Pakistan, Bulgaria agree to enhance economic ties

APP News Agency

04th Oct, 2021. 11:02 am

ISLAMABAD: Pakistan and Bulgaria have agreed to enhance bilateral economic cooperation in different sectors and intend to ensure investment in different potential areas of both sides.

Both the countries agreed to initiate the proposal for the investment in different potential areas, including information technology (IT), food processing and tourism sectors for investment, a statement issued by the Board of Investment (BoI) said.

Board of Investment secretary Fareena Mazhar received Bulgarian Ambassador to Pakistan Irena Gancheva in her office to discuss the different areas of cooperation, including economy and investment.

The Bulgarian ambassador also highlighted that there are a lot of opportunities and potential in terms of mutual investments between the two countries.

She expressed special interest in Pakistan’s IT sector from the investment’s point of view and underscored the significance of Pakistan’s strategic location as a gateway to the Asian market.

She also said Bulgaria shares its border with Turkey, making it the first country of the European Union in terms of its geographical location with respect to Asia and it can serve as a gateway to the European market for Pakistani products.

The ambassador shared that food processing specifically yogurt and cheese manufacturing were Bulgaria’s areas of specialty and it would be a favourable sector to invest in Pakistan.

The Invest Bulgaria Agency and the Board of Investment also signed a memorandum of understanding, which needs to be implemented with full force, she said.

The BoI secretary apprised the ambassador on the regulatory reforms being introduced by the Board of Investment that have been making the business climate of Pakistan immensely investor-friendly.

She also said the Covid situation in Pakistan has been improving and the government has handled the pandemic efficiently, making it easy for the foreign investors to visit and safely stay in Pakistan.

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

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

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