The Hindu Business Line : Bulgarian PM sees big scope for enhancing ties

‘Holds big potential’: The Prime Minister of Bulgaria, Mr Sergei Stanishev, and the Minister of State for External Affairs, Mr Anand Sharma, at a meeting with Indian businessmen in the Capital on Wednesday.

Our Bureau

New Delhi, Sept 12 Information and communication technology, pharmaceutical, food and agro processing and renewable energy are the potential sectors for business and investment between India and Bulgaria, said the Prime Minister of Bulgaria, Mr Sergei Stanishev, on Wednesday.

While speaking at a business forum jointly organised by industry chambers FICCI, CII and Assocham, Mr Stanishev said information exchange and building of business confidence would give a thrust to economic co-operation and successful business partnership between the two countries.

Tech, education

He said that India was a major economic power having a large middle-class and huge potential in high technology and education. The Prime Minister noted that the prospects for enhancing economic ties between India and Bulgaria were tremendous.

Speaking at the forum, Mr Peter Dimitrov, Minister of Economy and Energy of Bulgaria, proposed building a strategic partnership between Bulgaria and India. Mr Dimitrov suggested that Bulgaria can be used by the Indian industry as gateway to the vast European market with its over 600 million consumers.

Mr Anand Sharma, Minister of State for External Affairs, mentioned that the present state of economic engagement between India and Bulgaria does not reflect the potential that exists. He added that while bilateral trade increased by 36 per cent in 2006 to reach a level of $75 million, this represents just a fraction of what the two countries can achieve given their complementarities in several areas.

Opportunities

The Minister identified steel, pharmaceuticals, IT and manufacturing as areas where several investment opportunities exist for the two sides to capitalise upon.

Mr Sharma said that India and Bulgaria would sign an agreement on economic co-operation as well as a MoU between agencies promoting SMEs in the two countries.

He added that the two sides would have to work together to facilitate the free flow of businessmen, professionals and tourists by having an enabling visa regime.

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