This article covers trade and economic relations between India and Bulgaria: annual trade figures, the main goods traded, the Joint Commission, economic agreements and the tourism links described in the brief. It is based on the MEA brief of April 2020 published by India's Ministry of External Affairs. The figures describe the position at that time.

Overview

According to the MEA brief of April 2020, bilateral trade between India and Bulgaria "is on the rise", but there is "a lot of scope for expanding the trade basket". The brief identifies complementarities in IT, biotechnology, agriculture, the food processing industry, hospitality and entertainment.

Trade figures

The brief gives the following figures for India's trade with Bulgaria, from the Ministry of Commerce and Industry, New Delhi, in millions of US dollars:

  • 2013-2014: India's exports US$ 168.10 million, imports US$ 93.65 million, total trade US$ 261.75 million.
  • 2014-2015: exports US$ 266.45 million, imports US$ 103.66 million, total trade US$ 370.11 million.
  • 2015-2016: exports US$ 145.53 million, imports US$ 93.72 million, total trade US$ 239.26 million.
  • 2016-2017: exports US$ 239.53 million, imports US$ 182.22 million, total trade US$ 421.75 million.
  • 2017-2018: exports US$ 173.24 million, imports US$ 141.94 million, total trade US$ 315.18 million.
  • 2018-2019: exports US$ 212.43 million, imports US$ 125.66 million, total trade US$ 338.09 million.
  • 2019-2020 (up to January 2020): exports US$ 134.88 million, imports US$ 127.41 million, total trade US$ 262.29 million.

These figures are as of the brief. Readers who need later data should consult the Ministry of Commerce and Industry.

Main items traded

Major items of Indian exports to Bulgaria, as listed in the brief, are organic chemicals, unmanufactured tobacco, medicaments, electric parts, wool, paving blocks, slabs and bricks, polymers of propylene and ferro-alloys.

Major items of Bulgarian exports to India are laboratory instruments and apparatus, animal feeding preparations, kraft paper, radio-broadcasting apparatus, aluminium waste and scrap, machinery for working rubber or plastics, copper waste and scrap, and engines and motors.

Joint Commission and business forums

Bulgarian Economy and Energy Minister Delyan Dobrev visited India in October 2012 for the 17th Joint Commission Meeting (JCM). Bulgarian Deputy Minister of Economy Mr. Alexander Manolev visited in March 2018 for the 18th Session of the Joint Commission Meeting, held in New Delhi on 6 March 2018, and to take part in the 4th edition of the "India-Europe 29 Business Forum" (IE29BF).

The brief also records that Ms. Mariyana Nikolova, Deputy Prime Minister for Economic and Demographic Policy, led a Bulgarian delegation to the 5th edition of the India Europe 29 Business Forum in New Delhi.

Textiles

Minister of State for Textiles Shri Ajay Tamta visited Bulgaria on 8-11 May 2018. In his meeting with the Bulgarian Minister of Economy, the two sides reviewed possibilities for strengthening bilateral trade and economic cooperation. According to the brief, they explored collaboration in textiles, including joint production and the sourcing of cotton, silk and raw materials from India.

Economic agreements

Among the agreements the brief lists between the two countries, those relating to the economy are:

  • Avoidance of Double Taxation
  • Bilateral Investment Promotion and Protection Agreement
  • Protocol for Amending the Agreement for the Promotion and Protection of Investment
  • Economic Cooperation
  • Small and Medium-Sized Enterprises Development
  • Tourism

An MoU on investment was among the documents signed during the President of India's State Visit in September 2018.

Tourism and film production

The brief describes tourism as an area which "holds prospects for both the countries". Bulgarian Tourism Minister Nikolina Angelkova visited India in November 2015.

According to the brief, Bulgaria has become a destination for the Indian film industry, and Indian films have helped to make Bulgaria known as a tourist destination among the Indian public. The productions it names include:

  • "Godfather", for which Member of Parliament and film actor Shri Vinod Khanna visited Bulgaria in July 2006
  • "Bahubali"
  • "Dilwale", starring Shah Rukh Khan and Kajol
  • Ajay Devgan's "Shivaay"
  • the Telugu film "Aganathavasi"
  • "Bhramastra", starring Amitabh Bachchan, Ranbeer Kapoor and Alia Bhatt

The adventure-based television reality show "Khatron Ke Khiladi" was shot in Sofia in August and September 2019.

The brief states that film director Rohit Shetty and his team have been instrumental in bringing several Bollywood productions to Bulgaria. He took part in the Embassy's flag hoisting function on Independence Day and was one of the recipients of Certificates of Appreciation awarded to stakeholders who had helped take the India-Bulgaria relationship forward.