Seoul – South Korea has proposed a bilateral trade and investment promotion agreement with Bulgaria to strengthen economic cooperation and industry collaborations between the two countries. This proposal was made during a meeting in Seoul on Wednesday, as reported by Seoul's Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, Trade Minister Ahn Duk-geun presented the proposal to Bulgaria's Economic and Industry Minister Bogdan Bogdanov. The Trade and Investment Promotion Framework (TIPF) is a nonbinding agreement aimed at enhancing economic ties and facilitating cooperative exchanges.
South Korea currently has TIPF agreements with eight nations, including the United Arab Emirates, the Dominican Republic, and Hungary. In the meeting, Ahn emphasized the need for stronger bilateral cooperation in supply chains of major industries and advanced sectors such as nuclear power generation, hydrogen, and bio fields.
Ahn also invited Bulgaria to join South Korea's "Carbon Free Alliance" initiative. This alliance promotes the active adoption of nuclear power and green hydrogen as future energy sources to achieve carbon emission goals.