| Bulgaria, an erstwhile communist nation, is a free | | | | Products are exempted from import duty in the |
| market economy characterised by industrialisation and | | | | member countries. Indian SMEs can therefore take |
| macroeconomic stability. This European country | | | | advantage of Bulgaria’s EU status by setting up |
| became a member of the European Union (EU) in | | | | industrial units in Bulgaria and marketing their products |
| 2007. Subsequently, the Bulgarian government | | | | in other member countries. |
| introduced several economic reform programmes | | | | In addition, there are various areas of mutual |
| targeted at achieving a robust gross domestic | | | | cooperation and growth that can be explored by |
| product (GDP) growth. Today, Bulgaria is attracting | | | | Indian SMEs for long-term growth. These include |
| an increasing number of Indian SMEs owing to its | | | | industries like leather, petrochemicals, energy, food |
| business-friendly environment and strategic proximity. | | | | processing, travel and tourism and chemicals. |
| Indo-Bulgarian trade relations | | | | Indian SMEs can also tap the opportunities in |
| India is one of the most important trade partners of | | | | Bulgaria’s evolving knowledge-driven industries |
| Bulgaria in Asia. After the collapse of its communist | | | | such as information and technology (IT), information |
| regime, Bulgaria has shown a keen interest to | | | | and communications technology (ICT) and |
| strengthen its trade and investment ties with India. | | | | biotechnology. |
| Currently, India exports tea, coffee, sugar, textile, | | | | Trade forums |
| plastics, paper and tobacco to Bulgaria. While, | | | | The governments of both countries agree that to |
| Bulgaria’s export basket for India comprises | | | | facilitate Indo-Bulgarian bilateral trade it is imperative |
| commodities like inorganic chemicals, copper, | | | | to enhance cooperation between the SMEs in the |
| aluminium, pulses and metal scraps. The bilateral trade | | | | two countries. In order to encourage increased |
| between India and Bulgaria has grown manifold in | | | | economic exchanges between the SMEs in the two |
| recent years. Notably, in 2007-08 Indo-Bulgarian | | | | countries, the Indo-Bulgarian Joint Commission on |
| bilateral trade was pegged at around $190.99 million. | | | | Economic, Scientific and Technical Cooperation (JCM) |
| Besides, the Bulgarian industry is in a transitory phase, | | | | was established in 1973. |
| undergoing a major shift in ownership from the | | | | Additionally, the Indo-Bulgarian Joint Council was |
| government sector to the private sector. This | | | | formed in 1976 to help Indian SMEs establish trade |
| transition has further expanded the scope of India to | | | | linkages in Bulgaria. To cater to the burgeoning IT |
| participate in the burgeoning economy of Bulgaria. | | | | sector in Bulgaria, an IT forum was formed in 2004 |
| Indian SMEs are too keen to cash in on the demand | | | | during the 15th JCM. |
| for products such as electronics, medical equipment, | | | | Given the tremendous growth potential of the |
| engineering goods, automobiles and auto parts in | | | | Bulgarian market, Indian SMEs can hope for promising |
| Bulgaria. | | | | business prospects in this south-east European nation |
| Opportunities in Bulgaria | | | | in the near future. |
| Being an associate member of the EU, Bulgarian | | | | |