Bulgarian Business to Stress Stability of Economic Relations in Japan

The top-level Japanese business delegation was welcomed in July 2010 in Sofia by the Bulgarian Chamber of Commerce and Industry. Photo by BCCI

The delegation of the Bulgarian Chamber of Commerce and Industry (BCCI) accompanying Bulgarian PM Borisov on a Japan visit will emphasize the stability and deepening of bilateral investment and business relations.

Bulgarian Prime Minister Boyko Borisov set out Friday together with a government and business delegation on a four-day working visit to Japan (January 21-26, 2011).

In a statement dedicated to the Bulgarian business delegation to Japan, the BCCI states Japan is increasingly interested in expanding its economic ties with the EU, an aspiration partly influenced by the recently concluded Free Trade Agreement between the EU and South Korea.

The BCCI reminds the July 2010 visit in Sofia of a delegation of Nippon Keidanren, the Japan Business Federation organized by the Chamber as an indicator of the yet better times to come for Bulgarian-Japanese economic relations.

BCCI head Tsvetan Simeonov has declared that the Bulgarian business sector will seek to draw Japanese investments, which are "sustainable and permanent", and stand a potential to improve the competitiveness of the Bulgarian economy in Europe and globally.

The BCCI says the work of its Bulgarian-Japanese Business Council is gaining ground, praising Japan's role as a foreign investor in Bulgaria even before the latter joined the EU.

The Chamber will sign an updated agreement with the Japan Commercial Arbitration Association as a measure to achieve "higher stability" in the bilateral business relations as the existing agreement is from 1961. The BCCI points out that even back in the days of the planned economy (when it was a state organization) it did exert efforts to attract Japanese investments.

"It's very important for us that the Bulgarian state also appreciates Japan's potential as a trading partner. In the part ministers of economy and trade have chair the Bulgarian-Japanese Business Council. We are glad that the current Cabinet is understanding of its importance. The current chairmanship of Economy Minister Traicho Traikov, who supports all initiatives of the Council, is very fruitful," Simeonov declared.

"We believe that if we succeed in adding Japanese management and discipline to the Bulgaria love for hard work, we will be very competitive in the EU," he said.

In addition those Bulgarian products, which are already well-established on the Japanese market such as Bulgarian yogurt and rose oil, the BCCI says it will seek to boost the popularity of Bulgarian food products in Japan, which already has a substantial share in Bulgarian exports to the Far East country.

The BCCI also plans to help Bulgarian tourism companies adapt its tourist products to meet the high criteria of the Japanese market.

The Chamber hopes to see more Japanese companies participate in the fairs and expos that it organizes, especially with respect to bio and eco products.

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