Practical steps for the development of trade and economic cooperation between Kazakhstan and Bulgaria were discussed

Sofia, September 13, 2024 - In order to discuss topical issues related to the development of trade and economic relations between Kazakhstan and Bulgaria, Ambassador Viktor Temirbayev met with Minister of Economy and Industry Petko Nikolov.

During the conversation, topical issues and initiatives for the development of relations between Kazakhstan and Bulgaria in the trade, economic and investment fields were discussed, including in priority areas within the framework of the Enhanced Partnership and Cooperation Agreement between the European Union and the Kazakhstan. Special attention was paid to the prospects of cooperation between Astana and Sofia.  

The parties also held substantive talks on issues related to the preparation and holding of the next 5th meeting of the Kazakh-Bulgarian Intergovernmental Commission on Economic Cooperation.

In general, the interlocutors expressed satisfaction with the progressive development of trade and economic relations between the two countries. It was noted that over the 6 months of this year, the volume of mutual trade increased 3.5 times and amounted to $160.7 million.

At the same time, Ambassador Viktor Temirbayev acquainted the interlocutor with the main socio-economic tasks set by the Head of State in his State of the Nation Address and emphasized that their implementation opens up opportunities for Bulgarian business to expand cooperation with Kazakhstan in the fields of transport and logistics, agriculture, energy, critical raw materials and digitalization.

In turn, Minister Petko Nikolov noted the important role of Kazakhstan in Central Asia and its transit potential in trade between Europe and Asia, and also confirmed his readiness to increase practical cooperation in trade, economic and investment spheres.

In conclusion, the parties agreed to maintain close working contacts on all issues identified during the meeting. 

 

The trade turnover between Kazakhstan and Bulgaria for 6 months of 2024 amounted to 160.7 million US dollars (+3.5 times), of which exports – 126.6 million dollars, imports – 34.1 million dollars.

In the 1st quarter of 2024, $2 million of Bulgarian direct investments were attracted to Kazakhstan.

In general, since 2005, $70.5 million has been attracted to the national economy from Bulgaria, and $13 million in the opposite direction.