In a bid to strengthen economic cooperation and foster collaborative exchanges, South Korea proposed the signing of a bilateral Trade and Investment Promotion Framework (TIPF) agreement with Bulgaria. The proposal was made by South Korea’s Trade Minister Ahn Duk-geun during a meeting with Bogdan Bogdanov, Bulgaria’s economic and industry minister, in Seoul.
The TIPF, a nonbinding agreement, is designed to elevate economic ties and facilitate cooperative exchanges between nations. South Korea already has TIPF agreements with eight countries, including the United Arab Emirates, Dominican Republic, and Hungary. This proposed agreement aims to deepen the economic relationship between South Korea and Bulgaria.
Ahn Duk-geun emphasized the importance of stronger bilateral cooperation on supply chains, particularly in major industries and advanced sectors such as nuclear power generation, hydrogen, and bio fields. The South Korean Trade Minister expressed optimism about the potential benefits that could arise from collaborative efforts in these areas.
During the meeting, Minister Ahn also extended an invitation for Bulgaria to participate in the South Korea-led initiative known as the “Carbon Free Alliance.” This initiative advocates for the active adoption of nuclear power and green hydrogen as future energy sources to achieve carbon emission goals. By involving Bulgaria in this alliance, South Korea aims to foster global cooperation in the transition towards sustainable and eco-friendly energy solutions.
The proposed TIPF agreement is expected to open avenues for increased trade and investment between South Korea and Bulgaria, fostering economic growth and technological advancements in both nations. The cooperative efforts in various industries and the shared commitment to environmentally friendly energy sources align with the broader global agenda of addressing climate change and promoting sustainable development.
Bulgaria’s economic and industry minister, Bogdan Bogdanov, welcomed the proposal and expressed eagerness to explore enhanced economic ties with South Korea. The potential collaboration between the two nations holds promise for mutual economic benefits and further strengthens diplomatic relations in the global landscape.
As both countries move forward with discussions on the proposed agreement, the potential for a robust economic partnership between South Korea and Bulgaria continues to unfold, marking a significant step towards greater international collaboration and shared prosperity.
(Source: DT Next | Yonhap News Agency)
