The crises that have hit Europe have shown that the EU can only succeed if we encourage more European companies to develop, innovate and manufacture together. This is what President Rumen Radev said at the opening of a Spanish-Bulgarian business forum in Madrid. The business delegation accompanying the Head of State during his state visit to Spain included representatives of Bulgarian companies in the field of IT, tourism, agriculture, construction, etc., who discussed the implementation of joint projects with their Spanish counterparts.

 

The Head of State stressed that there were many challenges facing the European family and Bulgarian and Spanish businesses, brought together, showed that they could provide answers, and be much more efficient and competitive. 

 

The President pointed to the fact that the forum had assembled representatives of almost all sectors of both countries' economies. After the day's meetings, Radev expressed the position that the fragmentation of the European defence industry should be overcome and Bulgaria and Spain had the potential to cooperate in R&D projects, military science, technology and production. 

 

"Our people are our greatest asset. Bulgaria's young people win prizes in all international Olympiads all over the world in physics, informatics, natural sciences and linguistics and compete successfully with global powers such as the US, China, or Russia," the Bulgarian President stressed. 

 

According to him, Bulgaria is also known as the start-up capital of Eastern Europe. This gives prospects for cooperation between the two countries in information technologies and innovations. The President also noted the opening in Bulgaria of the first Eastern European Institute for Computer Science, Artificial Intelligence and Technology, INSAIT.

 

The rapid development of the automotive industry in Bulgaria was also highlighted as a potential area for cooperation of mutual interest. "Spain is increasingly emerging as a leading factor in the automotive industry and we expect the development of joint projects," Radev noted. He also pointed to the chemical industry, biotechnologies and innovations as promising areas for the development of bilateral relations. 

 

Spain is among the top 10 investors in Bulgaria. In the period January-November 2021, trade between Bulgaria and Spain amounted to EUR 1.5 billion and recorded a growth of 34.5%. Exports to Spain went up by 43.2% or EUR 870.7 million, taking up 2.7% of this country's total exports. Imports increased by 24.6% to reach EUR 666.3 million, with a share of 2%.

 

Radev also mentioned the opportunities in tourism as a promising area for cooperation between Bulgaria and Spain.  Between January and October 2021, Bulgaria was visited by 19,264 Spanish tourists, nearly 48.7% up on the same period of 2020.

 

During the forum a Memorandum was signed between the Bulgarian and Spanish Startup Associations.