Ambassador Irena Gancheva of Bulgaria has highlighted the untapped potential for collaboration between Pakistan and Bulgaria across various sectors. Addressing the Lahore Chamber of Commerce and Industry (LCCI), she highlighted Bulgaria’s offerings in food processing, agriculture, Information Technology (IT), and new technologies.
President Kashif Anwar and Senior Vice President Zafar Mahmood Chaudhry of LCCI welcomed Gancheva, underscoring the importance of strengthening bilateral trade relations. Executive Committee Members including Raja Hassan Akhter, Mian Attiqur Rehman, Ahmed Elahi, and Mohammad Tauqeer Malik also participated in the discussion.
Gancheva noted the need to enhance trade figures between Pakistan and Bulgaria, pointing out Bulgaria’s export of wheat and import of textile items from Pakistan, reflecting broader trends within the European Union. She highlighted Bulgaria’s EU membership since 2007, emphasising its favourable taxation system and access to a market of 1.3 billion customers.
Bulgaria boasts strengths in Information Technology, automotive, mechanical engineering, electronics, mechatronics, and robotics, offering low operational costs and robust manufacturing capabilities. The ambassador reiterated Bulgaria’s participation in the GSP Plus arrangements and shared information about upcoming international exhibitions in Bulgaria. She stressed the need to explore more opportunities to diversify trade and partnerships.
The LCCI president acknowledged Bulgaria’s support for Pakistan’s GSP Plus status, facilitating increased exports to the EU. He highlighted Bulgaria’s strategic location as a gateway for Pakistani products to enter the EU market, stressing the importance of strengthening trade ties.
Anwar stressed the need to capitalise on the immense opportunities for trade expansion, aiming for bilateral trade to reach at least $1 billion in the near future. He said that the volume of Bulgaria’s total global trade is around $108 billion with Pakistan only having a share of a mere $80 million. He underscored the need to bridge the gap between the actual potential and current trade figures. He said that there is a considerable scope for Bulgaria to enhance its imports of citrus fruits, mangoes, value-added textiles, sports goods, leather products, furniture, marble among other goods from Pakistan. Identifying key areas for collaboration, he said Pakistan and Bulgaria could enhance economic cooperation through joint ventures in sectors like IT, food processing, automotive, tourism, and agriculture technology.
The LCCI president also briefed the Bulgarian envoy about Pakistan’s Special Investment Facilitation Council (SIFC) and efforts to expedite investment in five key areas including, defence, agriculture, minerals, ITT and energy. He also explained that the government is making an effort to improve the business climate in Punjab through streamlined facilitation for investors.
Anwar highlighted the importance of connecting the private sectors of both countries through exchanges of delegations, participation in trade fairs, and collaborative ventures, fostering a mutually beneficial partnership between Pakistan and Bulgaria.
Published in The Express Tribune, February 27th, 2024.
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