The Bulgarian embassy last week marked the silver jubilee of its diplomacy with Korea with a seminar to reflect on the last 25 years of cooperation in political relations, trade and investment, education and literature.

The event at Hankuk University of Foreign Studies in Seoul on Nov. 16 was jointly organized by the university’s East European and Balkan Institute.

“The official visit of Bulgarian President Rosen Plevneliev to Korea in May opened a new chapter of partnership between our countries,” Bulgarian Ambassador Petar Andonov said in a speech to the diplomats, scholars and students in attendance. “His visit demonstrated both sides’ determination to innovate and expand our relations, create specific and meaningful content and achieve deliverable results.”

For the first time in history, the two countries reached a comprehensive and future-oriented partnership through a joint presidential declaration at the summit, the envoy noted.

Several memorandums of understanding were signed for cooperation in defense, science and technology, education, culture and sports during the state visit. The agreements bore the first Intergovernmental Joint Commission for Economic Cooperation in the Bulgarian capital Sofia on Oct. 6, to be followed by the Committee for Industrial Cooperation next year.

Regarding diplomacy, Plevneliev reaffirmed Sofia’s support for Seoul’s Korean Peninsula Trust-Building Process Initiative, Northeast Asia Peace and Cooperation Initiative and Eurasia Initiative, Andonov highlighted.

On commerce, the Bulgarian government has been soliciting foreign capitals to vitalize its infrastructure, manufacturing, transportation, logistics, information and communications technology and tourism, he added.

Noting that Korea was Bulgaria’s third-largest trading partner in Asia after China and Singapore, the Bulgarian embassy counsellor Boyko Godev said his government had improved its regulatory framework by streamlining public procurement procedures, cutting red tape and institutionalizing e-governance.

The country also offers 10 percent corporate tax, 10 percent personal income tax, institutional support for projects and favorable legislations harmonized with the European Union, all atop a friendly climate, scenic nature and rich culture.

According to the counsellor, Bulgaria’s strategic location as a gateway to Europe, with proximities to the Central and Eastern Europe and the Middle East, makes it a prime destination for business process outsourcing.

Godev also pointed to the thriving information communications technology sector that employs a young, well-educated and cost-effective workforce and is open to joint ventures and job creation.

Currently, Korea exports to Bulgaria polyester, synthetic fiber, machineries, tires and electronic goods. Hyundai Heavy Industries, Hyundai Motors, Korea South-East Power Company, Samsung C&T, SDN Company and LSIS Company have invested in the automotive, electricity generation and photovoltaic sectors.

Bulgaria is increasingly recognized globally as a tourist hot spot, with tourism making up 10 percent of the gross domestic product. Visitors frequent the Black Sea beaches, mountains in the central and western territories and spas and wellness facilities close to over 600 mineral springs throughout the country.

In addition, Bulgaria boasts a wealth of historical and cultural heritage items, including nine on the UNESCO list. Some 17,000 Koreans traveled to Bulgaria last year, taking advantage of the visa-free 90 days policy.

On education, professor Kim Won-hoi of Hankuk University of Foreign Studies’ Bulgarian Studies Department mentioned partnerships with Sofia University and the University of National and World Economy, premised on student exchange, scholarship and internship.

To bolster the collaboration, Kim proposed exchanging two scholars from each country every year, in conjunction with providing language education at specialized schools with state support.

By Joel Lee (joel@heraldcorp.com)