South Africa, Bulgaria bolster business ties

The South African Department of Trade, Industry and Competition (DTIC) is today hosting South Africa – Bulgaria Business Forum as part of activities during the official Bulgarian working visit to South Africa.

Business leaders from both nations attend the meeting to discuss potential areas of collaboration.

According to the head of the Department of Trade, Industry and Competition Minister Ebrahim Patel, bilateral commerce between South Africa and Bulgaria has increased steadily over time, particularly in the last year, when a large increase was seen.

‘Imports from Bulgaria to South Africa amounted to R4 billion and exports from South Africa sat at R2 billion,” Patel said.

According to Patel, South Africa’s commitment to combating climate change is opening up new chances for the green energy industry. In this sense, the government wants to see more commercial partnerships and closer working relationships with their counterparts in Bulgaria.

“As the South African government, we would like to forge partnership with Bulgaria,” he said.

Patel said trade numbers are still modest, leaving enormous opportunity to expand.

“This requires that we find ways of exporting more products to the growing market in Bulgaria,” he said.

Hristo Alexiev, the deputy prime minister of Bulgaria, claimed that the country’s automobile industry is thriving and presently accounts for 11% of GDP.

According to Alexiev, Bulgaria is interested in looking into cooperative ventures with South Africa.

“Bulgaria considers South Africa as a gateway to the rest of the African continental market due to its strategic position, therefore, cooperation with South Africa is critical for us in Bulgaria,” he said.

The Business Forum is held in conjunction with Rumen Radev, the president of Bulgaria,’s official two-day visit to South Africa.

Businesspeople from Bulgaria are attending the business forum with President Radev and interacting with their South African counterparts.