Balkans | Bulgaria and Saudi Arabia sign an agreement to encourage investment

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Balkans |  Bulgaria and Saudi Arabia sign an agreement to encourage investment

During the meeting between Bulgarian Minister of Economy and Industry Nikola Stoyanov and Saudi Minister of Investment Khalid Al-Falih, it became clear that the two countries would sign an agreement on mutual encouragement and protection of investments. Minister Stoyanov handed over to his Saudi counterpart the draft agreement prepared by the Bulgarian side, which will be discussed in the Council of Ministers next week.

The document forms the basis for deepening economic relations between Bulgaria and the Kingdom of Saudi Arabia and realizing the great potential for cooperation between the two countries in various fields. The agreement reaffirms the commitment of the two countries to create better conditions and environment for investments and new projects through strict adherence to the legal framework in this field. The purpose of the document is to define the investment framework and rules for managing investments between the two countries to provide greater security and predictability for companies.

“There have been many discussions about investment between the two countries over the years, but the investment framework that would provide real impetus was missing,” Stoyanov stressed. The minister added that the investments between the two countries are insufficient, and said: “Our trade spending indicates double growth in the face of that, and this is an achievable goal in the field of investment for the coming years.”

During the meeting between Minister Stoyanov and Minister of Industry and Mineral Resources Bandar Al-Khorayef, it became clear that Bulgarian companies are a desirable partner for Saudi companies in the mining industry. The two sides also agreed to organize mutual visits at the business level to examine the experiences of the two countries and initiate specific projects.

Minister Stoyanov congratulated Minister Kharif for the initiative and good organization of the Future Metals Forum. The forum, organized by Saudi Arabia’s Ministry of Industry and Mineral Resources and the Public Investment Fund, was attended by more than 6,000 participants, including more than 100 ministers and officials from around the world, and representatives from industry, business, government, and the scientific community.

The meetings were also attended by Verban Benichev, Chargé d’Affairs of the Embassy of the Republic of Bulgaria to the Kingdom of Saudi Arabia, and Petr Moisev, Commercial Attaché of Bulgaria in Riyadh.

Source: CardZhalNews

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