Balkan Time | Establishment of a joint economic cooperation committee between the two countries

A joint commission for economic cooperation between Bulgaria and Saudi Arabia is being created. An agreement was signed between Minister of Economy and Industry Nikola Stoyanov and Saudi Minister of Economy and Planning Faisal Al-Ibrahim. The authority is another tool for enhancing economic and investment partnership, as regular meetings are held on specific issues of importance to both countries.

Minister Stoyanov said: “The agreement is a fundamental and necessary step to deepen economic cooperation and realize the huge potential that exists between the two countries. It gives us the opportunity to deepen contacts and create real preconditions for further joint projects.”

The two ministers also discussed the imminent signing of an agreement on mutual protection and investment promotion, and Minister Faisal Al-Ibrahim emphasized that the dialogue between the two countries has been at a very high level in recent months and this is a prerequisite for more joint projects.

The ministers also touched on potential areas of cooperation in which the interest of companies from both countries has increased. Stoyanov confirmed that after his visit to Saudi Arabia in January of this year, negotiations began with Saudi companies from the mining sector, and it is expected that their representatives will visit our country in the coming months to get acquainted with the opportunities offered by this sector. The minister indicated that “some initiatives have been identified in the dairy industry, in which work continues.” Stoyanov added that Bulgaria highly appreciates Saudi Arabia’s Vision 2030 plan, which aims to completely change the Kingdom’s economy, and emphasized that there is interest in exchanging experiences in knowledge-based sectors.

Saudi Minister of Economy and Planning Faisal Al-Ibrahim is visiting Bulgaria at the invitation of Minister Stoyanov.

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