Photo: Bulgarian President, Rumen Georgiev Radev and Minister Naledi Pandor at the Bulgarian – South Africa Business Forum
Photo Credit: Dirco
Bulgarian Chamber of Commerce and Industry and South Africa Chamber of Commerce and Industry signed cooperation agreement, the Agreement was signed by the BCCI Leader Tsvetan Simeonov and SACCI President Adv Mtho Xulu
During an official visit by Bulgarian President Rumen Radev a business forum was held in Pretoria on Friday, the Bulgarian Chamber of Commerce and Industry (BCCI) and the South African Chamber of Commerce and Industry (SACCI) signed an agreement to strengthen cooperation between business organizations and companies from the two countries, said BCCI.
The Agreement was signed by the leaders of BCCI Tsvetan Simeonov and SACCI President Adv Mtho Xulu.
A total of 31 Bulgarian companies and 40 South African leading companies participated in a bilateral business forum in Pretoria on Friday, on the first day of an official visit by Bulgarian President Rumen Radev. The business representatives held bilateral talks and further discussed areas of cooperation for investment between the two countries.
Among the areas of investment cooperation discussed were the opportunities in the sectors of mechanical engineering, the automotive industry, agriculture and food production, technology, transport, and tourism.
The trade exchange value between the two countries in the first ten months of 2022 is said to be USD 343 million with Bulgarian exports of USD 238.4 million and imports from the RSA of USD 104.6 million.
Simeonov said that so far, contacts in trade and business have been limited to exploring market opportunities, exchange of economic information, and business visits, but the two chambers of commerce are ready to deepen cooperation.
Bulgarian exports to South Africa in 2022 was USD 225.1 million, increasing by over 200%, which is mainly due to the large quantities of sunflower oil; kraft paper and cardboard and automatic data processing machines exported from Bulgaria. At the same time, imports from the RSA to Bulgaria increased significantly, reaching USD 119.5 million. “These figures indicate an upward trend in trade in recent years, which speaks of the growing interest of the business communities in Bulgaria and RSA in mutually beneficial cooperation and partnership,” said Simeonov.
Numerous meetings were held between Bulgarian and South African companies with interests in information technology and innovation, the fintech industry, mechanical engineering, energy, pharmaceutical and defence industry, agriculture, and food industry.
The business forum was part of the programme of the official visit to RSA by Bulgarian President Rumen Radev
Photo Credit: Dirco