By IANS
New Delhi : India and Bulgaria are set to expand bilateral trade and investment by signing a slew of economic agreements later in the day, Bulgarian Prime Minister Sergei Stanishev said here Wednesday as he sought closer ties with “one of the growing economic powers” in the world.
“We are back. You are welcome,” Stanishev told leading businessmen of both countries at a meeting organised by the apex chambers of commerce and industry.
“The potential of trade and investment is much bigger. More information and confidence in each other holds the key,” Stanishev said while alluding to the rather disappointing bilateral trade of $75 million between the two countries.
Stanishev, who is the first Bulgarian prime minister to visit India in nearly three decades, underlined sweeping transformation in both countries as he presented his country as a gateway to the vast European market of nearly 600 million consumers.
“Bulgaria has become an open society and a flexible economy. India is not what it used to be. India is one of the growing economic powers in the world,” said Stanishev, who is accompanied by top businessmen of his country on his week-long visit to India.
Alluding to India’s manufacturing prowess and its growing economy, minister of state for external affairs Anand Sharma called for expanding and diversifying the trade basket between the two countries.
A new agreement on economic cooperation and an updated version of bilateral investment protection agreement are expected to be signed between India and Bulgaria in the evening after prime minister Manmohan Singh holds talks with Stanishev.
Manmohan Singh is also likely to seek Bulgaria’s support, which is a member of the Nuclear Suppliers Group (NSG), for global civil nuclear cooperation during his discussions with his Bulgarian counterpart.
Bulgaria is keen to import Indian auto components, information technology and software and wants to set up joint ventures in India in the areas of food processing and construction of grain and cold storages. It is also eyeing the growing Indian market for its wines.
Bulgaria joined the European Union early this year. Its economy is growing at the rate of over 6 percent in the past few years.
India and Bulgaria have common perspectives on key global issues like the UN reforms.
Bulgaria supports India’s candidature for a permanent seat in an expanded UN Security Council. It also backed India in the elections to the Human Rights Council in May 2006 and May 2007.