At a meeting today, Head of State Rumen Radev and German Ambassador to Bulgaria, H. E. Irene Planck, discussed the opportunities for deepening economic and investment cooperation between Bulgaria and the Federal Republic of Germany. The talks also focused on the challenges facing the European economy, the consequences of the military conflicts in Europe's neighbouring regions, the disrupted supply chains, etc. President Radev stressed that Germany is a key economic partner for our country, and the increasing bilateral trade, which amounts to EUR 12 billion a year, is an indicator of the interest of German business in Bulgaria.
The two concurred that business in Europe expects a more predictable environment, as well as secure supplies of energy resources at affordable prices and sustainable energy, on which the competitiveness of European economies depends in the long term. The favourable investment environment in Bulgaria was highlighted, as well as the key geographical location of our country. President Radev highlighted our country's interest in increasing German investments in industrial production, which strengthens the stability of the Bulgarian economy and promotes technology transfer, and expressed Bulgaria's readiness to encourage the representatives of the German business in this respect.
For his part, Ambassador Planck stressed that despite the difficulties caused by the COVID-19 pandemic, the consequences of military conflicts close to the EU and the energy transformation towards a carbon neutral economy, Germany retains its high economic and investment potential, including thanks to the energy transformation.