Presentation on Economic Cooperation Bulgaria-Kuwait

The Bulgarian Chamber of Commerce and Industry organized together with the Embassy of the State of Kuwait in Sofia and the Kuwait Chamber of Commerce and Industry an online event for presenting the Economic Cooperation Bulgaria-Kuwait. The meeting focused on potential business opportunities and partnerships between Bulgaria and Kuwait, with discussions on investment opportunities, certification processes, and the sectors of mutual interest.

The President of the Bulgarian Chamber of Commerce and Industry Tsvetan Simeonov, pointed out the historical relations between Bulgaria and Kuwait, noting a long history of cooperation and several official visits. However, he expressed dissatisfaction with the current trade figures, which he believes are not satisfactory. He emphasized the need for more involvement from Kuwaiti businesses to balance the trade and increase bilateral relations.

H.E. Ghazi Hamed Alfadhli, Ambassador of the State of Kuwait to Bulgaria greeted the participants in the meeting and expressed its readiness to facilitate the cooperation and proposed assisting in organizing more meetings.

Emad A.Al-Zaid, Assistant Director General at the Kuwait Chamber of Commerce confirmed the willingness of the Chamber to facilitate meetings between businessmen and suggested focusing on specific areas like food security and mega projects.

The Invest Bulgaria Agency presented the investment opportunities in the country, highlighting advantages such as low costs and a good business environment. Bulgaria's strategic and geopolitical location, its potential for growth, and its macroeconomic stability were highlighted as well as the country's low taxation rates, favorable business environment, and competitive professional costs. The agency's free services for investors and its role in facilitating the investment process were emphasised.

Presentation of the economic and investment climate in the State of Kuwait was made by a representative of the Kuwait Direct Investment Agency. Kuwait's vision for 2035, which aims to transform the country into a world-class commercial and financial hub with the private sector playing a major role was discussed. Kuwait has dynamic projects market, high investment-grade sovereign rating, highly educated and tech-savvy youth population, rich oil and gas resources, strong microeconomics performance, sound banking system, high income per capita, strategic location, and transparent legal system. The mega investment opportunities in eight sectors were discussed, including oil and gas downstream, consultancy and project management, and IT.

The conversation ended with a discussion on the sectors of mutual interest and the need to find added value for both sides. The Chambers of Commerce from Bulgaria and Kuwait expressed their readiness to assist in finding partners and answering questions.

It was agreed that the two Chambers will keep contact and organize a joint event in the near future with the support of the Diplomatic missions in the two countries and the Association of Bulgarian - Arab Economic Chambers.