Bulgaria: Hydrogen Valley project is being developed

With a focus on green hydrogen, the Ministry of Innovation and Development is creating a roadmap for the use of hydrogen. The objective is for Bulgaria to grow its innovative sector in order to open up a variety of investment options for the nation.

During a meeting with H.E. Irene Planck, the Federal Republic of Germany’s ambassador to Bulgaria, this was said by the relevant Minister, Alexander Pulev.

The two nations can work together on green hydrogen projects. The strategy, in accordance with Pulev, is awaiting clearance from the European Commission before being approved by the Council of Ministers.

Our nation aims to be a leader on a worldwide scale, and a project for a Hydrogen Valley is also being created in Bulgaria, the minister added, as reported by the ministry’s press center.

Only 20 countries throughout the world have such valleys that have been created yet, according to Pulev. The minister draws on Germany’s expertise because it is a world power.

The two parties are debating the planning of a business and investment symposium in Germany to showcase investment opportunities in Bulgaria as well as to showcase and exchange positive experiences with German businesses with previous successful investments in Bulgaria.

Automotive, ICT, and manufacturing were mentioned by Minister Pulev as priority areas for cooperation. He emphasized that, together with the technology sector, the automobile industry was the one with the quickest growth in our economy. He claims that the car industry contributes 11% of the nation’s GDP. Pulev emphasized that there are many excellent examples of German automakers functioning successfully in Bulgaria for years and increasing their operations.

Market records

As of 2022, Bulgaria’s top trading partner outside of the EU is Germany. Trading reaches a record high of about 12 million euros every day. Among the biggest investors and employers in Bulgaria are German businesses. 52 German corporations’ investment proposals have been certified over the years under the Investment Promotion Act alone.

The MIR projects under the Recovery Plan and the Structural Funds, as well as the application process for Industrial Zones under the Plan, were also covered in the conversation between Minister Pulev and Ambassador Planck. The executive directors of the Bulgarian Investment Agency, Bogdan Bogdanov, and the Executive Agency for Small and Medium-sized Companies, Boyko Takov, were also present at the meeting.

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