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7th Meeting of the Bulgaria – Korea Council for Economic Cooperation
Korean business delegation visited Bulgaria in the period 12th – 16th June to participate in the 7th Meeting of the Bulgaria – Korea Council for Economic Cooperation. The Council was established in 1990 to facilitate the expansion of bilateral business relations, exchange of business delegations, seminars, symposia, trainings, and participation in fairs and exhibitions. Banks, companies and organizations which are interested in developing long-term bilateral relations with Korea participate in the Council.
“Bulgarian companies know what our Korean partners are capable of and are impressed with the scale and achievements of Korean economy”, the President of BCCI Mr. Tsvetan Simeonov said in his opening address. “They still remember the visit of the Bulgarian business mission accompanying the President of Bulgaria to Korea two years ago.” Mr. Simeonov outlined the main advantages our country can offer to Korean investors and introduced the Bulgarian businessmen who attended the meeting. He paid special attention to South Korean investments in Bulgaria and the opportunities to expand bilateral trade as a result of the Free Trade Agreement between the EU and the Republic of Korea.
Mr. Choi Joon-Ho, Vice President of the Korea – Bulgaria Council for Economic Cooperation in Busan greeted the participants in the meeting and introduced the Korean businessmen, who work in pharmaceutics, cosmetics, pig-breeding, machine building, construction equipment, art, wine production and logistics.
The Chairman of the Arbitration Court at BCCI, Dr. Silvi Chernev said that Korean companies have already used the services of the Arbitration court, due to the short terms in which disputes are resolved and the relatively low fees. He outlined the advantages of the Arbitration Court as a partner for foreign investors. Approximately 800-900 cases are resolved annually by the Arbitration Court at BCCI, 90% of which completed within one year period.
Kiril Nikolov, Executive Director of the National Company Industrial Zones, provided the guests with information about the zones, which are recommended for foreign investors, and the administrative and logistical services they provide. He paid particular attention to the Industrial Zone in Bozhurishte, which is in immediate proximity to Sofia.
Dr. Asen Zhelyazkov, Executive Director of the Association of Dairy Processors in Bulgaria presented Bulgaria as a country with long traditions in the production of yoghurt, white brined cheese and Bulgarian yellow-cheese. He reminded that Bulgarian dairy products are included in the meals of astronauts.
Dr. Todorka Yankovska, Executive Director of the Association of Meat Processors in Bulgaria discussed the possibility to import Bulgarian pork in Korea. Representatives of Bulgarian companies which produce and export meat also took part in the discussion.
The guests were introduced to Bulgarian businessmen from the wine sector, food industry and pharmaceutical industry, etc. Bureaucracy, the need to construct and rehabilitate the road infrastructure and the frequent changes in legislation were identified as the main obstacles to Korean investments in Bulgaria.
In 2010 the highest level of bilateral trade since 2007 was reached, as well as the highest export levels in the last 10 years. Trade turnover between Bulgaria and Korea in 2010 was nearly USD 223.4 million, which is 128,5% higher than in 2009. Exports grew even more – by 313.5%. Imports increased by 46.7%. Bulgaria’s foreign trade balance was positive. The increase of export can partly be explained with the realized export of wheat. The share of exported precious metal wastes also increased significantly – they take the second place in our export list.
Earlier the Korean businessmen visited the Bulgarian Small and Medium Enterprises Promotion Agency and the Invest Bulgaria Agency. Their programme will continue with meetings with Bulgarian partners.
15.06.2011
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