site.btaEconomy Ministers of Bulgaria, Saudi Arabia Discuss Strengthening of Bilateral Economic Ties

Bulgarian Economy and Industry Minister Korneliya Ninova met with Saudi Economy and Planning Minister Faisal Alibrahim, who is in Bulgaria as part of his visit to Eastern Europe, Ninova’s Ministry said in a press release Saturday. Last year, the bilateral trade reached a significant increase of nearly 90 per cent year-on-year, it transpired from the meeting.

Ninova said that Bulgaria wishes to actively develop its economic ties with Saudi Arabia.

The guest said his country wishes to take advantage of the untapped potential in the relations with partners and friends, such as Bulgaria.  

The sides agreed to intensify the contacts on company level, exchange business delegations and participate in exhibitions and fairs in both countries. Work is underway to establish a joint commission on economic development, which could be set up by convening its first session and signing there a bilaterally coordinated document to serve as statute of this intergovernmental commission.

The two ministers also agreed on the signing of a bilateral agreement on investment promotion and mutual protection.

The sides marked areas of mutual interest, such as construction, agriculture, infrastructure, and tourism. There are good opportunities for promoting Bulgarian exports to Saudi Arabia in areas such as food industry (honey, dairy products, meat), pharmaceuticals, perfumery and cosmetics, construction materials, engineering goods and services, and agricultural produce.