site.btaExports to UAE Are Double the Imports, Huge Untapped Potential Exists - Minister

Bulgarian export to the United Arab Emirates (UAE) are double the UAE imports in Bulgaria.  This transpired as Bulgarian Economy Minister Nikola Stoyanov addressed the opening of a bilateral business forum in Abu Dhabi, as quoted by his Ministry. The event is part of the programme of the Bulgarian delegation led by President Rumen Radev. The forum was attended by 15 Bulgarian and 30 Emirati companies.

The Economy Minister pointed out that the figures for the first six months of 2022 continue the upward trend in bilateral trade - by 18 per cent or a total of USD 83.2 million.

"Bulgarian exports account for about two-thirds of the trade, and a positive trend is that a significant share of these are products of mechanical engineering, electrical equipment and medical consumables," he added.

Stoyanov also said that there is a huge untapped potential between the two countries which can be addressed through more such bilateral forums. 

During the official visit, Minister Nikola Stoyanov signed two memorandums of cooperation - in the field of agriculture and tourism. 

Negotiations on the conclusion of an agreement on the promotion and mutual protection of investments between the governments of Bulgaria and the UAE are at the final stage, Stoyanov said. "The lack of this agreement is a significant obstacle to having more Arab investments in our country," he added. Work on the strategic document has been stepped up in recent weeks and its signing is expected as soon as possible. 

"Bulgaria is a destination with huge potential for Arab companies - both with its strategic location and access to the single European market. Against this backdrop, investments from the UAE last year amounted to only EUR 3.1 million," Minister Stoyanov stressed. He said the figure is as low exactly because the two countries don't have an investment promotion and protection agreement.

"While investments in some European countries are worth billions, the total value of projects of UAE companies in Bulgaria amounts to EUR 129.3 million. I hope that after signing this document we will increase these values several times," Minister Stoyanov said. 

President Rumen Radev's official delegation also included caretaker Deputy Prime Minister and Minister of Transport and Communications Hristo Aleksiev, Foreign Minister Nikolay Milkov and Innovation and Growth Minister Alexander Pulev, among others.