Economy, Domestic Economy

Private Sectors Broaden Trade With Bulgaria

Private Sectors Broaden Trade With Bulgaria
Private Sectors Broaden Trade With Bulgaria

Vice president of International Affairs at Iran Chamber of Commerce, Industries, Mines and Agriculture highlighted the economic strengths of Iran and Bulgaria.

In a meeting with the director of Asia, Africa, America and Australia Directorate of Foreign Economic Policy of the Ministry of Economy, Energy and Tourism of Bulgaria, both parties underlined the role of private sector in broadening bilateral trade as a prerequisite to the development of sustainable cooperation. They called for exchanging more trade delegations between the two countries.

According to Eghtesad News, Ali Akbar Farazi cited the establishment of Iran-Bulgaria Chamber of Commerce at the ICCIMA as an effective measure to boost bilateral cooperation. He also suggested creating a Bulgaria-Iran trade council.

Describing the economy as “buoyant”, the Bulgarian side said per capita income had a 1.4% growth in the country between 2013 and 2014.

Trade between Iran and Bulgaria stood at $126 million last Iranian year (March 21, 2014 – March 20, 2015), including $30 million worth of exports to Bulgaria and $96 million worth of imports.

The main imported commodities from Bulgaria include superphosphates, machinery to prepare or alter tobacco, metallurgy equipment such as casting machinery, racing horses, machinery parts, cosmetic and skin-care products, gantry cranes, dental material, wheels for minibuses and pickup trucks, plastic used for pipes and hoses, wallpapers, ball bearings, flasks, tensile testing machinery, gear boxes, dentistry equipment and medical devices.

Furthermore, urea, polystyrene, home appliances and detergents, glassware, earthenware, calcium carbonate, marble, flooring, milking machines, as well as edibles, including dates, seedless grapes, dried grapes, watermelons, salt, tomato sauce, kiwi, dried apricots, apple juice, pumpkins and green peppers, were among the goods exported to Bulgaria.  

In 2013, 2012 and 2011, Iran imported $25 million, $10 million and $79 million worth of goods to Bulgaria, while exporting $5 million, $7 million and over $10.5 million respectively.