NEWS

President Rumen Radev and Saudi Foreign Minister discuss economic modernisation and energy diversification

President Rumen Radev and the visiting Minister of Foreign Affairs of the Kingdom of Saudi Arabia, Prince Faisal bin Farhan Al Saud, discussed the prospects for deepening cooperation in the field of high technologies and their application in the energy and security sectors.

Radev and Faisal bin Farhan Al Saud noted the excellent bilateral relations, which had the potential to build on in a number of sectors of mutual interest. In 2021, bilateral trade saw a significant growth of nearly 90% and reached USD 313.2 million compared to the previous year, while Bulgarian exports increased by 96% and amounted to USD 233.8 million, the head of State said, pointing out that the exchange of goods was an optimistic sign for fostering cooperation.

The President stressed that Bulgarian companies had the capacity to take part in the implementation of the goals set out in Saudi Arabia's strategic plan for economic development and modernisation, 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 discussion.