YEREVAN, OCTOBER 18, ARMENPRESS. An Armenian-Bulgarian Trade and Economic Chamber will be created after the two countries signed a respective memorandum during Armenian President Vahagn Khachaturyan’s state visit.

The memorandum was signed by Republican Union of Employers of Armenia Chairman Gagik Makaryan and Bulgarian Industrial Capital Association Chairman Vasil Velev. 

President Khachaturyan and President Rumen Radev of Bulgaria oversaw the signing ceremony. 

The chamber is intended to promote Armenian-Bulgarian economic and business cooperation.

“The planned directions cover economic branches which are important both for the Bulgarian and the Armenian sides. In particular, the areas are mechanical engineering, production of composite materials, trade, canned goods, pharmaceuticals, tourism, green economy and others,” Makaryan said.

A business forum will take place on October 19 in Bulgaria.

“Bulgaria is interesting for us as an important transport logistical hub, as a producer of composite materials used in road construction, shipbuilding and energy, including nuclear energy.” Makaryan says Bulgaria has the need to import canned goods from Armenia. Armenia is also able to take certain orders in mechanical engineering. Makaryan said the Bulgarian side is interested also in tourism, pharmaceutical and other areas.

Only 6% of Armenian exports go to Bulgaria, while Armenia is importing some equipment and clothing. “I think Bulgaria’s role will soon increase. There are areas that match the interests of both countries. These include mechanical engineering, production of composite materials and exchange of workforce [labor migration],” he added, noting that they intend to intensify the 2018 agreement signed between Armenia and Bulgaria on the regulation of labor migration.