Bulgaria and Hungary Strengthen Economic Ties

Minister of Economy and Industry Peter Dilov and Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó have reached an agreement to enhance trade and economic ties between Bulgaria and Hungary. They signed a bilateral protocol during the Third Plenary Session of the Joint Commission for Economic Cooperation, confirming the strategic partnership between the two countries.

Minister Dilov emphasized the stability of economic relations between Bulgaria and Hungary, while highlighting the opportunity for more dynamic development. He pointed to Minister Szijjártó’s presence, along with leading Hungarian companies, as a clear signal of both countries’ commitment to real, results-oriented cooperation.

He noted that bilateral trade in 2024 stood at 2.29 billion euros, with Bulgarian exports to Hungary growing by over 4%. This, he said, was not only a sign of stability but also of the potential for strategic development - reducing the trade imbalance and stimulating two-way investment in key areas.

During their meeting in Sofia, the two ministers discussed various avenues for collaboration, including infrastructure projects, innovation, sustainable energy solutions, digital transformation, and improvements to the investment climate. The discussion also covered cooperation in sectors like mechanical engineering, automotive, green technologies, information and communication technology, pharmacy, and the food industry.

Minister Dilov underscored the importance of institutional dialogue as a foundation for long-term policies, describing the Commission as a symbol of trust and strategic partnership rather than just an information exchange platform.

In addition to their economic discussions, Minister Dilov and Minister Szijjártó also opened a Bulgarian-Hungarian Business Forum that gathered representatives of over 60 prominent companies from both nations.

Further strengthening ties, a Memorandum of Cooperation in the field of sports was signed by Bulgarian Minister of Youth and Sports Ivan Peshev and Minister Szijjártó. Minister Peshev described the agreement as a demonstration of mutual trust and shared responsibility for sports development in both countries.

The memorandum outlines plans for exchanging experience between coaches, specialists, and researchers in areas such as high-performance sports, inclusive sports for students and people with disabilities, and traditional sports. It also sets out joint initiatives in sports infrastructure, seminars, conferences, educational exchanges, training camps, and friendly matches. Particular emphasis will be given to traditional sports and collaborative projects in swimming, canoeing, and handball, along with supporting each other at international sports events.