Companies from Saudi Arabia are interested in Bulgarian dairy products, including discussing the possibility of obtaining a license for their production on their territory. This became clear during a meeting of the Minister of Economy and Industry Nikola Stoyanov with Bandar bin Ibrahim AlKhorayef, Minister of Industry and Natural Resources of the Kingdom of Saudi Arabia. The Bulgarian Minister is on a two-day visit to Riyadh to participate in the international forum “Future Investment Initiative”.
During the meeting, Minister Stoyanov presented the Bulgarian enterprise “LB Bulgaricum” and the opportunities for joint partnership with Saudi companies. The idea of launching a joint product in Bulgaria by investing in new production facilities and distributing the finished dairy products on the Saudi market was discussed. Also of interest is the option of granting a license for the production of original Bulgarian dairy products on their territory to be distributed in the region.
Investments in the fields of mining, energy and industry are of interest to Saudi companies, it became clear during the meeting. The possibility of exchanging experiences for the development of the start-up environment was also discussed. Minister Stoyanov invited a delegation from Saudi Arabia to visit our country and continue the expert talks on each of the identified topics.
Saudi companies are interested in Bulgarian dairy products, investment opportunities in the mining and energy industries, as well as exchange of experience in the IT sector. Memorandums of Cooperation are being prepared between Bulgaria and Saudi Arabia in the fields of economy and industry, energy, tourism and agriculture. This became clear during a meeting of Minister Nikola Stoyanov with Faisal Alibrahim, Minister of Economy and Planning. It is planned to finalize within a month the rules of operation of the Joint Commission on Trade and Economic Cooperation between the two countries, within which all topics of mutual interest will be discussed operatively. Minister Faisal Alibrahim expressed hope that Bulgaria would support their candidacy for EXPO 2030 and undertook that Saudi Arabia will continue to help intensify bilateral relations.
A Bulgarian-Saudi Business Council will be established. This was agreed at a meeting of Minister Nikola Stoyanov with the Executive Director of the Union of Saudi Chambers Ajlan bin Abdulaziz Al Ajlan. The Bulgarian Chamber of Commerce and Industry will take part in it on the Bulgarian side and the aim is to turn this into a working tool for promoting business initiatives from both countries.
The investment opportunities in Bulgaria and the incentives for companies that choose our country will be promoted among more than 1 million Saudi companies. This commitment was made by the Executive Director of the Union of Saudi Chambers. Minister Stoyanov stressed that at the moment the investments from Saudi Arabia in our country amount to only 34 million euros. “This is extremely insufficient and does not correspond to the huge potential that exists between our two countries,” Minister Stoyanov underscored. He also extended an invitation to representatives of the organization to visit the country and continue talks in this direction.
The Union of Saudi Chambers brings together 28 industry chambers and its total membership exceeds 1 million companies.