Cyprus, Russia and the US are also major investors. Bilateral Relations Australia's relations with Bulgaria are not substantial, reflecting geographic remoteness and the small size of the Bulgarian community in Australia. Diplomatic relations were established with Bulgaria in 1972. Bulgaria is overall Australia's 80th-ranked trading partner. A small number of Australian companies, including IDP Education and QBE Insurance, are established in Bulgaria, with some having established joint ventures with Bulgarian interests.
Prospects also exist for Australian investment in mining and for sales of coal and iron-ore.
The Bulgarian Government's privatisation program also provides opportunities for Australian companies. But Bulgaria's focus on the EU means that prospective Australian investors face stiff competition from EU countries. Currently, seven of the top ten investors in Bulgaria are EU member states, with Germany ranking the highest. Cyprus, Russia and the US are also major investors.