ISLAMABAD, October 03 (APP): Pakistan and Bulgaria agreed on Sunday to strengthen bilateral economic cooperation in various sectors and intend to secure investment in various potential areas on both sides.
Both countries agreed to initiate the proposal to invest in various potential areas such as information technology (IT), food processing and tourism sectors for investment, according to a press release from the Board of Investment (BOI) here.
The Secretary of the Investment Committee (BOI), Ms. Fareena Mazhar, received the Bulgarian Ambassador to Pakistan, Ms. Irena Gancheva, in her office to discuss the different areas of cooperation, economy and investment.
The Bulgarian ambassador further emphasized that there are many opportunities and potentials for mutual investment between the two countries.
The ambassador expressed particular interest in the Pakistani IT sector from an investment point of view and underlined the importance of Pakistan’s strategic location as a gateway to the Asian market.
She added that Bulgaria shares its border with Turkey, which makes it the first country in the European Union in terms of its geographic location in relation to Asia and can serve as a gateway to the European market for Pakistani products.
The ambassador said that food processing, especially yogurt and cheese production, was Bulgaria’s specialty and that it was a cheap sector to invest in Pakistan.
An MoU has been signed between the Invest Bulgaria agency and the Board of Investment, which must be implemented with full force, she said.
While Secretary BOI briefed the Ambassador on regulatory reforms introduced by the Board of Investment that have made Pakistan’s business climate immensely investor friendly.
She went on to say that the COVID situation in Pakistan has improved and the government has dealt with the pandemic efficiently, making it easy for foreign investors to visit Pakistan and stay safe.
Regarding priority investment areas, Ms. Fareena said that the Pakistani government is promoting investments in the textile and food processing sectors with added value.
The secretary assured that a virtual meeting between the Investment Committee and its Bulgarian counterpart, the Invest Bulgaria agency, will be organized by the end of this month in order to rejuvenate the MoU and further explore possible areas of cooperation.