Bulgarian Economy Minister and Saudi Arabian Ministers discussed co-operation between the two countries

“Between our two countries, there is a huge potential in the field of trade and investment, which we can share with common efforts.” This was said by Economy Minister Emil Karanikolov at a meeting with Dr. Majid bin Abdullah Al Qasabi, Saudi Arabia's Trade and Investment Minister in Riyadh.

They discussed the opportunities for bilateral investments as well as the participation of Bulgarian companies in the construction of major infrastructure projects in Saudi Arabia as contractors and subcontractors. From the Saudi side, a desire for joint co-operation in the field of agriculture, pharmacy, agriculture, chemistry and tourism was expressed.

Minister Karanikolov and his colleague have also agreed to establish a Joint Intergovernmental Bulgarian-Saudi Economic Co-operation Commission as well as a road map in which the steps to create investment opportunities have been outlined. The Economy Minister stressed the strategic geographic position of our country and the opportunity to offer the nearest location for access to the single European market. A visit by Dr. Majid bin Abdullah Al Qasabi in Bulgaria was also agreed with a business delegation.

During his official visit to Riyadh, Minister Karanikolov also met with the Minister of Economy and Planning. In front of him he pointed out that the Bulgarian side wants to actively develop its economic relations with the Kingdom of Saudi Arabia and the rest of the countries of the Gulf Arab League Cooperation Council (SAAA).

In his words, the opening of the Bulgarian Embassy in Riyadh is an important prerequisite for expanding and strengthening bilateral co-operation and will undoubtedly have a beneficial impact on the development of bilateral ties.

"For Bulgaria, Saudi Arabia can be a link to the economies of a number of countries in the Gulf, Arab, Asian and African regions. There is an enormous potential in terms of commodity exchange, which is not at the necessary levels'', the Economy Minister said.