Bulgarian-American Trade Relations
Encyclopedia
Bulgarian-American trade has grown steadily since Bulgaria
changed from a socialist to a market economy
, and particularly since Bulgaria joined NATO in 2004 and the European Union
in 2007. In 2007, the first and second largest investments in the Bulgarian economy were made by U.S. firms.
U.S. investments made in Bulgaria between September 1992 and September 2006 amounted to a total of over one billion dollars, which made the United States the eighth largest investor in the country. During the same period, the U.S. was Bulgaria's ninth largest trading partner. The U.S. is the only non-EU country in the top ten foreign investors in Bulgaria.
Bilateral trade has been steadily growing since 1999. Two-way merchandise trade is just under $1 billion with US exports to Bulgaria reaching $491 million and Bulgarian exports at $439 million in 2006.
Bulgaria's exports to the United States amounted to three percent of its total exports in 2005, and the share of imports from the USA stood at two percent.
In 2007,U.S. Ambassador John Beyrle
and Bulgarian Ambassador to the United States Elena Poptodorova
toured several U.S. cities to encourage more and investment and trade between the U.S. and Bulgaria.
Source: 1992-1998- Ministry of Finance; 1999-2006 – Bulgarian National Bank
(telecommunications) $2.billion (est.)
AES Corporation
(energy generation) - $1.4 billion
Gramercy
(real estate and portfolio investments $800 million (est.)
AES Corporation Wind farm project consortium with Geo Energy - $450 million
Tishman Realty & Construction
(real estate) - $370 million
American Standard
(kitchen and bath fittings and fixtures - $239.7 million
GE Real Estate (real estate) - $80 million
Kraft Foods
(food) -$38.0 million
Alcoa
(consumer products) - $30 million
Nu Image (movie production) $28 million
News Corp (media and television) $22.8 million
Johnson Controls
(electronics) - $7 million
Other major investors whose investment totals are not disclosed include:
Microsoft
(call center)
Hewlett Packard (European Service Center)
IBM
(Global Service Center)
– GSP - and the World Trade Organization
Agreement. The Treaty on Avoidance of Double Taxation is in process of ratification.
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
changed from a socialist to a market economy
Market economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
, and particularly since Bulgaria joined NATO in 2004 and the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
in 2007. In 2007, the first and second largest investments in the Bulgarian economy were made by U.S. firms.
U.S. investments made in Bulgaria between September 1992 and September 2006 amounted to a total of over one billion dollars, which made the United States the eighth largest investor in the country. During the same period, the U.S. was Bulgaria's ninth largest trading partner. The U.S. is the only non-EU country in the top ten foreign investors in Bulgaria.
Bilateral trade has been steadily growing since 1999. Two-way merchandise trade is just under $1 billion with US exports to Bulgaria reaching $491 million and Bulgarian exports at $439 million in 2006.
Bulgaria's exports to the United States amounted to three percent of its total exports in 2005, and the share of imports from the USA stood at two percent.
In 2007,U.S. Ambassador John Beyrle
John Beyrle
John R. Beyrle , a career Foreign Service Officer and specialist in Russian and Eastern European affairs, is currently Ambassador of the United States to the Russian Federation.- Biography :...
and Bulgarian Ambassador to the United States Elena Poptodorova
Elena Poptodorova
Elena Poptodorova is the Ambassador Extraordinary and Plenipotentiary of Bulgaria to the United States. She took office on August 10, 2010.- Early life :Elena Poptodorova is born on August 31, 1951 in Sofia...
toured several U.S. cities to encourage more and investment and trade between the U.S. and Bulgaria.
U.S. Direct Investment in Bulgaria
| year | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Total |
| amount | 10.5 | 16.2 | 16.1 | 20.7 | 46.6 | 38.6 | 54.7 | 58.2 | 44.5 | 56.2 | 128.0 | 145.3 | 71.1 | 116.0 | 822.6 |
Source: 1992-1998- Ministry of Finance; 1999-2006 – Bulgarian National Bank
Major U.S. Investments in Bulgaria (2007)
AIGAIG
AIG is American International Group, a major American insurance corporation.AIG may also refer to:* And-inverter graph, a concept in computer theory* Answers in Genesis, a creationist organization in the U.S.* Arta Industrial Group in Iran...
