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1994-05-02
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59 lines
<text>
<title>
Bulgaria: World Trade Outlook
</title>
<article>
<hdr>
World Trade Outlook 1992: Bulgaria
A Sleeping Market Awakens; U.S. Relations `Fast-Forward'
</hdr>
<body>
<p>By Lynn Fabrizio
</p>
<p>Normalization of bilateral trade relations and Bulgaria's
ambitious economic reforms make the country a "sleeper" market
with excellent potential for both exporters and investors. U.S.
exports to Bulgaria in 1991 rose sharply--69 percent to $142
million--despite considerable economic problems.
</p>
<p>U.S. exports 1991--$142 million U.S. imports 1991--$56
million
</p>
<p> The economy worsened further in 1991, with industrial output
dropping 26 percent and real GDP falling 22 percent. Also,
Bulgaria's close economic ties with the former Soviet Union made
it more vulnerable than neighboring countries to a serious
energy crunch from reduced Soviet deliveries of oil and gas.
</p>
<p> Both the IMF and the World Bank are working with Bulgarian
government officials to resolve its debt problems and to
stabilize the economy. Bulgaria has agreed with the Paris Club
on rescheduling $1.2 billion in official debt, and initial
negotiations with the London Club concerning $8.2 billion in
commercial debt began last month.
</p>
<p> U.S. relations with Bulgaria moved fast-forward last year.
A bilateral trade agreement was signed in April 1991; MFN
trading status went into effect in November. In addition,
Bulgaria became a GSP beneficiary in December. OPIC and TDP
programs are now open in Bulgaria. Eximbank offers short-term
credit insurance for U.S. exports to Bulgaria through the
Foreign Credit Insurance Association. Finally, once the recently
initialed Bilateral Investment Treaty is signed, American
investors will receive national treatment guarantees as well as
the assistance of an ombudsman office.
</p>
<p> Due to growing U.S. company interest, the U.S. Commerce
Department opened a U.S. and Foreign Commercial Service office
in Sofia in March. As part of Commerce's Eastern Europe Business
Development Program, the office will launch the "Eastern Europe
Looks for Partners" matchmaking program. For further information
on doing business in Bulgaria, contact Commerce's Eastern Europe
Business Information Center at (202) 482-2645.
</p>
<p>Source: International Trade Administration, Business America Magazine
</p>
</body>
</article>
</text>