Indo-Bulgarian 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.

Bulgaria – Your Gateway to Europe

Situated in the South Eastern part of the Balkan Peninsula, Bulgaria is located in the strategic crossroads of Europe, the Middle East, Russia and the former Soviet Republics.

Bulgaria is a member of the EU since 2007. It is also a member of NATO and WTO.

For Indian companies looking for business expansion to the European Union market, as well as other promising regions nearby, Bulgaria can be considered as an ideal location and gateway.