About Bulgaria
Bulgaria is simultaneously a European, Balkan, Black Sea, and Danube river country. It is situated in the Eastern part of the Balkan Peninsula and it borders the Black Sea to the East, Greece and Turkey to the South, the Republic of Macedonia and Serbia to the West and Romania to the North. The geographic location of the country predefines the country as a crossing point between Europe and Asia and its strategic position on the political map of the Balkan Peninsula.
In 1990, democracy was restored in Bulgaria in the form of a parliamentary republic and today it is part of the EU and NATO. As part of Eastern Europe, Bulgaria is a crossroads and a transit territory between Western Europe, the Middle East and the Mediterranean.
Sofia is the capital and the largest city in Bulgaria. It is the main administrative, industrial, transport and cultural center. Other main cities are Plovdiv, Varna, Burgas, Ruse, Stara Zagora, Pleven, Sliven and Dobrich.
Bulgarian Economy
Bulgaria’s emerging market economy has been steadily advancing, supported by a stable political environment and low inflation rates. These factors have created an attractive business landscape, drawing foreign investors across various sectors. Moreover, Bulgaria is home to a highly skilled and educated workforce, further enhancing its appeal to businesses looking to expand. The country’s relatively low cost of living makes it an ideal location for industries, such as pharmaceuticals, to establish operations and thrive.
Bulgaria’s $109.7 Billion Economy Segregated Sector-Wise
67%
Contribution by Service Sector
28%
Contribution by Industry Sector
5%
Contribution by Agriculture Sector
Bulgaria’s 3.357 Million Labour Workforce Segregated Sector-Wise
66.6%
Contribution by Service Sector
26.6%
Contribution by Industry Sector
6.8%
Contribution by Agriculture Sector
Some Facts about Bulgaria
Bulgaria is one of the Best Outsourcing Destination in Europe
80% of the cars in Europe have parts, produced in Bulgaria.
Largest Lavender producer in the World
Fast Internet Speed. Bulgaria is among the top 10 in the world
India and Bulgaria Relations
India and Bulgaria established diplomatic relations in 1954. In recent years, Indian companies have expressed significant interest in investing in Bulgaria in sectors such as agriculture, defense, pharmaceutical industry, engineering, clinical research, and tourism. To activate bilateral cooperation, a meeting of the Bulgarian Indian Intergovernmental Commission for Economic Cooperation is planned for the beginning of 2025.
There is good potential in sectors in which bilateral trade can be pushed up by high-value-added products. IT products (Bulgaria is one of the second best outsourcing destinations in Europe), agricultural and food products (Bulgaria ranks first in the world in the production of lavender and is the third largest exporter of sunflower seeds worldwide), perfumery and cosmetics, medicines, engineering goods, high-tech machinery and equipment, auto components industry (eight of every ten cars in Europe are equipped with some parts produced in Bulgaria).
The Bulgarian government strongly supports Indian investments in Bulgaria. Under the Investment Promotion Act, various benefits for foreign investors are provided as corporate tax or VAT exemptions, institutional and financial support for priority investment projects, and tailored administrative procedures. Ease of doing business in Bulgaria is supported by simple registration procedures and equal treatment of Bulgarian and foreign investments in the country.
Trade between India and Bulgaria
Year
2023-24
2022-23
2021-22
2020-21
Exports From India (US $ Mill.)
223
433
247
170
Imports From Bulgaria (US $ mn)
192
94
173
125
Total Trade
(US $ Mill.)
415
527
420
295
Economic and Trade Relations between India and Bulgaria
Bilateral relations between India and Bulgaria spans six decades. It has been strong and friendly and has been sustained by close contacts between our leaders in the past. Defense cooperation between the two countries has also contributed significantly to the bilateral relationship over the years. Today it is set to expand into other sectors such as IT, BPO, Tourism and Agriculture.
The relations between both countries was further enhanced by the official visit of the Hon’ble President of India, Shri Ram Nath Kovind to Bulgaria on 4-6 September, 2018.