The largest business organisation of the Arab League countries is exploring the opportunities for Bulgaria to become a logistics hub for imports and exports to the European Union. This became clear during a meeting of the Minister of Economy and Industry Nikola Stojanov with the Secretary General of the Union of Arab Chambers Khaled Hanafy. The Ambassador of Egypt to Bulgaria H.E. Khalid Ibrahim Emara. In recent days, the delegation has visited the port of Burgas and held a series of meetings with business organizations from the region.
The establishment of a Bulgarian-Arab business chamber is underway. For this purpose, an agreement between the Bulgarian Chamber of Commerce and Industry and the Union of Arab Chambers is being prepared. It is also planned to open a representative office of the new organization in Bulgaria to promote business contacts between Bulgaria and the Arab League countries. ‘We have also prepared a series of events to promote investment opportunities and joint projects,’ Khaled Hanafy explained. ‘We can give access to a market of more than 1 billion people and the key is for Bulgarian companies to be much more active,’ the Union of Arab Chambers added.
‘For our country Egypt and the Arab region are of extremely high interest to strengthen the potential of economic relations,’ Minister Stojanov said. He outlined other areas for business partnerships in the region. ‘Promotion of investment opportunities in the industrial zones, contacts between start-up companies and experience exchange programs — these are opportunities that will give many new horizons in the economic relations between Bulgaria and the League of Arab States’, Nikola Stojanov added.
Bilateral economic relations between Bulgaria and Egypt were also discussed during the meeting. Traditionally good trade relations exist between our countries and in 2022 bilateral trade will reach nearly USD 830 million and grow by nearly 40% compared to 2021.
The participants in the meeting also commented on the organization of regular, but different in format, business forums and initiatives with participation at state level. It is a tool to motivate both large and small and medium-sized enterprises to introduce themselves to each other and to define contact points for common projects. The Minister of Economy pledged that the Trade and Economic Affairs Offices in the region will actively engage in this process to take concrete steps in this direction.
The Union of Arab Chambers has invited Bulgarian companies to participate in the International Food Forum in Morocco in September this year, which is organized under their auspices.
The Union of Arab Chambers of Commerce is the largest independent, regional, non-governmental organisation representing the chambers of commerce of 22 countries of the League of Arab States, as well as a number of jointly operating bilateral chambers and business councils between these countries and their external partners. The organisation works to strengthen investment, economic cooperation and trade between the countries of the Middle East and North Africa, as well as to expand contacts with other regions. The Union’s main priority is to stimulate private sector activity and the internationalisation of its member firms and enterprises and their potential external partners.