In 2024, bilateral trade increased by 16% compared to 2023, reaching nearly $250 million
The Minister of Economy and Industry, Peter Dilov, held a meeting with His Excellency Mr. Rami Alotaibi, Ambassador Extraordinary and plenipotentiary of the Kingdom of Saudi Arabia to Bulgaria. The two discussed organising the upcoming first session of the Joint Committee for the implementation of the General Agreement for Cooperation between the Republic of Bulgaria and the Kingdom of Saudi Arabia, which will be held in Sofia in June.
The parties agreed that the meeting of the Joint Committee would give new impetus to bilateral economic relations. During the Committee’s sessions, accompanying events and business forums are also planned, which will deepen cooperation in specific areas of mutual interest. The priority sectors for future cooperation, agreed upon by the two countries, which should be discussed within the Joint Committee, are industry, mining, construction, transport, logistics services, green and renewable energy, agriculture, digital transformation and technology.
It also became clear at the meeting that within the framework of the Joint Committee, a Memorandum of Understanding for economic cooperation is to be signed, which is an important indication of the partnership between the Ministry of Economy and Industry of the Republic of Bulgaria and the Ministry of Economy and Planning of the Kingdom of Saudi Arabia. Minister Dilov stressed that the Memorandum is of key importance for initiating trade and economic relations.
For his part, Ambassador Alotaibi pointed out that holding the first session of the Committee would lay the foundation for building even better economic cooperation with Bulgaria. “This year marks 30 years since the establishment of diplomatic relations between the two countries,” he noted.
The two emphasised that bilateral trade between Bulgaria and Saudi Arabia is showing steady growth, but there is also significant potential for development. In 2024, trade between the two countries reached $247.9 million, representing an increase of nearly 16% compared to the previous year.
Dilov expressed his confidence that, with joint efforts, concrete results would be achieved that would strengthen the bilateral economic partnership.
“Bulgaria has the ambition to attract more investment from Saudi Arabia, and Bulgarian business can be a reliable partner in a number of strategic sectors such as agriculture, the food industry, IT and high technology, mechanical engineering, electronics and tourism,” he added.