Trade Volume Between Egypt, Bulgaria Amount to $1 Billion

Business » FINANCE | November 23, 2018, Friday // 12:50| Views: | Comments: 0
Bulgaria: Trade Volume Between Egypt, Bulgaria Amount to $1 Billion

Moayad el-Dalie, the Egyptian ambassador to Bulgaria, said that Egypt is Bulgaria's biggest economic partner in the Middle East and North Africa, adding that trade volume between the two states amounted to $1 billion, according to Egypt Today. 

Dalie said that Bulgaria is looking forward to cooperating with Egypt in many vital fields, especially in the fields of investment and energy, as well as combating illegal immigration and terrorism. 

The relations between the two countries began nearly a century ago. The two countries exchanged diplomatic representatives at the consular level in 1925;then at the commission level four years later, and exchanged ambassadors in 1957. 

Diplomatic relations between Egypt and Bulgaria were cut for the first time when Bulgaria decided to go to the Second World War with Germany. The relations were then restored in 1947. 

Relations had been interrupted again upon Egyptian late President Anwar al-Sadat's orders in 1978 due to tensions, before they were restored in 1984. 

Dalie said in an earlier interview with Diplomatic Spectrum published in September 2018 that Bulgaria's trade with Egypt is even bigger than the trade of Bulgaria with some European countries. 

He said that the two countries witnessed a 41 percent increase in the trade balance compared to 2016, adding that Bulgaria's exports to Egypt increased by 26 percent, while Bulgaria's imports from the North African state increased by 54 percent. 

Dalie explained that there are Egyptian companies operating in Bulgaria in various realms, adding that numerous Bulgarian companies are also keen on investing in Egypt. 

Concerning tourism, Dalie asserted that Egypt is among the most favorite places for Bulgarian tourists. He said that the number of tourist exchange between the two countries increased, adding that flights from Bulgaria's capital of Sofia to the Red Sea city of Hurghada significantly increase every year. 

Egyptian Foreign Minister Sameh Shoukry met Thursday with the Bulgarian President Rumen Radev in Sofia. During the meeting,Shoukry stressed the aspiration of the Egyptian side to strengthen Egyptian-Bulgarian relations at all levels. 

The two officials also discussed the importance of deepening the economic cooperation amid the high trade exchange between the two states, Foreign Ministry spokesman Ahmed Hafez said. 

Egypt's President Abdel Fatah al-Sisi received on October 23, Bulgarian Prime Minister Boyko Borissov only one month after they met in New York on the sidelines of the 73rd session of the UN General Assembly (UNGA). 


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Tags: Egypt, trade, Bulgaria, Rumen Radev, sofia
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