Bilateral trade between Bulgaria and the Kingdom of Saudi Arabia has grown by over 15% and is worth nearly $156 million for the first eight months of 2024

Investment and trade relations between Bulgaria and the Kingdom of Saudi Arabia have enormous potential for development. Bulgarian business can be a reliable partner for the implementation of joint investment projects in a number of areas. These include agriculture and food industry, information and communication technologies, research and development, electronics and electrical engineering, mechanical engineering, chemical industry, tourism, etc. This was stated by Deputy Minister of Economy and Industry Nikolay Pavlov during his participation in the 28th World Investment Conference in Riyadh.

At the forum, Deputy Minister Pavlov presented the advantages of our country as an investment destination. He emphasized that in the first eight months of 2024, bilateral trade between Bulgaria and the Kingdom of Saudi Arabia reached 188 million USD, which is an increase of 15.4% compared to the same period in 2023.

"Bulgarian exports for the specified period are worth 155.9 million USD, which is an increase of 56.9% compared to the same period in 2023. While imports from Saudi Arabia for the specified period are worth 32.9 million USD," Pavlov pointed out. The Deputy Minister of Economy added that potential has been identified for the export of high-quality Bulgarian food and agricultural goods, pharmaceutical and cosmetic products, IT products, mechanical engineering, electronics and electrical engineering products to Saudi Arabia.

During his visit to the Kingdom of Saudi Arabia, Deputy Minister Pavlov met with Mohammed Alsaheb, Deputy Minister for Investment Partnership at the Ministry of Investments. The two discussed opportunities for cooperation in key sectors such as investment, energy, tourism and innovation, with an emphasis on the development of specific projects.

Pavlov also met with Albara Askendarani, Deputy Minister of Economy and Planning of the Kingdom of Saudi Arabia. The main emphasis in the conversation between the two was placed on the organization of a Joint Commission for Economic Cooperation, the first session of which aims to lay the foundations for deepening the bilateral partnership between Bulgaria and Saudi Arabia. The commission is planned to be held in Sofia with the aim of stimulating business opportunities and investments in both countries. The meeting also discussed specific contractual and legal agreements and priority areas for development, highlighting the significant potential that such a commission can realize.

A meeting was also held with the Deputy Minister of Industry and Mineral Resources, Khaled Al-Mudhaifer. During the conversation, the importance of global cooperation, training of specialists and sharing of innovations was emphasized. Particular attention was paid to the exchange of experience in the mineral resources sector and the interest in partnerships with Bulgarian companies in the sector.

The Deputy Minister of Economy also met with the Secretary General of the Federation of Saudi Chambers of Commerce, where the two sides emphasized their shared vision for growth. The Federation, representing 1.4 million businesses and driving the development of the private sector within the framework of Vision 2030 of Saudi Arabia, emphasized its commitment to promoting international partnerships and attracting foreign investment. The chamber expressed its readiness to assist in organizing a business and investment forum during the intergovernmental commission, as well as an overall interest in activating contacts with Bulgarian business through organizing delegations, missions and visits.