0
Park Jonghan, South Korea's Deputy Minister for Economic Affairs, held the third Korea-Bulgaria Joint Economic Committee meeting with Krasimir Yakimov, Bulgaria's Deputy Minister of Economy, Investment and Industry, in Sofia on Nov. 2. / Courtesy of the Ministry of Foreign Affairs

South Korea and Bulgaria held a joint economic committee meeting on Nov. 2 to discuss ways to expand cooperation in areas of mutual interest, including trade and investment, defense, nuclear power and energy.

According to South Korea's Ministry of Foreign Affairs on Nov. 3, Deputy Minister for Economic Affairs Park Jonghan held the third Korea-Bulgaria Joint Economic Committee meeting with Krasimir Yakimov, Bulgaria's Deputy Minister of Economy, Investment and Industry, in Sofia the previous day.

The two sides reviewed the progress of economic cooperation under their comprehensive and future-oriented partnership and discussed ways to expand cooperation in areas of mutual interest, including trade and investment, defense, nuclear power and energy, transportation and infrastructure, and science, technology and digital industries.

The South Korean side welcomed Bulgaria's efforts to improve its foreign investment environment and requested continued attention and cooperation from Bulgaria in improving business conditions, including simplifying administrative procedures, to facilitate the smooth operations of Korean companies operating in the country.

Both sides agreed that the successful implementation of the Kozloduy new nuclear power plant construction project, a strategic cooperation project between the two countries, would mark an important milestone in bilateral economic cooperation. They also agreed to work closely together to ensure the project's smooth implementation.

The two sides also agreed to explore mutually beneficial cooperation opportunities in Bulgaria's efforts to modernize its defense capabilities and transportation network. They identified potential areas of cooperation in science, technology and digital industries and agreed to expand exchanges and cooperation in these fields.

In addition, the South Korean side requested Bulgaria's attention and cooperation to ensure that Korea, as a trusted partner country, would not be excluded from local content requirements during the EU's legislative process for economic measures, including the Industrial Accelerator Act.

Following the joint economic committee meeting, Park held separate meetings with Alexander Pulev, Bulgaria's Deputy Prime Minister and Minister of Economy, Investment and Industry, and Christo Polendakov, Deputy Minister of Foreign Affairs. They discussed bilateral relations, practical cooperation in areas including defense and nuclear power, and regional developments.

South Korea and Bulgaria previously held their first joint economic committee meeting in Sofia on Sept. 30, 2015, and their second meeting in Seoul on Sept. 11, 2019.

                                                                                                              Lee Han-sol