Bulgaria and Saudi Arabia Discuss Economic Partnership

"Bulgaria and Saudi Arabia have significant untapped potential for economic partnership, which we can and must turn into real joint projects of mutual benefit for our citizens and businesses." These words of the Bulgarian Foreign Minister Georg Georgiev echoed during a meeting with the Minister of Economy and Planning of the Kingdom of Saudi Arabia, H.E. Faisal bin Fadil Al Ibrahim, during the prestigious event known as the "Munich Leadership Meeting".

The action took place in the city of Al Ula, where the international community gathered to discuss the future of global politics and economics.

The two ministers engaged in a lively discussion on bilateral economic relations and investment cooperation. The atmosphere in the hall where the meeting took place was filled with professionalism, but also with a clearly expressed desire to find new ways for cooperation. A central theme was the dynamic economic development of Saudi Arabia, which was recognized as a key factor.

Minister Georgiev did not hide his admiration for the economic progress of the Arab country. "The modernization efforts of Saudi Arabia are an exceptional example for Bulgaria in economic terms," he noted, emphasizing the importance of bilateral relations, including in the field of economy and technology. Bulgarian support for Riyadh's candidacy to host EXPO 2030 was cited as a clear sign of Bulgaria's commitment.

Special emphasis was placed on the upcoming first meeting of the Joint Committee for Economic Cooperation between the two countries. The talks between the ministers also touched upon the possibility of signing key memoranda in areas of mutual interest, including the economy, energy, mineral resources, education and sports.

"Bulgaria believes that holding a joint business and investment forum in parallel with the Joint Committee will add additional value and open new horizons for partnership with Saudi Arabia," the foreign minister stressed.

The Bulgarian side singled out energy, defense and security, as well as the field of high technologies as priority areas for future cooperation. Bulgaria expressed interest in attracting Saudi investments in a number of key sectors, including research and development, mechanical engineering, electronics and the chemical industry. "Bulgarian companies can be reliable partners for Saudi Arabia in a number of areas. There are excellent prospects for exporting high-quality Bulgarian goods and products," Minister Georgiev added.

For his part, the Saudi Minister Al Ibrahim emphasized the energy sector, defense and security, as well as healthcare as potentially serious areas for future interaction. "We have the opportunity to discover new prospects for cooperation in the energy sector, as well as in the areas of defense and security, where we invest a significant resource, including in relation to the development of high technologies and the production of unmanned aerial vehicles. Healthcare is a sector in which we also have the opportunity to share experience, as well as highly qualified personnel," he said.

In conclusion, the two ministers expressed their confidence that the development of economic relations between Bulgaria and Saudi Arabia will lead to the strengthening of the partnership between the two countries and will open new opportunities for cooperation in key sectors of mutual interest. Their optimism was supported by concrete plans for joint work, which created a solid foundation for the future development of relations.