Sofia: The Sultanate of Oman and the Republic of Bulgaria talked about enhancing economic and investment ties, drawing on their experiences in developing investment-friendly climates, investor incentives, economic planning, and innovation in economic analysis and studies.
This happened during Dr. Said Mohammed Al Saqri, the Minister of Economy, meetings with Bulgarian officials in Sofia.
During his meeting with Tomislav Donchev, Deputy Prime Minister and Minister of Innovation and Growth, Al Saqri addressed the progress of bilateral relations and the prospects created by economic and investment collaboration. They also looked at methods to empower economic institutions, business leaders, and investors in both nations, as well as Bulgaria's experience in promoting an innovation-driven economy and knowledge-based growth.
During his meeting with Petar Deylov, Minister of Economy and Industry, Al Saqri talked about cooperation strategies in economic and industrial policies, digital transformation programs, export support policy best practices, and the encouragement of industrial investment.
The Minister of Economy and Yulian Balchev, Secretary General of the Bulgarian Investment Agency, exchanged ideas on foreign investment, investment incentives, and the competitiveness of the investment climate. Al Saqri was informed on advisory services for investors, facilitation of new projects, and methods to establish solid connections with the international business community.
As part of the review of Bulgaria's efforts to promote collaboration between research organizations, academia, and economic policymakers, the Economy Minister and his accompanying delegation visited the Economic Research Institute at the Bulgarian Academy of Sciences (BAS) and the Institute of Computer Science, Artificial Intelligence, and Technology (INSAIT). The talks focused on priority research areas and their impact on crafting government economic policies, as well as the scientific community's role in contributing to a knowledge-based economy.
It is important to note that Oman and Bulgaria's trade volume reached around OMR11,496,850 by the end of 2024, with a trade balance of OMR5,039,832. Among Oman's key exports to Bulgaria are aluminum products, while Bulgaria's major exports to Oman include electrical control panels, distribution boards, and digital control devices.
