President Radev: Improving connectivity between Bulgaria and Romania is key for the economic development of the region

"Improving connectivity between Bulgaria and Romania is key not only for bilateral cooperation but also for the economic development of the region," President Rumen Radev said at the annual meeting with representatives of the Bulgarian and Romanian businesses, organized by the Bulgarian-Romanian Chamber of Commerce on October 3. The event was attended by the Bulgarian Ambassador to Romania Radko Vlaykov and the Romanian Ambassador to Bulgaria Brândușa Predescu.

The Head of State noted the fruitful development of relations between Bulgaria and Romania in political, economic, cultural aspect, as well as in the area of security, based on shared values and mutual interest. Rumen Radev recalled the official visit of Romanian Head of State Klaus Iohannis to Bulgaria in March 2023, when the two presidents signed a declaration on strategic partnership between Bulgaria and Romania.

"With it, we expressed the common will of our two countries to join efforts for greater security and stability of our region and prosperity," the President said, adding that in this common goal Bulgaria and Romania have a strategic role not only in terms of their geographical location but also their economic potential.

The President also noted that Romania is Bulgaria's second-largest trade and economic partner with an annual trade volume exceeding 8 billion euros. In his words, the basis for mutually beneficial economic growth is also stability in the Black Sea region, for which the countries share a common responsibility.

Highlighting the intensive economic ties, the Head of State pointed to the main challenge for their upgrading, namely that the two countries are not yet Schengen members in terms of their land borders.

"This brings economic, transport and trade losses every day. It brings missed opportunities, to the size of billions and is a brake on investments," Rumen Radev said.

In his words, it is unacceptable that in the conditions of a military crisis in neighbouring countries and an economic crisis in Europe, the two countries should be deprived of full membership in the Schengen area. Rumen Radev also pointed out that Bulgaria and Romania have been together in the process from the very beginning.

"We can succeed only if we stay together because only then can we have the cumulative effect of the efforts of the two countries," the President further stressed.

During the discussion, the Head of State also called for more thorough work on Bulgaria's part to make it more recognizable as an investment destination for Romanian companies. He also highlighted cooperation in the energy sector, educational exchanges and tourism development.

Regarding the development of Bulgarian business, the Head of State highlighted the paradox in which the country is at the moment - on the one hand there is a deep political crisis and at the same time economic growth is being recorded. In his words, however, when this political crisis lasts long enough, the lost benefits for business begin. Rumen Radev urged not to allow a situation in which the state will have to help to ensure competitiveness, but cannot do so.