Uzbek-Bulgarian Business Forum was held on 4 April at the Navoi Hall of the International Business Centre. The event was attended by the representatives of a number of ministries and agencies, companies of both countries operating in different industries, such as energy, banking and finance, transportation, tourism, agriculture, pharmaceutical, food, etc.
The Minister of Regional Development and Welfare of Bulgaria Asen Gagauzov told forum participants about the financial condition of the country, investment opportunities available, and the interest in resuming trade and economic relations between Uzbekistan and Bulgaria. Mr. Gagauzov said Bulgaria was intending to increase trade turnover with Uzbekistan to US0 million.
Bulgarian delegation was represented by 6 companies engaged in the spheres of food production, metal-working, construction, organization and administration of exhibitions and fairs. After the business forum, the representatives of business circles of the two countries met to negotiate on the possibilities of cooperation.
The two events were conducted in the framework of the visit of the business delegation of Bulgaria to Uzbekistan. The visit was organised by the Chamber of Industry and Commerce of Uzbekistan. The aim of the visit was to establish contacts and develop relations with organizations, companies and enterprises of Uzbekistan.
Uzbekistan's export to Bulgaria currently consists mainly of cotton, yarn, non-ferrous metals, mechanical equipment, the products of chemical and oil processing industries. Bulgaria, in turn, supplies medications, plastic, essential oils, confectionary, and accessories. Bilateral relations between the countries are based on around thirty documents signed at the intergovernmental and interdepartmental levels. Among them are agreements on the stimulation and ptrotection of investments, economic and scientific-technological cooperation.
The legislative base for trade and economic relations between Uzbekistan and Bulgaria was established during the official visit of the President of Uzbekistan Islam Karimov to Bulgaria in June 1998.
In 2004 trade turnover between the countries made up US.26 million, which exceeds the results of the preceding year three times. During the reporting year export volumes increased 10 times to US.15 million. During the same period import increased by 38.3% to US.11 million. For the first time in four years, a trade balance surplus of US.04 million was recorded. The potential of the two countries to develop trade and economic cooperation further is great, as it is early to say that the available opportunities are being used at their fullest.
In 2006, trade turnover between the states made up US.13 million. The number of operating enterprises set up with participation of Bulgarian investors currently totals 20, of them 16 are joint ventures, 1 is 100% foreign company, and another 3 are enterprises with partial foreign investments.
