Bulgaria’s President and Saudi Arabia’s Foreign Minister discuss energy diversification

President Rumen Radev and the Minister of Foreign Affairs of the Kingdom of Saudi Arabia, Prince Faisal bin Farhan Al Saud, who is visiting the country, discussed the prospects for deepening cooperation in the area of high technologies and their application in the energy and security sectors. The two held a meeting on May 26 at the Presidency in Sofia.

Rumen Radev and Faisal bin Farhan Al Saud noted the excellent bilateral relations between the two countries, which have the potential to build upon in a number of sectors of mutual interest.

In 2021, bilateral trade saw a significant growth of nearly 90% and the trade volume reached $313.2 million compared to the previous year, while Bulgarian exports increased by 96% and amounted to $233.8 million," the Head of State said, pointing out that the active exchange of goods is an optimistic sign for strengthening cooperation.
The President pointed out that Bulgarian companies have the capacity to take part in the implementation of the goals set out in Saudi Arabia's strategic plan for economic development and modernization, Vision 2030.

Rumen Radev and Faisal bin Farhan Al Saud agreed that the transition to a climate-neutral industry should take place with predictable steps to ensure the competitiveness and stability of the economy.

Diversification of energy sources and achieving a circular economy and green energy production were also among the topics of the discussion.