilateral trade during January-October 2014 was US $ 171.3 million
[Bulgarian exports US $ 51.9 million and imports US $ 119.4 million] compared
to tortal trade of $ 207.6 million [Bulgarian exports US $ 43.5 million and imports
US $ 164.5 million] in 2013. Between 2012 and 2013, the trade volume grew by
almost 50% while it has grown manifold from US $ 15.8 Million in 2000 to US $
207.6 Million in 2013.
There is a lot of scope for expanding the current bilateral trade basket as
well as for enhancing the quantum in the existing items of export and import.
Major items of Indian Exports to Bulgaria are Organic chemicals;
unmanufactured tobacco; medicaments; electric parts; wool; paving blocks,
slabs, bricks; polymers of propylene; ferro-alloys.
Major items of Bulgarian Exports to India are Laboratory instruments &
apparatus; animal feeding preparations; kraft paper; radio-broadcasting
apparatus; aluminium waste & scrap; medicaments; machinery for working
rubber or plastics; copper waste & scrap; engines & motors.
