Business Mission- ENTERPRISE GREECE ACCI SEV and SEVE in Bulgaria

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NEWS enPress Releases enBusiness Mission- ENTERPRISE GREECE ACCI SEV and SEVE in Bulgaria

Athens, 07 October 2024 – Significant opportunities in key sectors of the Greek economy were highlighted by the business mission to Bulgaria organized by Enterprise Greece, ACCI, SEV, and SEVE, in cooperation with the Bulgarian Chamber of Commerce and Industry, and the OEY Office of the Embassy of Greece in Sofia, from Wednesday, October 2 to Friday, October 4, 2024.

On Thursday, October 3, 2024, a Business Forum was held at the building of the Bulgarian Chamber of Commerce and Industry, where 15 Greek companies from the sectors of food/beverages, energy, construction/building materials, real estate/tourism, and technology participated. Within the framework of the Business Forum, almost 150 meetings of Greek and Bulgarian companies were held. On the first day of the visit, Wednesday, October 2, 2024, the Embassy of Greece in Sofia hosted a reception at the Ambassador’s Residence in honor of the members of the Delegation.

Bulgaria’s economy is a middle-income economy, with its currency pegged to the euro and awaiting joining the eurozone. The country joined the Schengen zone in March 2024. Although global challenges and some domestic challenges have led to a decline in exports, the contribution of EU structural funds has played a crucial role in the recovery of investment. The purchasing power of its population has been increasing in recent years, reaching €214.061 billion. dollars in 2023, ranking the country 75th globally. The outlook remains positive for its economy, which is geared towards further modernization.

At the Business Forum on Thursday, October 3rd, Ms. Sofia Kounenaki Efraimoglou, President of ACCI, stated that: “Bulgaria has emerged in recent years as an important strategic and economic partner of Greece. The geographical proximity, the common European framework, but also the historical ties of friendship, provide us with the ideal background for deepening our cooperation. Greek companies operating in Bulgaria are a shining example of this cooperation with an annual turnover of €4 billion. euro. Greek entrepreneurs have found in Bulgaria a favorable growth environment, taking advantage of the possibilities provided by the Bulgarian market. The energy, construction, logistics, technology and services sectors are at the heart of this business partnership, creating significant investment opportunities.

On this strong foundation, we can develop new, fruitful business partnerships, leveraging complementary resources and advantages. Sectors such as branded food and beverages, pharmaceuticals and cosmetics, mechanical and electronic equipment, building materials, chemicals, and environmental technologies have excellent potential for mutually beneficial collaborations. We also have a bright field of cooperation in terms of supporting start-ups, which act as an accelerator of innovation and growth for the whole economy. We already have experience cooperating with the Chamber and the University of Ruse, Bulgaria, in the framework of the cross-border Gazelle project, which was implemented with excellent results. I believe that we can seek new partnerships in this area, for the benefit of our ecosystems and economies. As ACCI, we continue to work systematically to expand cooperation and strengthen trade ties between Greece and Bulgaria.”

Mrs. Betty Alexandropoulou, Member of the Board of Directors of Enterprise Greece, presented to the representatives of the attending Bulgarian companies Greece’s investment proposal. In her speech, she focused on recent macroeconomic data, the reforms that have been implemented to create an attractive and dynamic business environment, as well as the entry of internationally recognized groups in the country. In addition, he presented the available financial tools and investment incentives offered by Greece. Alexandropoulou said: “Bulgaria is Greece’s most important economic and trade partner in Southeast Europe and one of our leading partners worldwide. Our geographical proximity, the extensive presence of Greek businesses in Bulgaria, the growing tourist exchanges, and the reputation of Greek products have played an important role in strengthening our economic and commercial ties. These deep-rooted relationships allow us to upgrade our cooperation in new areas as well.”

Ms. Vicky Makrigianni, Director of International Relations and Regional Development at SEV, stated “The proximity and traditionally good relations between Greece and Bulgaria are a cornerstone for the further development of our bilateral trade relations in many sectors of the Greek economy. Despite the presence of many Greek companies and the enhanced bilateral trade, opportunities continue to exist in branded and quality products of the food and beverage sector, pharmaceuticals-cosmetics and medical equipment, machinery and components (mechanical and electronic-electrical equipment), chemical products, construction and construction materials, as well as environmental technologies. The cultural and geographical proximity (low transport costs), the good name that Greek products have acquired in the country in recent years, as well as the increasing purchasing power of Bulgarian consumers, make Bulgaria a promising market for Greek exporters.

Mr. Panagiotis Chasapis, Executive Vice-President of SEVE – Exporters’ Association, stated that: The historically close trade cooperation between Greece and Bulgaria has seen additional rapid growth in recent years, with the total value of bilateral trade almost doubling from 2019 to 2023, reaching about 3% of Greek GDP. Despite progress, trade between the two countries has further room for improvement due to its potential. Because of the deep, we stress that the most important problem lies in poor transport infrastructure, such as aging railway lines and delays at borders, which affects the speed and cost of trade. Obstacles to trade flourishing will be alleviated by upgrading rail links and developing more efficient border links. Examples of investments include the modernization of the Thessaloniki-Sofia railway line, while a positive development is the commissioning of the Greece-Bulgaria gas interconnector, which enhances energy transmission. Finally, it is necessary to strengthen synergies and provide better information to achieve the ultimate goal of cross-border cooperation.

The mission was carried out with the support of the Federation of Industries of Thessaly & Central Greece, the Federation of Thessalian Enterprises & Industries, the Federation of Enterprises of Peloponnese and Western Greece, the Federation of Industries of Central Greece and the Federation of Industries of Attica-Piraeus.

The mission was attended by representatives from the following Greek companies:

1

AGROVIM S.A.

2

ECONERGY GREECE

3

ELEA CRETA – ELEA LAND

4

ELVIDA FOODS SA

5

G. GLENTOS SA – KIBO CABINS

6

HOBSIDO

7

KOURTIDIS GROUP OF COMPANIES

8

LOULIS FOOD INGREDIENTS S.A.

9

MATTHAIOS & SOTIRIOS NAOUMIS GP

10

MEDITERRANEAN PALACE HOTEL

11

M&N FOODS PC

12

POBUCA

13

PORTOKALLIDIS PLASTICS

14

SYSTECOM SA

15

TACHAS BROS CO