(telecommunications) $2.billion (est.)
AES Corporation
AES Corporation
AES Corporation is a Fortune 500 company that generates and distributes electrical power. The company was founded on January 28, 1981, as Applied Energy Services by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. AES Corporation is...
(energy generation) - $1.4 billion
Gramercy
Gramercy
The name Gramercy is from the Dutch krom moerasje, for little crooked swamp. The term may refer to:PlacesIn the United States:* Gramercy, Louisiana* Gramercy Park, a private park and neighborhood in New York City...
(real estate and portfolio investments $800 million (est.)
AES Corporation Wind farm project consortium with Geo Energy - $450 million
Tishman Realty & Construction
Tishman Realty & Construction
Tishman Realty & Construction is an American corporation that owns and operates Tishman Construction Corporation and Tishman Hotel & Realty.-Tishman Construction Corporation:...
(real estate) - $370 million
American Standard
American Standard
American Standard may refer to:* American Standard, a brand of plumbing fixtures made by American Standard Brands.* American Standard, a brand of HVAC equipment made by Trane....
(kitchen and bath fittings and fixtures - $239.7 million
GE Real Estate (real estate) - $80 million
Kraft Foods
Kraft Foods
Kraft Foods Inc. is an American confectionery, food and beverage conglomerate. It markets many brands in more than 170 countries. 12 of its brands annually earn more than $1 billion worldwide: Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oscar Mayer, Philadelphia, Trident, Tang...
(food) -$38.0 million
Alcoa
Alcoa
Alcoa Inc. is the world's third largest producer of aluminum, behind Rio Tinto Alcan and Rusal. From its operational headquarters in Pittsburgh, Pennsylvania, Alcoa conducts operations in 31 countries...
(consumer products) - $30 million
Nu Image (movie production) $28 million
News Corp (media and television) $22.8 million
Johnson Controls
Johnson Controls
Johnson Controls, Inc. is a company, based in Milwaukee, Wisconsin, USA. It was founded in 1885 by professor Warren S. Johnson, inventor of the first electric room thermostat....
(electronics) - $7 million
Other major investors whose investment totals are not disclosed include:
Microsoft
Microsoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
(call center)
Hewlett Packard (European Service Center)
IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
(Global Service Center)
Trade Agreements Between Bulgaria and the United States
Trade between the U.S. and Bulgaria is regulated by an Agreement on the Trade Relations (1991) which accords Most Favored Nation treatment to goods and products from both countries. Other agreements are the Treaty Concerning the Encouragement and Reciprocal Protection of Investments, the Generalized System of PreferencesGeneralized System of Preferences
The Generalized System of Preferences, or GSP, is a formal system of exemption from the more general rules of the World Trade Organization ,...
– GSP - and the World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
Agreement. The Treaty on Avoidance of Double Taxation is in process of ratification.
See also
- Foreign relations of the United StatesForeign relations of the United StatesThe United States has formal diplomatic relations with most nations. The United States federal statutes relating to foreign relations can be found in Title 22 of the United States Code.-Pacific:-Americas:-Caribbean:...
- Foreign relations of BulgariaForeign relations of BulgariaBulgaria has generally good foreign relations with its neighbours and has proved to be a constructive force in the region under socialist and democratic governments alike. Promoting regional stability, Bulgaria hosted a Southeast European Foreign Ministers meeting in July 1996, and an OSCE...
- Bulgarian-American relationsBulgarian-American relationsBulgarian-American relations, first formally established in 1903, have moved from missionary activity and American support for Bulgarian independence in the late 19th century to the growth of trade and commerce in the early 20th century, to reluctant hostility during World War I and open war and...
- United States Ambassadors to Bulgaria