The newly appointed Ambassador of the Kingdom of Saudi Arabia in Sofia visited BCCI

The newly appointed Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia in Sofia H.E. Mr. Khalid Faqeeh met with the President of BCCI Tsvetan Simeonov. The current state of the trade and economic relations between Bulgaria and the Kingdom of Saudi Arabia and the intensification of activities to support bilateral business relations were discussed.

The good partnership with the Council of Saudi Chambers on the basis of the signed Memorandum of Understanding from 2011 was emphasized. Тhe following sectors have been outlined as having great potential for development of business cooperation: IT, renewable energy sources, agriculture, construction, food industry, tourism, etc.

The President of BCCI acquainted the guest with the Chamber’s voluntary membership system, as well as with the services provided by it in support of the business community.

The priorities for Bulgaria in connection with the forthcoming membership of the country in the Schengen area and the Eurozone were discussed, which envisage our country to become an even more secure and reliable partner to international organizations, companies and investors.

Ambassador Faqeeh informed about the talks held between the two countries in connection with the intentions to open a direct airline between the Kingdom and Bulgaria in the near future, which will contribute to the improvement of bilateral trade, economic and investment ties.

According to preliminary data from the Ministry of Economy for the first half of 2021, exports from Bulgaria reached USD 147.2 million, which is a significant increase of over 154% compared to the same period last year. Imports from Saudi Arabia are worth USD 43.7 million, again registering an increase of over 57% compared to the same period of 2020. Trade between the two countries is worth USD 191.0 million, an increase of about 123% compared to the first half of 2020.