Discussion of the bilateral economic relations Bulgaria – Cyprus

The President of BCCI Tsvetan Simeonov had a meeting with H.E. Stavros Avgoustides, Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus in Bulgaria and with the newly-appointed Commercial Counsellor at the Embassy Mr. Iosif Kypraios.

During the meeting the bilateral economic relations were discussed. It was established that there is great potential for developing business relations. The international activity of the Chamber was also discussed, including its excellent relations with Cyprus Chamber of Commerce and Industry and the partnership, both bilateral and as part of the membership in the Association of Balkan Chambers and EUROCHAMBRES.

The parties agreed that it would be appropriate for the mutual efforts in the development of the bilateral economic relations to be accompanied by appropriate state-level events.

BCCI will assist the Embassy in organizing of a presentation on the opportunities to do business with the Republic of Cyprus (information about the event will be published additionally).

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Data of the Ministry of Economy on the bilateral trade Bulgaria – Cyprus in the period January – March 2017, compared to the same period of 2016:

• Growth of trade turnover 9.1%
• Growth of Bulgarian exports to Cyprus 9%
• Growth of Bulgarian imports from Cyprus 9.3%

In 2016, Cyprus was ranked 34^th in Bulgaria’s exports – with a share of 0.3%, and 53^rd in the imports – with a share of 0.1% of the country’s total imports.