In 2021 Bulgaria's exports to Saudi Arabia increased two-fold from 2020, and stood at USD 230 million, which is a record-high figure for the past ten years, the Economy and Industry Ministry said on Tuesday. Caretaker Economy and Industry Minister Nikola Stoyanov is on a visit to Riyadh to attend the sixth edition of the Future Investment Initiative conference, which is one of the most prestigious forums in the region. Officials from more than 100 countries take part in the three-day event which opened on Tuesday morning.
In Riyadh Stoyanov conferred with Saudi Arabia's Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef. At the meeting Stoyanov presented an investment map of Bulgaria with locations where resources are extracted. Companies from Saudi Arabia are interested in expanding the cooperation with Bulgaria and study opportunities for partnership, it emerged at the meeting. Bulgaria was invited to present investment opportunities and the potential of its extractive industry at a dedicated forum in Riyadh.
There is also interest in concessions in Bulgaria and in the experience of Bulgarian companies working in the extractive industry in Saudi Arabia. The two ministers also discussed the development of green energy and the opportunities for exchange of experience and launching joint projects.
Stoyanov also conferred with Khalid Al-Dabbagh, the Chairman of the Board of Directors of SABIC, one of the biggest companies in Saudi Arabia's chemical industry. SABIC is present in nearly 50 countries and employs more than 31,000. The two officials discussed the idea of Bulgaria becoming a logistics hub of SABIC for Southeast Europe. The company is interested in investing in a location with good transport links giving access to the single European market. Stoyanov said that Bulgaria can offer a lot in terms of strategic geographic location and business conditions. The Minister dwelled on the increased interest of a number of foreign companies in Bulgaria over the past few months.