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Trade Mission to Czech Republic & Bulgaria
The economies of most Central and Eastern European countries have been impacted by Russia’s war in Ukraine, and many have seen increased trade with the United States and other NATO nations as the block attempts to shore-up its eastern border countries. Moreover, Central and Eastern European nations have experienced a sharp decline in their trade with Russia and have instead turned to regional trading partners and the U.S. to fill this gap.
Bulgaria
As one of the EU’s newer members, Bulgaria is an emerging market offering opportunities for Virginia companies. The total U.S.-Bulgaria bilateral trade in goods in 2022 continued its upward trajectory, to $2.0 billion, which was a 33% increase from the prior year. Bulgaria has been on a positive economic path although the Ukraine war and elevated inflation pose risks for robust growth. Bulgaria has some of the lowest minimum wage rates and corporate tax rates in the EU. It also benefits from its strategic location, its well-educated high-tech workers, and a simplified registration process for new businesses. Virginia exports to Bulgaria in 2022 were valued at over $2.8 million.
Top opportunities for Virginia exporters to Bulgaria include:
- Agriculture and Food Products
- Agribusiness Equipment and Solutions
- Energy Sector
- Environmental Technologies
- Healthcare, Medical Devices, and Pharmaceuticals
- Information and Communications Technologies
- Safety and Security
Czech Republic
The Czech Republic is one of the largest economies in the Central/Eastern European region. The Czech economy has a reputation for modest yet steadfast GDP growth and sound fiscal policy. Its strategic location, well-developed infrastructure, and skilled labor force have allowed this small nation of 10.8 million to elevate itself as an important regional and international manufacturing hub and consumer market for Central and Eastern Europe. With the lowest unemployment rates in the EU, labor shortages have materialized into rising wages, particularly in technology and knowledge-based sectors. Larger salaries, along with a growing expat population, result in more disposable income for the purchase of quality goods and services and American products and brands are viewed favorably for their quality. The government has maintained a focus on developing innovative technologies, particularly in the areas of high-tech engineering, advanced materials, biotechnology, cybersecurity and AI to further develop the competitiveness of the country. Products that can enhance the supply chain or offer unique advanced attributes will find a receptive market. Virginia exports to the Czech Republic in 2022 were valued at over $50.6 million.
Top opportunities for Virginia exporters to the Czech Republic include:
- Agricultural Sector
- Clean Tech
- Consumer Goods
- Cybersecurity
- Defense
- Energy
- Medical Equipment
- Travel and Tourism
Registration Deadline
Contact
Frequently Asked Questions
Based on past trade missions, we expect 6-10 Virginia companies to participate. The registration process is ongoing until the trade mission is full or the registration deadline has passed.
The trade mission participation fee is $3,500 per company. The participation fee includes the following:
- Identifying, contacting, and pre-qualifying local distributors, representatives, and/or partners, and organizing your meetings with interested prospects
- A “Doing Business In” briefing on the market(s)
- Your VEDP Trade Mission Leader and in-country consultant on hand during the week to ensure everything runs to plan
- Interpreter (if needed)
All travel expenses, such as airfare, hotels, meals, and individual ground transportation, are paid directly by each participant.
In most cases, you will be traveling independently to the locations of the local companies with which you are meeting. Because most appointments will be held at the companies’ locations, travel and other logistics may prevent each delegate from having a minimum of 3-4 meetings each day of the trade mission.
For travel between meetings, our consultants will recommend the most effective method of transportation. This will likely be a local car/driver.
If required, interpreters will be provided for meetings and are included in your registration fee.
Airline tickets: You book (and pay for) your own airline ticket via a local travel agent or a travel website. If you do not have a travel agent, the Trade Mission Leader can recommend one for you.
Hotels: VEDP will recommend a hotel in each trade mission destination. Each participant is responsible for making their own reservations and paying their own hotel costs. We recommend that all participants stay at the same hotel in order to facilitate logistics and to encourage networking with the group.
Contact your local International Trade Manager or the Trade Mission Leader immediately! We only want you to make the trip if we think there is good market potential for your company. We can perform exploratory market research within a short period of time to verify market potential for you.