Balkans | Bulgaria and Saudi Arabia sign a memorandum of understanding in the field of economy

Home » Balkans | Bulgaria and Saudi Arabia sign a memorandum of understanding in the field of economy
Balkans |  Bulgaria and Saudi Arabia sign a memorandum of understanding in the field of economy

More than 3/3 of all investments were made from Saudi Arabia to Bulgaria in 2021.

Preparations are underway to sign a memorandum of understanding between the Bulgarian Ministry of Economy and Industry and the Saudi Ministry of Economy and Planning. This topic was discussed during the meeting between Bulgarian Minister of Economy and Industry Nikola Stoyanov, Minister of Innovation and Growth Alexander Bolev and Saudi Minister of Economy and Planning Faisal Al-Ibrahim. The strategic document will provide a good basis for deepening economic relations and partnership between companies in both countries.

Minister Stoyanov said: “Less than three months ago, we started talks together in several key areas. Today they are at an advanced stage and we are discussing concrete steps for their implementation.” The minister was briefed on the progress of negotiations between companies from Bulgaria and Saudi Arabia for a partnership in the food industry. The Saudi foreign minister indicated that their countries also have a serious interest in the aforementioned areas, stressing the ministry’s commitment to these issues.

The volume of bilateral trade has doubled compared to 2020 and reached $313.2 million in 2021. This shows the serious potential we have “and proven sectors such as agriculture, food industry, mining, information and communication technology, mechanical engineering, chemical industry and tourism, where the Bulgarian business world can be a partner,” Stoyanov said. Trusted to implement joint investment projects.

During the meeting, Minister Bolev affirmed that “direct flights between Sofia and Riyadh will start from next April, and this is expected to give a new impetus to relations between the two countries.” According to his statement, only 3 months after the visit of the responsible deputy prime minister, all procedures for opening a direct flight line have already been completed and better communication is expected to provide new opportunities for partnerships between companies from the two countries. “We also hope to implement more joint projects in the field of information and communication technology, as well as exchange applications between startups in the two countries,” said Pulev.

Minister Faisal Al-Ibrahim accepted the invitation to visit our country in the coming months with a trade delegation to continue discussions on the specific issues.

More than half of all investments from Saudi Arabia took place in our country in 2021. This became evident during the meeting of the Bulgarian ministers Stoyanov and Polev with the management of the Public Investment Fund of Saudi Arabia. This fund is the largest government mutual fund that manages funds and assets around the world.

Stoyanov said, “The investments between the two countries do not meet the capabilities available to us,” and stressed that the first positive signs have already been received after numerous contacts between the two countries. In 2021, foreign direct investments from Saudi Arabia to Bulgaria amounted to 14.3 million euros. This amount represents more than all the investments that the Arab country has made in our country in recent years. “I hope that this will be the beginning of a trend that will achieve rapid growth and, most importantly, lead to new and better results for the economies of the two countries,” the minister said.

Investing in Haskovo (Haskoy) Cargo Airport may be of strategic importance for the entire region. The investment project was presented by Minister Stoyanov, and it is expected that the fund representatives will visit our country to get acquainted with the investment site and the technical parameters of the project.

The Public Investment Fund of the Kingdom of Saudi Arabia plays a major role in developing the country’s economy and implementing strategic investments at the national and international levels. The fund is associated with the establishment of 66 companies in 13 strategic sectors, as well as the creation of more than 500,000 job opportunities. In this context, Minister Stoyanov also presented opportunities for Bulgarian companies in the field of construction, mining and mechanical engineering. Concrete projects that have reached an advanced stage in the field of investment, and in which the Kingdom of Saudi Arabia has shown serious interest, were also discussed.

Source: CardZhalNews

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