Bulgaria, Pakistan explore closer economic ties as diplomatic relations turn 60

KARACHI: Ambassador of the Republic of Bulgaria Irena Gancheva has said that Bulgaria and Pakistan should explore new avenues of collaboration, particularly in the fields of economy and trade, as both countries celebrate the 60th anniversary of their diplomatic relations this year.

Speaking at a meeting during her visit to the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday, she said that the two countries already have a formal bilateral mechanism at the government-to-government level in the form of the Joint Inter-Governmental Commission for Economic Cooperation.

Established in 2015, the commission held its inaugural session in Sofia, Bulgaria and the second session in Islamabad in 2019, while the third session is expected to take place in Bulgaria next year, she added.

The Bulgarian ambassador emphasised the importance of holding a business-to-business (B2B) forum and underscored the importance Bulgaria attaches to exchanging ideas on ways to strengthen bilateral trade and economic cooperation.

She said, “I have always considered it essential to maintain direct dialogue with the business community, particularly in Karachi, which is Pakistan’s largest city and a major port and commercial hub. We must maintain this outreach to your city and your business community.”

She noted that Bulgaria is not as widely recognised among European Union member states in Pakistan, which is why such engagements are important. Giving an overview of her country, she shared that Bulgaria, with a population of 6.4 million, is smaller in size but strategically located, offering access to the European market as an EU member state and serving as a bridge between Europe, Asia and the Middle East.

She highlighted that Bulgaria shares a border with Turkey, one of Pakistan’s priority partners. “Pakistani businesspeople travel to Turkey frequently. Bulgaria is just next door, only a one-hour-and-fifty-minute flight from Istanbul to Sofia, and one can even drive between the two cities,” she explained.

She noted that Bulgaria produces 90 per cent of the parts used in European automobiles and has long-standing strengths in agriculture, engineering, pharmaceuticals, renewable energy and various manufacturing industries.

KCCI President Rehan Hanif said Pakistan and Bulgaria have long enjoyed friendly ties rooted in mutual respect, shared aspirations, and a collective desire to enhance cooperation across multiple sectors. Despite the geographical distance, both nations possess substantial untapped potential for expanding bilateral trade, investment, cultural exchanges, and people-to-people linkages.

Highlighting the KCCI’s role, he explained that while the chamber actively promotes domestic trade, it also places strong emphasis on fostering international commercial cooperation by encouraging its members to explore new markets and export avenues. He reaffirmed the KCCI’s firm belief in global partnerships and expressed keen interest in expanding cooperation in key sectors such as information technology, agriculture, food processing, pharmaceuticals, textiles, tourism, logistics, energy and renewable technologies. He further underscored the promising prospects for joint ventures, technology transfer, vocational training and enhanced SME-to-SME collaboration between the private sectors of both nations.