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ABU DHABI – The UAE-Bulgaria Business Forum, organised by the Abu Dhabi Chamber of Commerce and Industry (ADCCI), concluded its event in Abu Dhabi. The forum highlighted the importance of strengthening bilateral relations and developing new strategic frameworks that advance economic partnership by stimulating investment in a number of key sectors.
The forum was held in the presence of Ruman Radev, President of the Republic of Bulgaria; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Ahmed bin Ali Sayag, Minister of State; Reem bint Ibrahim Al Hashemy, International Cooperation Minister of State; Abdullah Mohammed Al Mazrui, Chairman of ADCC; Humaid Mohammed bin Salem, Secretary General of the Federation of Emirates Chambers of Commerce and Industry (FCCI), and senior officials and private sector representatives from both parties.
President of the Republic of Bulgaria Ruman Radev said: “It is a privilege to work in a country that is a pillar of stability in the region. Strategic cooperation between the UAE and the Republic of Opportunities for economic cooperation are provided by different industries in the fields of digital and green technologies, smart solutions, agriculture, defense, education, etc.”
“The UAE has built a strong economy and we are eager to do more business with the country given its strategic location, best access to European markets, stability, good relationships, qualified workforce and lack of corporate taxation,” he added .
Dr. Sani bin Ahmed Zeyudi, Minister of State for Foreign Trade, said: “The UAE attaches great importance to our long-term partnership with Bulgaria and we are encouraged by the significant progress achieved in recent years in the political, economic and cultural fields. For example, non-oil foreign trade in the first half of 2022 was US$121 million, an increase of 40% compared to the same period in 2021 and a 10% increase compared to 2019. Today, Bulgaria is a partner of European countries, one of the top 25 trading nations of the UAE.”
“The UAE is Bulgaria’s second largest trading partner among the GCC countries, accounting for more than 25% of Bulgaria’s trade with the GCC in 2021. Economic partnership remains a high priority in the UAE’s foreign cooperation policy. As we pursue aggressive reforms agenda to accelerate and sustain future economic growth. We are also working to expand trade and investment cooperation with key global partners,” he added.
In his opening remarks, Abdullah Al Mazrui said: “This forum is in line with the UAE’s ongoing efforts and commitments to strengthen economic relations with the Republic of Bulgaria. We would like to take this opportunity to join hands to promote dialogue and support the growth of both countries, with a particular focus on some growth Fastest industries. These industries include: FinTech, Construction, Defense, Information and Communication Technology, and Manufacturing. Our two countries share similar aspirations and recognize the potential of these industries to drive sustainable development and economic growth.
He added: “The UAE and the Republic of Bulgaria have strong diplomatic relations as well as economic and cultural ties, dating back to 1991. We are proud of our resilient bilateral relationship with the Republic of Bulgaria, which over the past few years has Significant development. Bulgarian imports to the UAE increased from $37.4 million to $132.1 million between 2010 and 2021, a significant increase reflecting the UAE’s trust in Bulgarian products. Bulgaria increased from $9.1 million to $17.9 million , which demonstrates the UAE’s efforts to diversify its economy and Bulgaria’s trust and support for the UAE to achieve this.”
He emphasized the important role of the Abu Dhabi Chamber of Commerce in strengthening strategic cooperation with different countries, stimulating investment, and promoting economic growth, highlighting the competitive characteristics of Abu Dhabi and establishing its status as a global business center.
The forum clarified the main opportunities and trends to strengthen bilateral cooperation. It showcases the UAE’s thriving business environment for attracting foreign direct investment (FDI), as well as the region’s sustainability and effective and flexible legislative framework.
The forum concluded with presentations by a number of officials from both countries on key investment opportunities in different sectors such as fintech, construction, defence, information and communication technology, and manufacturing, which are the most attractive sectors for foreign direct investment. In addition, there have been numerous bilateral meetings between officials, businessmen and investors from both sides.
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