Russian Companies Interested in Building Hydraulic Structures in Bulgaria – Ambassador Isakov

Business | January 26, 2015, Monday // 20:16|  views

Russia's Ambassador to Bulgaria Yuriy Isakov, photo by BGNES

Russia's Ambassador to Bulgaria Yuriy Isakov has emphasized the need for innovative approaches to developing economic and trade relations between the two countries.

Isakov met Monday with Bulgaria’s Economy Minister Bozhidar Lukarski.

Isakov, as cited by the press office of the Economy Ministry, informed that there had been a decrease by around 10% in trade between the two countries to a level of USD 4.2 B in the first ten months of 2014.

Russia's Ambassador to Bulgaria noted that bilateral trade was still characterized by an imbalance, with Bulgaria’s exports to Russia amounting to around USD 500 M.

He suggested that one way of reducing the imbalance was to strengthen trade relations with Russian regions.

To illustrate his point, Isakov mentioned a newly launched shop for Bulgarian cosmetic products in Saint Petersburg, adding that it was enjoying great success.

As regards investment partnership, he reminded that the Lukoil Neftochim refinery in Burgas, owned by Russian oil giant Lukoil, was one of the biggest taxpayers in Bulgaria.

He informed that a number of Russian companies had expressed interest in building hydraulic structures, adding that Zarubezhvodstroy had signed a contract for a facility in Madan and Rudozem.

Isakov went on to say that there was also great potential for bilateral cooperation in the spheres of small and medium-sized enterprises and the processing industry.

Lukarski expressed regret over the decrease in bilateral trade, stressing that the two countries could achieve better results, regardless of the suspension of major joint energy projects.

Bulgaria’s Economy Minister backed the idea for exploring new forms of cooperation, adding that well-developed relations in the spheres of wine production, the food industry, pharmaceuticals, real estate, and tourism were not to be neglected.
Isakov and Lukarski agreed to appoint a Bulgarian Co-Chair of the Russian–Bulgarian Commission for Commercial, Economic, Scientific and Technical Cooperation soon, with the next sitting of the committee scheduled to take place in the first half of 2015 in Sofia.

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Tags: Yuriy Isakov, Russian Ambassador, Lukoil Neftochim, oil refinery, bilateral trade, bozhidar lukarski, Economy Minister


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