A Bulgaria-Azerbaijan business forum was held in Sofia as part of the 7th meeting of the Azerbaijan-Bulgaria Intergovernmental Commission on Economic Cooperation on 30 October in Sofia.

The event was attended by officials from government agencies from both countries, as well as representatives of 80 Bulgarian and 25 Azerbaijani companies representing agriculture, economy, energy, information and communication technologies, food, light industry, scientific and technical and humanitarian, social, healthcare, environment, tourism and other sectors.

Opening the event with an introductory speech, Deputy Minister of the Republic of Bulgaria Iva Petrova noted that the strategic cooperation relations with Azerbaijan, which are developing positively in accordance with the interests of both countries, have already reached a new level, the business forum is another opportunity to promote ties between the two countries.

I.Petrova stressed that the energy sector is among the leading sectors in fruitful cooperation for both countries, highlighting the role of Azerbaijan in Bulgaria's efforts to diversify natural gas supply sources and the importance that Azerbaijan has for the energy security of the region. "In the context of European goals, in order to create an interconnected and unified pan-European gas market, the Bulgarian government is interested in developing gas infrastructure, expanding the national gas transmission network, and enhancing relations with neighbouring countries. In this direction, our partnership with Azerbaijan plays a key role in ensuring energy independence and security," she emphasized.

Speaking at the forum, Co-chair of the Azerbaijan-Bulgaria Intergovernmental Commission, Minister of Agriculture of the Republic of Azerbaijan Majnun Mammadov provided information on the reforms implemented in Azerbaijan to diversify the economy. Calling Bulgaria an active participant in Azerbaijan's global energy projects, the Minister said that cooperation in the energy sector, including green energy, is an important factor in strengthening energy security not only for Bulgaria, but also for the entire European region. Minister Majnun Mammadov added that, in addition to energy, there are many other sectors with significant potential for developing economic relations, including agriculture, food processing, tourism and international freight transportation. The Minister called on businessmen to explore new opportunities for cooperation.
Minister Mammadov also listed the areas that he identified as key for Azerbaijan, given Baku's efforts to diversify the growth engines of the national economy beyond energy, namely trade, investment, and the transfer of modern technologies. Among the priority areas for Baku are agriculture, digitalization, and sustainable development. Azerbaijan offers foreign companies a favourable and competitive environment.
The forum discussed the expansion of mutual investment and trade relations between Azerbaijan and Bulgaria and the identification of new cooperation prospects.

Delivering his speech at the event, Boyko Takov, Executive Director of the Bulgarian Agency for the Promotion of Small and Medium-sized Enterprises (BSMEPA), and Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO), provided information on the business environment in Bulgaria and Azerbaijan, the work done to support entrepreneurship, and talked about the economic priorities of both countries and the opportunities created for foreign investors. "Today's business forum brings together two rapidly developing economies, with growing opportunities for cooperation between them," said Boyko Takov. He mentioned that economic ties between the two countries should not be limited to the energy sector and should expand into other areas, reflecting Azerbaijan's vision for economic diversification of sources of growth and Bulgaria's strengths in innovation and industry. Boyko Takov also highlighted some of the promising areas, such as industrial equipment and machinery; engineering solutions; food processing and agricultural technologies; pharmaceuticals; cosmetics and consumer goods; logistics and transport, and finally information technologies and digital transformation.
"Our common goal should be to move our relations forward - from trade to partnership, from import/export to joint investments, innovations and value creation," Boyko Takov also pointed out.

Yusuf Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO) emphasized, "Our energy cooperation is strong, but today the emphasis is on diversifying sources of growth beyond oil and gas. We see great opportunities and potential for deepening our ties in areas such as industry, agriculture, food production and transport". He said that Azerbaijan is also open to cooperation in information and communication technologies.
Yusuf Abdullayev highlighted the special economic zones, as well as duty-free zones, as a key element in the business environment of Azerbaijan. Raising the topic of economic zones, he drew particular attention to the ALAT Free Economic Zone.

Later, presentations were held on the investment climate in Bulgaria and Azerbaijan.

Bilateral meetings between businessmen (B2B meetings) were organized as part of the business forum, and opportunities for expanding business relations were also discussed.