site.btaDeputy Minister Barbalov: Current Dialogue Important for Good Bulgaria-Kuwait Relations

The implementation of appropriate mechanisms to promote trade and facilitate market access could significantly increase bilateral trade between Bulgaria and Kuwait, said Deputy Minister of Economy and Industry Doncho Barbalov. He was speaking at a meeting with Aseel Suleiman Al-Munifi, Undersecretary of Kuwait's Ministry of Finance, the Bulgarian Economy Ministry reported on Thursday. The meeting was held during the Deputy Minister of Economy's visit to Kuwait at the head of a business delegation participating in the 9th European Union-Gulf Cooperation Council Business Forum.

Barbalov noted that Bulgaria has the potential to increase its exports to Kuwait with products and services in the fields of pharmaceuticals, the food and beverage industry, tourism, information technology, and artificial intelligence. He noted that Bulgaria is successfully developing high-tech sectors and has the ambition to establish itself as a leading country in the region in the field of IT and AI.

As an important step towards intensifying cooperation, Barbalov proposed that a new session of the Joint Bulgarian-Kuwaiti Commission for Trade and Economic Cooperation be convened to outline specific guidelines for expanding relations. During the meeting, the possibility of organizing a joint business forum bringing together representatives of the governments and the private sector of both countries was also discussed. The event will provide an excellent platform for exchanging ideas and presenting the potential of Bulgarian business to Kuwaiti partners.

For her part, the Undersecretary expressed her satisfaction with the meeting and stressed that, after a certain slowdown in economic contacts, the current talks are an important step towards resuming and intensifying bilateral dialogue. Aseel Al-Munaifi pointed out that Kuwait is interested in cooperation in the fields of pharmaceuticals, higher education, and the resumption of tourist flights between the two countries.

During his visit, Deputy Minister Barbalov also met with Sheikh Salem Abdulaziz Al Sabah, CEO and member of the Board of Directors of the Kuwait Investment Authority (KIA), at which both sides expressed their readiness to work actively to promote economic ties, investment, and trade, as well as to expand contacts between entrepreneurs from Bulgaria and Kuwait.

During the 9th European Union-Gulf Cooperation Council Business Forum, the Bulgarian stand was visited by the Prime Minister of Kuwait, Sheikh Ahmad Al-Abdullah Al-Sabah. Deputy Minister Barbalov acquainted him with the potential of the Bulgarian economy and the opportunities for developing bilateral cooperation in the fields of trade, investment, innovation, and tourism.