Economic relations

Main areas of cooperation:

Main areas of economic relations between Azerbaijan and Bulgaria are the trade of energy commodities, such as natural gas, oil and petrochemical products, and in non-energy sector, transit transportation, agriculture, light industry, construction, tourism, sports, and pharmaceuticals.

The Southern Gas Corridor (SGC) plays a significant role in enhancing energy cooperation between Azerbaijan and Bulgaria. In this regard, the following important projects have been implemented in recent years:

on 1 October 2022 Commercial commissioning of the Greece-Bulgaria Gas Interconnector (IGB)  was realized,

on 25 April 2023, in accordance with the Solidarity Ring initiative, the Memorandum of Understanding between Bulgartransgaz (Bulgaria), Transgaz (Romania), FGSZ (Hungary), Eustream (Slovakia) and the State Oil Company of the Azerbaijan Republic (SOCAR), defining the directions of cooperation on the supply of additional gas from Azerbaijan to Europe through the network of transmission systems was signed,

on 25 April 2023, part of the visit of the President of the Republic of Azerbaijan to Bulgaria, SOCAR's representative office in Bulgaria was inaugurated,

commissioning of the Bulgaria-Serbia gas interconnector, a continuation of the Greece-Bulgaria Gas Interconnector (IGB), was inaugurated on 10 December 2023.

The Republic of Bulgaria is interested in cooperation within the framework of the "Agreement on strategic partnership in the field of green energy development and transmission between the governments of the Republic of Azerbaijan, Georgia, Romania and Hungary" signed in Bucharest on 17 December 2022.

Bilateral economic cooperation in the non-energy sector, such as transport, industry, agriculture, ICT and tourism, has wide potential.

Chronology of sessions of the Joint Intergovernmental Commission:

In 1999, the Joint Commission on Trade-Economic and Scientific-Technical Cooperation was established between the Governments of Azerbaijan and

Bulgaria.

Trade turnover

The leading direction of bilateral economic cooperation between Azerbaijan and Bulgaria is the energy sector. In 2023, the volume of mutual trade turnover between the two countries amounted to 510.93 million US dollars. Compared to 2022, in 2023, the trade turnover with the Republic of Bulgaria increased by 57.01 percent, including export by 64.97 percent, while import decreased by 12.88 percent. The main reason for the growth is the increase in the export of natural gas, lubricants and other products from Azerbaijan to Bulgaria.

Exports from Azerbaijan to Bulgaria: natural gas, urea fertilizer, propyl and isopropyl alcohol, aluminum alloys, etc. Imports from Bulgaria to Azerbaijan: light distillates, pharmaceuticals, paper and cardboard products, machinery, electrotechnical equipment and parts, various food products (food additives), flour confectionery, clothing and clothing accessories, optical, medical, photographic and precision devices, perfumery and cosmetics etc.

Trade turnover: