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Presidents of Bulgaria, Cyprus Open Bilateral Business Forum in Sofia

Opening a Bulgaria-Cyprus business forum here Wednesday, Bulgarian President Rumen Radev said that Cyprus is an important economic and trade partner. President Nicos Anastasiades of Cyprus was there with him at the forum, held on the second day of his Bulgarian visit.

"Despite some fluctuations in the recent years, there has been a steady increase in two-way trade but we have to be realists: Cyprus is 34th in the import and export, which is way below the potential of the two countries and inadequate to their position as members of the same economic space with its free movement of people, goods, capital and services," President Radev said.

He said that the forum is an important step for enhancing cooperation.

He went on to catalogue the advantages that Bulgaria offers, including a burgeoning fintech industry making it Eastern Europe's leader in this field, an attractive ecosystem for startups, stable macroeconomy, low taxes and qualified workforce.

President Anastasiades pointed out that his country remains one of the large investors in Bulgaria with investment of over 2 billion euro. He sees prospects for stronger cooperation in the tourist exchange and is optimistic for an increase in the number of tourists both ways.

He also sees prospects for increasing trade, with other sectors including energy, shipping, education and innovations.

Three documents were signed in the presence of the two heads of State: an agreement on cooperation between the two Chambers of Commerce and Industry, an agreement on cooperation between the two chambers in the resolution of commercial disputes and a memorandum of understanding between the two joint business associations.


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