Between our two countries, there is a huge untapped potential in the field of trade and investments, which we can reach with common efforts. Minister Emil Karanikolov said this at a meeting with Dr. Majid bin Abdullah Al Qasabi, Saudi Arabia’s trade and investment minister in Riyadh. The Bulgarian Minister of Economy is on an official visit to the Kingdom, accompanied by Executive Director of Bulgarian Small and Medium-Sized Enterprises Promotion Agency / BSMEPA /, Dr. Boyko Takov and a business delegation organized by the Agency. Tomorrow, Minister Karanikolov will open a business forum with participation of companies from both countries.

During the meeting with Dr. Majid bin Abdullah Al Qasabi, opportunities for bilateral investments and the participation of Bulgarian companies in the construction of major infrastructure projects in Saudi Arabia as contractors and subcontractors were discussed. The Saudi side has expressed a willingness for joint co-operation in the field of agriculture, pharmacy, chemistry and tourism.

Minister Karanikolov and his colleague have also agreed to establish a Joint Intergovernmental Bulgarian-Saudi Economic Co-operation Commission as well as a road map in which the steps to create investment opportunities has to be outlined. The Economy Minister stressed the strategic geographic position of our country and the opportunity to offer nearest location for access to the common European market.

A visit by Dr Majid bin Abdullah Al Qasabi in Bulgaria was also agreed with a business delegation.

During his official visit to Riyadh, Minister Karanikolov held a meeting with Mohamed Al Tuheri, Minister of Economy and Planning. In front of him, he pointed out that the Bulgarian side wants to actively develop its economic relations with the Kingdom of Saudi Arabia and the rest of the countries of the Gulf Cooperation Council (GCC).

By his words, the opening of the Bulgarian embassy in Riyadh is an important prerequisite for expanding and strengthening bilateral cooperation and will undoubtedly have a beneficial impact on the development of bilateral relations.

„For Bulgaria, Saudi Arabia can be a link to the economies of a number of countries in the Gulf, the Arab world, Asia and Africa. There is a tremendous potential in terms of trade that is not at the necessary level“, the economic minister said.

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