Trade Exchange Between Qatar, Bulgaria Rises By 38% To Qr109m Last Year

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha: Qatar and Bulgaria maintain strong economic relations with the volume of trade between both countries reaching QR109m in 2021, registering a growth of 38 percent compared to the previous year, said a senior official during a meeting held yesterday. 

Officials at the Qatari-Bulgarian Business Meeting discussed ways to enhance commercial and industrial cooperation relations and investment opportunities in both countries, as well as the possibility of establishing partnerships between Qatari and Bulgarian business owners in a way that contributes to increasing the rates of trade and investment exchange.

Addressing the meeting, Mohammed bin Towar Al Kuwari, First Vice-Chairman of Qatar Chamber, pointed out that Qatar and Bulgaria have strong relations in various fields and there is a common desire to develop and strengthen these relations, but the volume of 'trade exchange between the two countries is still less than our ambitions despite its escalating growth from year to year, reaching QR109m last year in 2021, compared to QR79m in 2020, with a growth rate of about 38 percent'. 

Al Kuwari expressed his hope that intra-regional trade will continue to grow in the coming years to reach the level of ambitions of the two countries, especially in light of the available capabilities and the firm desire of businessmen to strengthen these relations. He called on Qatari businessmen to explore the investment opportunities available in Bulgaria, and also called on Bulgarian companies to strengthen cooperation with Qatari companies through the establishment of commercial alliances, whether in Qatar or Bulgaria.

He also reiterated that the Qatari market welcomes all foreign investments, and highlighted the country's strong infrastructure, huge logistical capabilities, encouraging investment incentives, and economic legislation which attract investments in all sectors, especially with the presence of the non-Qatari capital investment law in economic activity which has already provided many incentives for the non-Qatari investors, in addition to the logistical and industrial zones that provide a lot of promising investment opportunities.

Al Kuwari further noted that Bulgaria is a leading investment destination, especially in sectors such as energy, mining, machinery manufacturing, agriculture and tourism and others. He stressed the desire of Qatari business owners to explore investment opportunities available in Bulgaria and learn about the investment climate and the advantages that the country grants to foreign investors. 

“Qatar Chamber encourages Qatari business owners to take advantage of the incentives offered by friendly countries such as Bulgaria to Qatari investors, in establishing investments and alliances that support trade relations between the two countries,” he added. 

Also speaking during the event, Ahmed Mohieldin Alaeddin, President of the Federation of Bulgarian Arab Economic Chambers said:“There are wide areas for business owners from both sides to cooperate and enter into joint partnerships, and that there is a desire on the Bulgarian side to enhance cooperation with the Qatari private sector”. 

He pointed out that the Federation of Arab-Bulgarian Economic Chambers aims to enhance Bulgarian-Arab cooperation, and bring together Bulgarian companies wishing to invest in the Middle East and cooperate with Arab businessmen, indicating that there is an interest in increasing commercial cooperation and strengthening economic ties with Qatari business owners. Alaeddin also stressed that Bulgaria has promising investment opportunities, especially in the food sector.

Tsvetan Simeonov, President of the Bulgarian Chamber of Commerce and Industry said trade relations between both countries are strong and there is continuous communication, in addition to the cooperation agreements in the economic fields that were signed a few years ago, which constitute a promising opportunity for the business sectors in both countries to benefit from. Bulgarian Chamber has participated in a number of events with the Qatari side and welcomes Qatari investments in Bulgaria and the establishment of joint Qatari-Bulgarian projects.

During a presentation, the business environment in Qatar and how to establish business was reviewed, while the Bulgarian side reviewed the most important investment incentives for Bulgaria in terms of the legal and tax system that encourage investment and the availability of skilled labor, in addition to the possibility of access through Bulgaria to the Middle East and Turkey markets, as well as the most important economic sectors available for investment in Bulgaria.

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