India and Bulgaria are to sign agreements on Bilateral Investment Promotion and Protection, and Double Taxation Avoidance shortly. The Agreement on Speedy and Accurate Exchange of Trade Information will also be signed. The Indian Minister of State for Agriculture Shri Sompal disclosed this in the recently concluded 12th session of Indo-Bulgarian Joint Commission meeting at Sophia, Bulgaria.

During the meeting an agreement has been reached on mutual participation in each other's trade fairs. Both the sides agreed to effect contacts between Indian Public Sector Undertakings and Electroimpex of Bulgaria for joint construction of Hydro power plants in third countries, including the hydro power plant projects in Nepal and Bhutan.

To promote the trade and economic relations between the two countries, it was decided to promote the establishment of trade contacts at company level. A series of Memorandums of Undertaking will be signed between the private organizations of the two countries including one between the Confederation of Indian Industry (CII) and the Bulgarian Industrial Association.

A Protocol for Scientific and Technical Cooperation has been drafted by the Indian Council of Agricultural Research (ICAR) and the Agricultural Academy of Bulgaria to jointly work in the areas of genetic improvement of sunflower, improvement and management of buffaloes and goats, veterinary diagnostics and medicine systems and exchange of plant genetic resources.

India showed interest in obtaining supply of chemical fertilizers from Bulgaria. Contacts would be established between Bulgarian fertilizer manufacturers and the Indian public sector trading companies like MMTC, STC and PEC. They would consider possibilities of joint production of farm equipment like tractors including small sized two axial tractors drip irrigators sprinkler irrigators and micro sprinklers.

Bulgaria sought collaboration with Indian research institutions in the areas of remote sensing, Global Positioning Systems (GPS), rural and small size telephone exchanges and medical research. Bulgaria has agreed to consider the Indian request for providing import tariff parity to Indian tobacco with imports from European union countries. India offered cooperation in the field of electronics and computer software in which it has a vast reservoir of skilled manpower and also in railways, mining and steel industries.