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Radev and Bavarian Prime Minister Discuss Furthering Economic and Investment Partnership

President Rumen Radev and Prime Minister Markus Soder discussed the furthering of the economic and investment partnership between Bulgaria and the Free State of Bavaria at a meeting in Munich today. The Bulgarian head of State is visiting the Bavarian capital to participate in the 59^th Munich Security Conference.

Bulgaria-Bavaria trade is growing despite the crisis and exceeded EUR 2.1 billion in 2022. President Radev highlighted the actions taken by this country to ensure real energy diversification and increase security in the supply of energy resources as the most effective measure in the fight against inflation.  Soder pointed out that the importance of Bulgaria's geopolitical location would continue to grow and this country should make the most of it.

High technologies, high benefit industries, and renewable energy sources were identified as particularly promising areas of bilateral interest. Radev noted that last year the high-tech sector had accounted for nearly 4.5 percent of Bulgaria's GDP, and the first institute for computer science, artificial intelligence and technology in Southeast Europe, INSAIT, had been opened in Bulgaria, which partners with leading technological universities in Switzerland and employs engineers and specialists from Bulgaria, the United States and Israel. Bulgaria is also among the world's leading countries in IT specialists as a percentage of the population.

The sides concurred on the fact that Bulgaria's accession to Schengen would bolster economic partnership and business, along with tourism and cultural exchange. Soder expressed Bavaria's support for the actions taken by Bulgaria to secure the external European borders and stressed that this is a common European commitment and this country should receive both European solidarity and the needed financial and technical support to create the necessary infrastructure.

On the sidelines of the Munich Conference, the head of State also conversed with Michael Harms, Executive Director of the Eastern Commission of the German Economy, and touched on the prospects for boosting the economic relations between Bulgaria and Germany.