On 25 February 2016, a Memorandum of understanding and cooperation between The Associated Chamber of Commerce  and Industry of India (ASSOCHAM) and The Indian Bulgarian Business Chamber (IBBC) was signed. ASSOCHAM was established in 1920 to promote, foster and extend commercial and economic proliferation within and outside India. The organization represents  450,000 Indian companies and has official relations with over 200 chambers worldwide. The memorandum was signed by the  ASSOCHAM Senior Director Dr. Om S. Tyagi and the IBBC Chairman Mr. Borislav Boyanov.