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InvestBulgaria Agency and Moldovan Investment and Export Promotion Organization signed a memorandum of understanding on the eighth session of the Intergovernmental Bulgarian-Moldovan commission for economic cooperation in Sofia

March 25, 2016

"There is great potential for expanding the economic cooperation between Bulgaria and Moldova, especially in the areas of innovation, technology, education and tourism." This was stated by Daniela Vezieva, Deputy Minister of Economy, at the eighth session of the Intergovernmental Bulgarian-Moldovan Commission for Economic Cooperation, which was held today in Sofia. Co-chairman of the Bulgarian side is Deputy Minister Vezieva. Co-chairman of the Moldovan side is Mr. Vitalie Yurku, Deputy Minister of Economy.

InvestBulgaria Agency /IBA/ and Moldovan Investment and Export Promotion Organization (MIEPO) signed a Memorandum of Understanding which will provide wider opportunities for partnership.

Stamen Yanev, Executive Director of IBA and Mr. Vitalie Yurku, Deputy Minister of Economy of the Republic of Moldova, signed the agreement.

The Memorandum is expected to become an important mechanism to stimulate and support business in the Republic of Bulgaria and the Republic of Moldova and to be the basis for the development of closer trade relations and to lead to an increase in bilateral investments.

The Memorandum of Understanding provides active interaction between the two organizations on attracting investment and exchange of information for potential business partners (companies from Bulgaria and Moldova). The agreement also provides object of cooperation to be investment projects (existing and planned), public statistical data, analyzes, results of market research and information on the state regulatory measures.

The Memorandum of Understanding also provides for the two organizations to work together to develop sustainable economy and to partner in the development of projects and programs related to public-private partnership. Mutual information about business forums and exhibitions will be a further step towards the mutual attraction of investments from both countries.

At the signing of the bilateral protocol of the Plenary meeting of the Intergovernmental Commission Deputy Minister Vezieva said that possible areas for strengthening cooperation with Moldova could be the food industry and equipment for it, agriculture and export of machinery for the processing of agricultural products. According to her there are unused opportunities in the field of chemical and pharmaceutical industries, as well as IT industry. Tourism also grew in recent years.

 

The largest Bulgarian export to Moldova is in petroleum products (35.8%), medicines (9.2%), plastic fibers (7.7%), glass containers (4.3%) and surfactants (2.6 %). Imports from Moldova was formed from petroleum oils (24.7%), counters for liquids, gases and electricity (21.2), sunflower seeds (12.2).