KARACHI: Ambassador of the Republic of Bulgaria Irena Gancheva has said that as Bulgaria and Pakistan celebrate the 60th anniversary of their diplomatic relations this year, it is the ideal time for both nations to move forward and explore new avenues of collaboration, particularly in the fields of economy and trade.
Speaking at a meeting of Karachi Chamber of Commerce & Industry (KCCI), she said that the two countries already have a formal bilateral mechanism at the government-to-government level in the form of the Joint Inter-Governmental Commission for Economic Cooperation.
Established in 2015, the Commission held its inaugural session in Sofia and the second session in Islamabad in 2019, while the third session is expected to take place in Bulgaria next year, she added while hoping that Pakistani business representatives would actively participate alongside government officials in the Commission’s upcoming session.
Bulgarian Ambassador emphasised the importance of holding a Business-to-Business (B2B) forum on the sidelines of third session of Inter-Governmental Commission, noting that direct interaction with Bulgarian enterprises would help identify specific areas of mutual economic interest. She added that further details would be shared once both sides finalize the schedule and encouraged Pakistani businesses to plan their participation in advance.
She underscored the importance Bulgaria attaches to exchanging ideas on ways to strengthen bilateral trade and economic cooperation. “This is a vital part of our engagement, and we therefore highly value interactions with the Karachi Chamber,” she remarked.
The Bulgarian Ambassador, who has been posted in Pakistan for the past four years, stated, “I have always considered it essential to maintain direct dialogue with the business community, particularly in Karachi, which is Pakistan’s largest city and a major port and commercial hub. We must maintain this outreach to your city and your business community.”
She noted that Bulgaria is not as widely recognised among European Union member states in Pakistan, which is why such engagements are important. “I am here to provide you with more information and motivate you to explore opportunities for trade and business with Bulgaria,” she said.
Giving an overview of her country, she shared that Bulgaria, with a population of 6.4 million, is smaller in size but strategically located, offering access to the European market as an EU member state and serving as a bridge between Europe, Asia, and the Middle East. She highlighted that Bulgaria shares a border with Turkey, one of Pakistan’s priority partners. “Pakistani businesspeople travel to Turkey frequently. Bulgaria is just next door, only a one hour and fifty minutes flight from Istanbul to Sofia, and one can even drive between the two cities”, she explained.
She noted that Bulgaria produces 90 percent of the parts used in European automobiles and has long-standing strengths in agriculture, engineering, pharmaceuticals, renewable energy, and various manufacturing industries.
President KCCI Rehan Hanif, while warmly welcoming the Bulgarian Envoy, stated that the Ambassador’s visit presented an excellent opportunity to further strengthen economic relations between Pakistan and Bulgaria.
He said that Pakistan and Bulgaria have long enjoyed friendly ties rooted in mutual respect, shared aspirations, and a collective desire to enhance cooperation across multiple sectors. Despite the geographical distance, both nations possess substantial untapped potential for expanding bilateral trade, investment, cultural exchanges, and people-to-people linkages.
Highlighting KCCI’s role, President KCCI explained that while the Chamber actively promotes domestic trade, it also places strong emphasis on fostering international commercial cooperation by encouraging its members to explore new markets and export avenues. He reaffirmed KCCI’s firm belief in global partnerships and expressed keen interest in expanding cooperation in key sectors such as information technology, agriculture, food processing, pharmaceuticals, textiles, tourism, logistics, energy, and renewable technologies. He further underscored the promising prospects for joint ventures, technology transfer, vocational training, and enhanced SME-to-SME collaboration between the private sectors of both nations.
President KCCI also highlighted that Pakistan offers a diverse portfolio of exportable products suitable for the Bulgarian market, including textiles and apparel, fashion-wear, home textiles, denim, towels, leather goods, agro-based products, as well as globally recognized expertise in sports goods, surgical instruments, IT services, software development, furniture, and handicrafts. These sectors, he emphasised, hold significant potential for deeper trade cooperation and mutually rewarding economic engagement.
He added that Karachi, Pakistan’s commercial and industrial capital, contributes a substantial share to the national economy in terms of manufacturing, trade, and services, making KCCI an active and influential platform committed to fostering productive international partnerships.
Senior Vice President KCCI Muhammad Raza, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Ahsan Arshad Sheikh, Former President Majyd Aziz, Former Vice Presidents Haris Agar and Tanveer Barry, and Members of the KCCI Executive Committee were also present on the occasion.
Copyright Business Recorder, 2025
