During the meeting of the Bulgarian Minister of Economy and Industry, Nikola Stoyanov, with the Secretary General of the Union of Arab Chambers, Khaled Hanafi, it was understood that the largest business organization in the Arab League countries explored the possibilities of Bulgaria becoming a logistics company. A center for imports and exports to the European Union (EU).
The meeting was attended by Khaled Ibrahim Emara, Egyptian Ambassador to Bulgaria. The delegation recently visited the port of Burgas and held a series of meetings with commercial institutions in the region.
Work is underway to establish the Arab-Bulgarian Chamber. For this purpose, an agreement is being prepared between the Bulgarian Chamber of Commerce and Industry and the Union of Arab Chambers. It is planned to open a representative office of the new business organization in our country, which will encourage trade relations between Bulgaria and the countries of the Arab League. “We have also prepared a series of events to promote investment opportunities and joint ventures,” Khaled Hanafy explained. Representatives of the Union of Arab Chambers added, “We can reach a market of more than a billion people, and it is necessary for Bulgarian companies to be more active.”
Minister Stoyanov stressed that “Egypt and the Arab region are very important for our country in terms of strengthening the potential of economic relations.” Listing other areas of business partnerships in the region, the minister added: “Promotion of investment opportunities in industrial zones, contacts between startups and program authorities that provide exchange of experience – these are opportunities that will open up many new horizons in economic relations between Bulgaria and the League of Arab States.”
During the meeting, they also discussed the bilateral economic relations between Bulgaria and Egypt. There have always been good trade relations between our two countries, and the bilateral trade volume reached about 830 million US dollars in 2022. This figure indicates a growth of about 40% compared to 2021.
The attendees also commented on the organization of regular but differently coordinated business forums and initiatives with participation at the state level. It is a tool that stimulates large, small and medium companies alike to introduce each other and establish contact points for joint projects. Stoyanov promised that the offices of trade and economic relations in the region would take an active part in this process in order to take concrete steps in this direction.
The Federation of Arab Chambers called on Bulgarian companies to participate in the International Food Products Forum held under its auspices in Morocco in September this year.
The Union of Arab Chambers is the largest independent, regional, non-governmental organization that represents chambers of commerce in 22 countries in the League of Arab States, in addition to a series of bilateral chambers and joint business councils between these countries and foreign and international countries. foreign partners. The organization promotes investment, economic cooperation, and trade between the countries of the Middle East and North Africa, as well as expanding contacts with other regions. The Federation’s main priority is to promote the activities of the private sector and the international excellence of its members’ companies, businesses and potential external partners.
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