Memorandum of Understanding between BCCI and the Ras Al Khaimah Investment Authority (RAKIA) from UAE

Mr. Probir Chakraborty, Chief Operating Officer of the Government of Ras Al Khaimah RAK Investment Authority of the United Arab Emirates (UAE) and the President of BCCI Tsvetan Simeonov signed Memorandum of Understanding. The MoU was entered into during the Business Forum held in the Chamber with a delegation from the Ras Al Khaimah Investment Authority (RAKIA) from UAE.

The economic relations between Bulgaria and the UAE date back to 1971 but they have become more regular since 1975. The President of BCCI Tsvetan Simeonov has noted that meetings with business representatives from Dubai and the UAE are episodic ones, but we hope that from now on, the opening of the Consulate General of Bulgaria in Dubai will intensify bilateral economic cooperation. To this end, he said - we provide the opportunity to the Bulgarian business to meet with consultants from the Ras Al Khaimah Investment Authority (RAKIA). In order to turn this cooperation into a regular one, the Bulgarian Chamber of Commerce entered into MoU with RAKIA.

 During the forum investment opportunities in the UAE were presented. 

According to the data of the Ministry of Economy of Bulgaria there is a significant increase in bilateral trade and particularly of Bulgarian exports to UAE during the last three years. In 2013 the bilateral trade reached a record of 400 million USD, 345.8 million USD of which are exports of Bulgarian products.