The Honorary Chairman of the Bulgarian – Saudi Business Council (BSBC) at BCCI Mohamad Sakr visited the Bulgarian Chamber of Commerce and Industry and talked with the President Tsvetan Simeonov.
During the meeting, the current state of the trade and economic relations between Bulgaria and the Kingdom of Saudi Arabia and the intensification of activities to support business relations with the help of the bilateral Business Council were discussed. In this regard, BCCI has successfully partnered with the Council of Saudi Chambers on the basis of a Memorandum of Cooperation signed in 2011. The bilateral business interests are focused on the following sectors: IT, tourism, renewable energy, agriculture, construction, healthcare, insurance, legal services, food industry, etc. Bulgarian companies participate in the largest exhibition for food and agricultural products in Saudi Arabia – SAUDI AGRO FOOD.
In the context of the Saudi Vision 2030 concept for the development and modernization of Saudi Arabia, opportunities are expected for Bulgarian companies to contribute to the realization of this vision.
According to preliminary data from the Ministry of Economy for the first half of 2021, exports from Bulgaria reached USD 147.2 million, which is a significant increase of over 154% compared to the same period last year. Imports from Saudi Arabia amounted to USD 43.7 million, an increase of over 57% compared to 2020. Trade turnover between the two countries is worth USD 191 million, i.e. an increase of about 123% compared to the same period last year.