Sat, Nov 21 2009

Bulgaria's President Purvanov calls for increased Korean investment

Tue, Oct 27 2009 11:19 CET byNick Iliev 588 Views
Bulgaria's President Purvanov calls for increased Korean investment

Bulgarian President Georgi Purvanov, at a meeting with South Korea's four major business associations, has called for stronger economic co-operation with South Korea, Bulgarian news agency BTA said on October 27 2009.

Purvanov's official visit to Korea was scheduled to end on October 27, following an official lunch hosted by the Korean industrial federation, the small and medium business federation, the Korean chamber of commerce and the Korean association of international trade.

Purvanov emphasised the need for trade between the two countries to be improved as it is "severely lagging behind" diplomatic relations.

In 2008, bilateral trade between Bulgaria and South Korea added up to $150 million, where Korean investments for the period 1996-2008 amounted to only $80 million, which is "far below the actual potential of our mutual capabilities," Purvanov said.

Korea ought to take advantage of the business environment in Bulgaria, according to Purvanov, "which offers the most attractive conditions for direct foreign investments anywhere in the European Union at the moment".

"This was the case under the previous two cabinets, and this is certainly the case under Bulgaria's new Cabinet as well," Purvanov said.

"Bulgaria was not as affected by the global economic downturn as some other countries, the banking and financial systems are sound, and will continue to remain so," he said.

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