The Deputy Minister of Economy participated in the 28th World Investment Conference in Riyadh.
The investment and trade relations between Bulgaria and the Kingdom of Saudi Arabia possess significant potential for development. Bulgarian businesses can serve as reliable partners in the execution of joint investment projects across various sectors. These sectors include agriculture and the food industry, information and communication technologies, research and development, electronics and electrical engineering, mechanical engineering, the chemical industry, tourism, and others, Deputy Minister of Economy and Industry, Nikolay Pavlov, said during his participation in the 28th World Investment Conference in Riyadh.
At the forum, Deputy Minister Pavlov outlined the advantages of our country as an investment destination. He stressed that in the first eight months of 2024, bilateral trade between Bulgaria and the Kingdom of Saudi Arabia reached USD 188 million , marking an increase of 15.4% compared to the same period in 2023.
“Bulgarian exports for the specified period amounted to USD 155.9 million, representing an increase of 56.9% compared to the same period in 2023. Meanwhile, imports from Saudi Arabia for the specified period were valued at USD 32.9 million,” Pavlov said. The Deputy Minister of Economy added that there is identified potential for exporting high-quality Bulgarian foods and agricultural goods, pharmaceutical and cosmetic products, IT products, as well as products from the engineering, electronics, and electrical engineering sectors to Saudi Arabia.
During his visit to the Kingdom of Saudi Arabia, Deputy Minister Pavlov met with Mohammed Alsaheb, Deputy Minister of Investment Development at the Ministry of Investment. They discussed opportunities for collaboration in key sectors such as investment, energy, tourism, and innovation, with a focus on the development of specific projects.
Pavlov held a meeting with Deputy Minister of Economy and Planning of the Kingdom of Saudi Arabia Albara Alaskandarani. Their discussion mainly centered on setting up a Joint Commission for Economic Cooperation. The first session of this commission aims to establish a foundation for strengthening the bilateral partnership between Bulgaria and Saudi Arabia. The commission is expected to meet in Sofia to boost business opportunities and investments for both countries. The meeting also covered specific contracts, legal agreements, and priority development areas, showing the significant potential the commission could achieve.
A meeting was also held with the Khalid bin Saleh Al-Mudaifer, Deputy Minister of Mining Affairs. During the discussion, the focus was on the importance of global cooperation, training specialists, and sharing innovations. Special attention was given to sharing experiences in the mineral resources sector and exploring partnerships with Bulgarian companies in this area.
The Deputy Minister of Economy met with the Secretary General of the Federation of Saudi Chambers, where both parties shared their vision for growth. The Federation, which represents 1.4 million businesses and plays a key role in developing the private sector under Saudi Arabia’s Vision 2030, is committed to fostering international partnerships and attracting foreign investments. The chamber expressed its willingness to help organize a business and investment forum during the intergovernmental commission and showed strong interest in strengthening ties with Bulgarian businesses through delegations, missions, and visits.