The Chamber will work for the economic cooperation between Bulgaria and Canada and increasing the trade between the two countries.
Sofia, November 23, 2023 – The Canadian Chamber of Commerce in Bulgaria, known as CanCham, officially announced its establishment on November 22, 2023. The unveiling took place at a special event hosted at the National Archaeological Museum in Sofia. This milestone is a significant stride towards fortifying economic ties between Bulgaria and Canada, aligned with the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada. The strategic formation of the Chamber underscores a shared commitment to fostering bilateral trade, investment, and cooperation between the two nations.
CanCham’s President, Alex Nestor, expressed his optimism about the impact of CanCham in Bulgaria, stating: “The establishment of CanCham in Bulgaria will contribute to the expansion of trade and economic relations between Bulgaria and Canada, one of the leading countries in the G7 and the 10th biggest economy worldwide. In the context of CETA, this enables Bulgarian businesses to enter the Canadian market and significantly increases Canadian investments in Bulgaria. I am convinced that CETA is the first step towards the formation of a powerful transatlantic economic bloc in response to the current complex geopolitical and geoeconomic challenges.”
With the backing of the Canadian Embassy in Bulgaria and prominent companies with Canadian ownership such as Postbank and TELUS International, over 20 companies have already joined CanCham. These include New Energy, Move Digital, Penkov, Markov & Partners, D&V Electronics Canada, URTM Solutions, M Holding, Maple Bear, Oskar-El, Delchev & Partners, EMKA Sevlievo, Almott, Bulgold, Dinova Rusev & Partners, Fama Consulting, Georgia Todorov & Partners, Guide Foreigners, Ubex Bulgaria, Sentinel Ventures, Biogasenergo, and individual representatives of the Canadian community in Bulgaria.
H.E. Mr. Gavin Bukan, Ambassador of Canada to Bulgaria, Romania, and Moldova, highlighted the strong partnership between the two countries. He emphasized that the CETA agreement has opened new opportunities for business growth by eliminating tariffs and reducing barriers to cooperation. Since CETA’s implementation in 2016, Bulgarian exports to Canada have surged by 78.3%, and Canadian investments in Bulgaria have experienced an average annual growth of 31% since 2013.
The opening ceremony attracted key stakeholders, including Milena Stoycheva, Minister of Innovation and Growth, representatives of various institutions, diplomats, business leaders, and members of other bilateral chambers in Bulgaria, including AmCham, the French Chamber, and the German Chamber, with over 200 attendees present for the occasion.
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