Bulgaria’s Defense Companies Regain Lost Ground in India – Commercial Attach?Business | July 20, 2015, Monday // 14:56| views
Stefan Ionkov, photo by the Bulgarian Chamber of Commerce and Industry
Bulgaria’s defense industry is regaining lost ground in India, one of the traditional markets over the past 40 years, according to Stefan Ionkov, Head of Bulgaria’s Commercial & Economic Affairs Office in Delhi.
Ionkov informs in an interview for Standard daily that Bulgarian state-owned arms trader Kintex is working actively on contracts launched during the visit of the Bulgarian government delegation in April.
He says that the value, scope, and time frame of these contracts far exceed previous export contracts for special products between Bulgaria and India.
In his words, apart from Kintex, arms-maker Arsenal is also stepping up its presence in India, planning to open an office in Delhi.
Ionkov argues that the planned export projects of the defense industry far exceed the total volume of trade between Bulgaria and India, at USD 218 M in 2014.
According to statistics available on the website of Bulgaria’s Economy Ministry, as cited by investor.bg, Bulgaria’s top export items include instruments and apparatus for physical or chemical analysis (22% of the total export), feed additives, and aluminum waste.
At the same time, Bulgaria’s top import items from India include heterocyclic compounds with nitrogen hetero-atom(s) only (17,4% of the total import) and raw tobacco (5.5%).
Defense products are not included in statistics of the Economy Ministry because this segment of trade is considered sensitive.
Ionkov also informs that a large portion of Bulgaria’s import to India is sold via Indian companies registered in Singapore.
He points out that India plans a large-scale investment in a hi-tech park in the southeastern village of Rosen, Sozopol Municipality.
Ionkov says that Manali Group is interested in buying Plovdiv-based metallurgic plant Helios Metal for reinforcing steel bars.