Bulgaria’s caretaker Economy Minister Nikola and his Saudi counterpart Faisal Al-Ibrahim discussed during a meeting the signing of a memorandum of understanding between the Bulgarian Economy Ministry and the Saudi Ministry of Economy and Planning, Nikolov’s Ministry reported on Wednesday. The strategic document will serve as a good foundation for deepening economic relations and partnerships between companies from both countries.
Nikola Stoyanov attended the Future Minerals Forum 2023 international conference in Riyadh Tuesday.
Stoyanov presented the progress of negotiations between Bulgarian and Saudi companies on partnership in the food industry. The Saudi Economy Minister said that his country is also seriously interested in the sector.
Two-way trade between Bulgaria and Saudi Arabia doubled in 2021, compared to 2020, reaching USD 313.2 million, which shows serious potential, Stoyanov said. He highlighted the sectors of the food processing industry, agriculture, mining, information and communications technology, machine building, chemical industry and tourism, where Bulgarian businesses can be reliable partners in implementing joint investment projects.
Direct flights between Sofia and Riyadh are scheduled to start in April and expected to give a fresh impetus to bilateral relations, caretaker Innovation and Growth Minister Alexander Pulev said during the talks.
Minister Faisal Al-Ibrahim accepted an invitation to visit Bulgaria in the coming months together with a business delegation to continue the discussions.
Over a third of all Saudi investments in Bulgaria have been implemented in 2021, it transpired from a meeting between ministers Stoyanov and Pulev with the manegement of the Saudi Public Investment Fund, which is the largest State investment fund that manages assets across the world.
Saudi direct foreign investments in Bulgaria stood at EUR 14.3 million in 2021, Stoyanov said, which account for over a third of all Saudi investments made in Bulgaria in recent decades.
An investment in a cargo airport in the southeastern city of Haskovo could have a strategic importance for the whole region. The investment project was presented by Minister Nikolov, while representatives of the Fund are expected to visit Bulgaria and become acquainted with its location and technical parameters.
Saudi Arabia’s Public Investment Fund plays a key role for the development of that country’s economy and the implementation of strategic investments at national and international level. The Fund is connected to the creation of 66 companies in 13 strategic sectors and the opening of over 500,000 jobs. In view of this, Stoyanov presented the opportunities offered by Bulgarian companies in the construction, mining and machine building sectors.