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Pak, Bulgaria agree to further enhance trade & investment

Pak, Bulgaria agree to further enhance trade & investment

ISLAMABAD: The 2nd Session of Pakistan–Bulgaria Inter-Governmental Commission (IGC) was held in Islamabad on May 20-21, 2019. Secretary, Economic Affairs Division Noor Ahmed 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.

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.