Indonesia, Bulgaria seek to boost trade and investment

Jakarta (ANTARA) - Indonesia and Bulgaria are seeking to strengthen bilateral trade and investment ties, positioning Bulgaria as a strategic gateway for Indonesian goods entering the broader European Union market.

The commitment was reaffirmed during a bilateral meeting between Indonesian Trade Minister Budi Santoso and Bulgarian Deputy Prime Minister and Minister of Economy, Investment and Industry Alexander Poulev in Jakarta on Monday.

Highlighting the 70-year anniversary of diplomatic relations between Indonesia and Bulgaria, Budi expressed optimism that the bilateral talks would accelerate economic growth for both countries.

"Both countries are committed to continuously strengthening cooperation in trade and investment. We hope today's meeting will drive this growth," Budi in his statement.

During the meeting, Minister Budi asked Poulev to support the implementation of the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA), which officials aim to put into force by early 2027.

Responding to the initiative, Poulev welcomed the expansion of economic ties and reaffirmed Bulgaria’s support for the IEU-CEPA framework.

"As a country located in the eastern part of the European Union, we can serve as a gateway for Indonesian companies to penetrate the EU market, which has a population of 450 million," Poulev said.

Poulev emphasized significant untapped potential for bilateral commercial growth, particularly within the agriculture, automotive components and halal-certified meat sectors.

To maintain momentum, he proposed reactivating the Indonesia-Bulgaria Joint Commission for Economic Cooperation (JEC) in the first half of 2027.

Trade between the two nations reached US$230.8 million in 2025, generating a US$64.2 million trade surplus for Indonesia.

Indonesian exports to Bulgaria totaled US$147.4 million, with major commodities including nickel ores, unwrought aluminum, steel products, and margarine.

Meanwhile, imports from Bulgaria stood at US$83.1 million, led by wheat, medical instruments, spices, unmanufactured tobacco, and defense equipment.

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Translator: Maria Cicilia Galuh Prayudhia, Yashinta Difa
Editor: Bayu Prasetyo
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