Minister Georg Georgiev: Bulgaria and Saudi Arabia Have Significant Untapped Potential for Economic Partnership

Bulgaria and Saudi Arabia possess substantial untapped potential for economic cooperation, which we can and must transform into concrete joint projects of mutual benefit for our citizens and businesses, stated Bulgarian Foreign Minister Georg Georgiev during a meeting with His Excellency Faisal bin Fadil Al Ibrahim, Minister of Economy and Planning of the Kingdom of Saudi Arabia, held within the framework of the Munich Leaders Meeting in Al Ula on October 1.

The two ministers discussed bilateral economic relations and investment cooperation, emphasising the importance of Saudi Arabia’s dynamic economic development.

“The modernisation efforts of Saudi Arabia provide an exceptional example for Bulgaria in economic terms, and Bulgaria’s support for Riyadh’s bid to host EXPO 2030 is a clear indication of the significance we attach to our bilateral relations, including in the fields of economy and technology,” Minister Georgiev noted.

The discussion highlighted the importance of holding the forthcoming inaugural session of the Joint Committee on Economic Cooperation between the two countries. The ministers also explored the possibility of signing key memoranda of understanding in areas such as economy, energy, mineral resources, education, and sports.

“Bulgaria believes that holding a joint business and investment forum alongside the Joint Committee will add further value and open new horizons for partnership with Saudi Arabia,” the Foreign Minister said.

From the Bulgarian side, priority areas for future cooperation were identified as energy, defence and security, and high technologies. Bulgaria also expressed interest in attracting Saudi investment in research and development, mechanical engineering, electronics, and the chemical industry.

“Bulgarian companies can be reliable partners for Saudi Arabia across multiple sectors. There are excellent prospects for exporting high-quality Bulgarian goods and products,” Minister Georgiev added.

In turn, Minister Al Ibrahim highlighted energy, defence and security, and healthcare as potentially strong areas for collaboration between Bulgaria and Saudi Arabia.

“We have the opportunity to explore new avenues for cooperation in energy, as well as in defence and security, where we are investing significant resources, including in the development of high technologies and unmanned aerial vehicles. Healthcare is another sector where we can share expertise and highly qualified personnel,” Minister Al Ibrahim said.

In conclusion, both Minister Georgiev and Minister Al Ibrahim expressed confidence that strengthening economic ties between Bulgaria and Saudi Arabia will reinforce bilateral partnership and create new opportunities for collaboration in key sectors of mutual interest.