Islamabad;The 2nd Session of Pakistan–Bulgaria Inter-Governmental Commission (IGC) was held in Islamabad on May 20-21, 2019. Mr. Noor Ahmed, Secretary, Economic Affairs Division and Mrs. Liliya Ivanova, Deputy Minister of Economy of Bulgaria led their respective delegations. The IGC focused discussions on enhancing trade, economic cooperation in ICT, agriculture, livestock, tourism, culture, maritime and railways sectors.
Both sides agreed to work together for promotion of bilateral trade and investment. Bulgarian side agreed to facilitate the export of Pakistani citrus fruit, mango, rice, raw cotton, dates, fruits and marble to Bulgaria and other countries of Eastern Europe, while Pakistan would facilitate export of Bulgarian products in Pakistan and third countries. Both sides also agreed to encourage their businessmen for participation in trade fairs & exhibition and to endeavor for establishment of joint ventures in automotive, engineering and food processing.
On the conclusion of the IGC, an Agreement on Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income was also signed by the Director General, FBR and Deputy Minister of Economy, Republic of Bulgaria. Representatives of various Ministries/ Organizations including Commerce, Information Technology, Railways, Maritime Affairs and National Food Security participated in the Session.
During her stay in Pakistan, Mrs. Liliya Ivanova called on the Minister of National Food Security & Research and Advisor to the Prime Minister on Commerce & Textile and Investment. Mr. Noor Ahmed, Secretary, Economic Affairs Division in his concluding remarks, expressed that both the countries will continue to strengthen economic and trade relations in future for mutual benefit of two countries. The Bulgarian Deputy Minister of Economy also reciprocated the spirit of friendship, cooperation and assured that Bulgaria will enhance cooperation with Pakistan in the identified areas.
On 20 May, while welcoming the Bulgarian delegation Advisor to the Prime Minister on Commerce Abdul Razak Dawood said that current government doing all the possible measures to facilitate investors in various sectors of economy to attract more investments in the country. “Government is fully committed to introduce more business friendly reforms in the country to attract more investments” he added. The Bulgarian delegation led by the Deputy Minister of Economy Liliya Ivanova called on the Advisor to the Prime Minister on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood here in Ministry of Commerce.
Both sides agreed that the current trade volume between the two countries is far below than the actual potential. So there is a lot for enhancing trade and economic relations between the two. Advisor said that the ease of doing business reforms is the top most priority of the government and this is the right time to invest in various sectors of economy in Pakistan. While speaking to the delegation Mr. Dawood extended invitation for Bulgarian investors to come and invest in Pakistan especially in the areas of automobiles, engineering and agriculture. Advisor stressed on the need to enhance Pakistan’s exports of citrus fruits, mango, rice and raw cotton, surgical equipments and handicrafts to the Bulgarian market.
Deputy Minister of Economy appreciated the current government’s efforts to introduce business friendly policies in the Pakistan which will facilitate the investors. She said in agriculture sector it is also important to establish linkages between relevant institutions for livestock breeding, joint ventures in food processing, research and development. “Cooperation in Tourism, Information Technology, Education, Maritime and Aviation sectors will also be explored during the Inter-Governmental Commission session” she added. Advisor thanked the delegation and extended government’s full cooperation and support to facilitate Bulgarian investors and enhancing bilateral trade and economic relations between the two countries.
H.E. Ms. Liliya Ivanove, Deputy Minister of Economy of the republic of Bulgaria along with Bulgarian Ambassador H.E. Mr Roumen Pirontchev called on the Hon’ble Minister for NFS&R Sahibzada Mehboob Sultan in Islamabad . Bulgaria is a member of the European Union, NATO, and the Council of Europe; it is a founding state of the Organization for Security and Co-operation in Europe (OSCE) and has taken a seat on the UN Security Council three times. Its market economy is part of the European Single Market and mostly relies on services; followed by industry—especially machine building and mining—and agriculture. Agricultural cooperation is included in the agenda of the 2nd meeting of Pak-Bulgaria Inter-Ministerial Commission (IGC) being hosted by Pakistan on 20-21 May, 2019 at Islamabad. Major areas of cooperation include livestock and buffalo breeding, food processing, food safety and Phyto-sanitary measures.
Federal Minister Mehboob Sultan said that it is a pleasure to learn agriculture is also included in the agenda of the IGC Session and we are hopeful that our technical experts would come up with agreed points for our joint endeavors in the field of agriculture. Federal Minister said that Pakistan is world’s fifth largest milk producing country in the world and since Bulgaria has developed its strength in various areas of agriculture including livestock and animal breeding and both countries could mutually benefit in this sector. He added that our Government is focusing on this sector.
Our Government in collaboration with our Provincial Governments is planning to focus areas including enhancing production of crops, livestock, and fisheries and also improving water management. Ms. Ivanove said that Bulgaria is looking forward extensive cooperation in the field of agriculture with Pakistan including sustainable export of cotton and rice from Pakistan to Bulgaria. The Ambassador of Bulgaria offered cooperation in the field of animal’s medicines of which Bulgaria is quite famous for. It is worth mentioning that Pakistan exports cotton fabrics, synthetic fabric, chemical materials & products, sports goods and toys to Bulgaria. Federal Minister Mehboob Sultan said that two sides will follow up cooperation in the areas being identified during the IGC session.
