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Pakistan and Bulgaria have agreed to expand their bilateral economic relations

ISLAMABAD, Oct 03: Pakistan and Bulgaria agreed on Sunday to expand bilateral economic cooperation in a variety of fields, with the goal of attracting investment in both countries’ promising regions.

According to a news statement published by the Board of Investment (BOI) here, the two nations have decided to start a proposal for investment in various prospective areas such as information technology (IT), food processing, and tourism.

Ms. Fareena Mazhar, Secretary Board of Investment (BOI), met with Bulgarian Ambassador to Pakistan, Ms. Irena Gancheva, at her office to discuss various areas of economic and investment cooperation.

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Furthermore, the Bulgarian ambassador stated that there are several prospects and potential for mutual investment between the two nations.

From an investment standpoint, the ambassador showed particular interest in Pakistan’s IT industry, emphasising the importance of Pakistan’s strategic location as a gateway to the Asian market.

She went on to say that Bulgaria has a border with Turkey, making it the first European Union country in terms of geographic proximity to Asia, and that it might serve as a gateway to the European market for Pakistani goods.

Food processing, especially yoghurt and cheese production, is a Bulgarian expertise, according to the ambassador, and it would be a good industry to engage in in Pakistan.

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She stated that an MoU was signed between the Invest Bulgaria Agency and the Board of Investment, which must be fully executed.

While Secretary BOI apprised the ambassador on regulatory reforms being introduced by the Board of Investment that have been making the business climate of Pakistan immensely investor friendly.

She further shared that the COVID situation in Pakistan has been improving and the government has handled the pandemic efficiently, making it easy for foreign investors to visit and safely stay in Pakistan.

Elaborating on priority areas of investment, Ms. Fareena said that the Pakistan government is encouraging investment in value-added textiles and food processing sector.

The Secretary assured that a virtual meeting between the Board of Investment and its Bulgarian counterpart: Invest Bulgaria Agency will be organized by end of this month to rejuvenate the MoU and further explore possible areas of cooperation.



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