site.btaSaudi Business Delegation Visits Bulgaria

Sofia, February 16 (BTA) - A business delegation from Saudi Arabia is in Bulgaria to explore opportunities for investments and joint ventures with Bulgarian companies, the Economy Ministry said on Friday. The delegation is headed by Muneer bin Saad, Vice Chair of the Council of Saudi Chambers (CSC). The CSC is the largest business organization in Saudi Arabia whose members include most of the large companies in the country. The Saudi guests in Sofia represent the industries of tourism, food, healthcare, chemicals, information technology, electronics, and communications, among others.

On Friday, they were received by Economy Minister Emil Karanikolov. The sides discussed the establishment of a bilateral economic commission and the setting up of a commercial service in the future Bulgarian embassy in Riyadh. The Invest Bulgaria Agency is expected to sign a cooperation agreement with the Saudi Arabian General Investment Authority.

At the meeting, Karanikolov presented Bulgaria as an attractive place to do business, with its good conditions for investors and measures to promote investments, which include speedy administrative services, financial support for infrastructure and staff training, and support for priority projects. The minister laid particular emphasis on the investment opportunities in industrial zones operated by the National Company for Industrial Zones.

On Thursday, Sofia hosted a Bulgaria-Saudi Arabia Business Forum organized by the Bulgarian Chamber of Commerce and Industry. Opening the event, Deputy Economy Minister Alexander Manolev noted that the visit of the Saudi business delegation follows a groundbreaking visit by Prime Minister Boyko Borissov to Riyadh in November. Back then, the sides agreed to organize business-to-business meetings, and now, just three months later, this is already happening, Manolev said.

He expressed hope for concrete business agreements and joint projects. Bilateral economic relations have big potential, he said. Annual two-way trade is in the order of 100 million US dollars, "but with more such initiatives and with the reciprocal actions of our two governments, we can increase it considerably in the coming years," Manolev said.