The Greek Embassy in Sofia has proposed the development of business clusters for joint RES projects with Bulgaria.

This proposal for synergies and cooperation with Bulgaria in the RES sector resulted from a study on “Renewable Energy Sources (RES) in Bulgaria: Opportunities, Challenges and Prospects”, recently carried out by the Greek Embassy’s Office of Economic and Commercial Affairs.

Renewable energy opportunities promise to not only promote economic cooperation but also research and innovation in the RES sector, the study noted.

Expanded strategic cooperation between Greece and Bulgaria in the energy sector could be extended to also cover the development of cross-border RES projects, the study determined. These projects could offer significant benefits to both countries, it added.

Greek economic diplomacy, in the context of a further strengthening of bilateral economic relations with Bulgaria, should undertake initiatives to inform private enterprises in Greece of opportunities that exist in Bulgaria for the development of joint projects in the RES sector, and to also offer assistance should interest exist for the establishment of business clusters, possibly with the public sector’s participation as a coordinator or investor, the study noted.