Official visit includes signing of economic cooperation agreement and holding of joint business forum
Abu Dhabi, October 9, 2016 - H.E. Engineer Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, will be leading the country's first government and economic trade delegation to visit the Republic of Bulgaria on October 11 to October 13, 2016. The official visit is aimed towards promoting economic trade and investment cooperation between the two countries, placing strong focus on key sectors like agriculture, food technology, tourism, innovation, technology, transport and energy.
The visit will also include the signing of an economic technical cooperation agreement and the holding of a joint UAE-Bulgaria business forum that is expected to be attended by a large number of companies coming from various economic segments. The forum will serve as a strategic platform to discuss possibilities of increasing volume trade and exploring investment opportunities available to both UAE and Bulgarian investors.
Aside from Minister Al Mansoori, the UAE delegation will also include Sheikh Ahmed Ali Al Mualla, UAE Non-Resident Ambassador to Bulgaria; Mohammed Abdulaziz Al Shehhi, Under-Secretary for Economic Affairs at the Ministry of Economy; Jamal Al Hai, Deputy CEO of Dubai Airports; Marwan Al Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq); Mohamed Obaid Bin Majed. Director General of Department of Industry & Economy; Najeeb Mohammed Al Ali, Senior Vice President, Unified Project Management Office – Expo 2020, as well as senior officials from government and private organizations, investors and businessmen.
H.E. Al Mansoori expressed his confidence that this visit will establish a new phase of mutual cooperation relations between the UAE and Bulgaria—especially across the economic, trade and investment levels through the signing of the economic and technical cooperation. The efforts to reinforce bilateral ties also includes the laying of the foundation for the establishment of a joint economic committee, which is a positive step to study and discuss the opportunities and challenges for investors from both sides.
H.E. Al Mansoori stressed on the many investment and business opportunities that can be availed of by both countries--further noting on Bulgaria's strategic position as a gateway to Eastern Europe. He added that UAE, in turn, also serves as a key gateway to the Middle East and Africa region. Integrating these two gateways will make for logistical and trade & investment partnerships for both countries.
The Minister explained that the visit falls in line with the Ministry’s efforts to open new markets for investors and businessmen from the UAE’s private sector; focusing on enhancing opportunities for SMEs, which occupies a priority in the interests of the UAE.
During the official visit, the UAE delegation will also hold meetings with senior officials in Bulgaria, led by H.E. Boyko Borissov, Prime Minister of the Republic of Bulgaria Council and other senior officials from the Bulgarian government. The group is also expected to hold intensive meetings with their counterparts in Bulgaria from government officials and the business community.
According to recent reports, trade between the UAE and Bulgaria, including free zone activities, stood at USD 500 million in 2015. Meanwhile, there are currently 196 Bulgarian trademarks, two trade agencies and one company registered at the UAE Ministry of Economy.