Government of Kursk region to considerably increase turnover with Bulgaria

Today, the Center of Industry of Republic of Bulgaria in Moscow hosted a presentation of the social, economic, scientific and cultural potential of Kursk region.

The event was primarily arranged to extend the trade and economic relations, to deepen cooperation within the business community, to have a close look at commercial projects, to exchange offers ensuring mutually beneficial cooperation, said Kiril Maznev, Head of the Center. “Over a decade, we saw a vacuum between Republic of Bulgaria and Kursk region – now it is time to restore our relationship and to ramp up cooperation. In Kursk region, we are interested in the consumer goods sector and the heavy industry, communications, transport, information technologies and, certainly, travelling industry, one of the most successful sectors of economy. I see today's meeting as a breakthrough in our relations,” said K. Maznev.

Kursk region is actively developing international contacts, said Svetlana Dorosh, vice-president of the External Relations Development Committee of Kursk region’s Government, welcoming representatives of the Bulgarian business circles. The geography of the region’s foreign trade activities covers almost all FSU countries and 70 countries the world over. 8 international agreements are being successfully implemented in the region. “We have long-standing relations with Republic of Bulgaria. The regional market benefits from a wide range of food commodities and industrial goods from Bulgaria: vegetables, fruit, refrigerated goods, canned vegetables, textiles, footwear. External turnover with Republic of Bulgaria is $150 thousand, which is still insignificant. Kursk region and Republic of Bulgaria have much more to offer each other. I hope that our constructive dialogue will become the first step to joint cooperation and rapprochement, underpinning the extension of the foreign trade activities,” S. Dorosh said.

Irina Taratina, first deputy head of the Economy and Development Committee of Kursk region, presented the economic and investment potential of the region. She emphasized the Government of Kursk region’s interest in attracting business entities ready to invest in the construction of new enterprises and the upgrade of existing production facilities. “We look forward to seeing foreign investors enter the region for the construction of new food processing enterprises with modern technologies, to produce goods in demand in the market. Experience shared by Bulgaria where the food processing sector is well-developed, would certainly be of help,” I. Taratina said.

In 2011, amount of investments in the capital assets of the region increased by 13 % to 1.4 billion Euro. External turnover of Kursk region increased 1.6-fold to 1.5 billion Euro in 2011. Countries outside of the CIS account for 60% of exports (815 million Euro) and 40% of imports (132 million Euro).

The foreign trade volume of Kursk region with Bulgaria reached $156.8 thousand in 2011 (exports: $47.4 thousand, imports: $109 thousand). Kursk region imported plastics articles, coffee, tea, fruit, nuts, seeds and fruits, perfumery and cosmetic products from Bulgaria. Rubber technical goods dominated Kursk region’s exports to Bulgaria.

Enterprises of Kursk region are ready to deliver prospecting and oilfield equipment, radio-measuring and low-voltage devices, bearings, rubber technical goods, conveyor belts, goods of the flour-milling industry, package with printing, confectionery goods, computing facilities, medical equipment and pharmaceuticals to the international market.

In his turn, Rusi Naidenov, head of the Business Relations and Information Department of the Center of Industry of Republic of Bulgaria in Moscow, presented the investment climate and business development possibilities in Bulgaria. He emphasized that the volume of Bulgaria’s exports to Russia had considerably increased in 2011. Bulgaria is also interested in investments, Rusi Naidenov said, adding that the investment appeal is especially high in the IT industry, the public sector, transport and travelling industry.

During the conversation, the parties discussed matters related to the further cooperation. The external turnover could be increased already in the near future, said the representatives of Bulgaria’s business community. Kursk and Bulgarian businessmen exchanged their commercial projects. K. Maznev informed that all offers and proposals provided in the meeting would be submitted to the Ministry of Economy, Power and Tourism of Republic of Bulgaria.

The Government of Kursk region invited representatives of the Bulgarian business circles to take part in the 1st Mid-Russian Economic Forum which will coincide with Kursk Korensk Trade Fair. The forum scheduled for June 15-16, 2012 is organized by the Government of Kursk region and AK&M News Agency. The Bulgarian entrepreneurs expressed their readiness to visit Kursk region during the Forum saying that it would undoubtedly contribute to the development of the trade turnover between Bulgaria and Kursk region.

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