As Economic Counsellor I am focused on fostering the economic cooperation between Korea and Bulgaria in its various aspects – investment, bilateral trade, joint economic initiatives, etc. I am getting acquainted in deep with the business climate in Bulgaria, with both its constraints and advantages, in order to most effectively bridge Korean investors and Bulgarian investment opportunities.  

Well, I am still a newcomer to Bulgaria – I arrived less than two months ago so after the contact-making period I expect the challenges are yet to come.

I am closely following the economic policy of the Bulgarian government, as well as the measures undertaken to encourage foreign investments. I come to understand that Bulgaria offers favourable environment for investment and they are already enacted in the legislation, e.g. the Investment Encouragement Act. It is quite satisfying that Bulgaria is advancing in strengthening the market economy and stimulating competition so these processes should be promoted actively.

Some of the most important incentives are in place in Bulgaria – you have the lowest corporate tax in the EU, the flat income tax, and, as a member of the EU and a Black sea country Bulgaria can be considered as the gate to the European market. Bulgarian society is rapidly embracing hi-tech consumer goods and IT products, so this is one of the targets of Korean investors, who offer very competitive and quality products. Beside that, there is Korean interest expressed about the modernization of various infrastructure in Bulgaria – roads, railways, ports, social infrastructure, etc. 

Maybe the pharmaceutical industry, the food industry. Korean society has a strong aspiration for healthy life and is very open to diversity.

Information is very important. The positive changes, the results of various reforms, the success stories should be widely spread and promoted so that Bulgaria becomes more familiar and attractive to new investors. What is more, red tape should be further minimized.

My initial experience shows that government officials are cooperative and open to dialogue. This kind of support is available. However, support in the sense of guidance can be improved because some initiatives need to pass a very complex administrative procedure to be realized successfully. 

 

I expect a positive change. The FTA is already signed and it provides numerous alleviations to stimulate bilateral trade and investment such as removal of duties and restrictions. I believe the FTA is a new page in the relations between Korea and the EU, and Korea and Bulgaria in particular, so it must be an incentive for a mutually beneficial dynamic cooperation. 

Yes, culture defines the basic approach to others and to the world. In the globalizing world of today diversity of cultures is a resource and not an obstacle. Even in business and politics knowing the specific culture of your partners is the key to successful communication and cooperation.