Bulgaria seeks trade ties with Pakistan

LAHORE: Bulgaria's ambassador to Pakistan on Monday urged the two countries to boost their cooperation in various sectors, saying they have untapped potential for trade and investment.

Irena Gancheva, who met with members of the Lahore Chamber of Commerce and Industry (LCCI), said Bulgaria was a leader in mobile internet speed and artificial intelligence research, and could offer Pakistani businesses access to the European Union (EU) market of 1.3 billion customers.

"Bulgaria has a favorable taxation system for the investors and, with strong traditions, provides a gateway to all EU markets," the ambassador said. She also noted that trade between the two countries had diversified in recent years, with Bulgaria exporting wheat and importing mainly textiles from Pakistan.

LCCI President Kashif Anwar welcomed the ambassador's remarks and said Bulgaria was an important economy in the region. He said Pakistan was keen to enhance its exports to the EU, especially in the fields of food processing, agriculture, IT and new technologies.

LCCI President Kashif Anwar said Bulgaria is an important economy. Its strategic location serves as a gateway for Pakistani products to enter the European Union (EU) market. He also briefed the ambassador about the Special Investment Facilitation Council (SIFC), a government body that aims to expedite new investments in five areas: defence, agriculture, minerals, information technology / telecommunication and energy.