site.btaPresident Radev Discusses Investment Opportunities and Technological Cooperation in Riyadh

The President of Bulgaria told the Minister of Investment of Saudi Arabia that the two countries' institutions should create the necessary conditions to promote business contacts through the exchange of economic delegations, the organization of joint business forums, and the promotion of investment opportunities in both countries. Rumen Radev and Khalid A. Al-Falih had a meeting in Riyadh, the President’s press secretariat reported on Wednesday.

President Radev is visiting Riyadh at the invitation of Crown Prince and Prime Minister Mohammed bin Salman to take part in the 9th Future Investment Initiative forum.

High technology, robotics, mechatronics, the development of artificial intelligence, space research, and tourism were highlighted as particularly promising areas for bilateral cooperation between Bulgaria and Saudi Arabia during Radev's talks with Al-Falih. Both countries have companies that are developing rapidly in these fields, creating favourable conditions for the implementation of joint projects.

Radev highlighted the work of the Institute of Computer Science, Artificial Intelligence and Technology (INSAIT) in Sofia, as well as the planned establishment of a gigafactory for artificial intelligence in Bulgaria. Al-Falih expressed Saudi Arabia’s readiness to share its experience in the practical application of calculations carried out through a supercomputer.

The sides agreed that the opening of a direct air link between Bulgaria and Saudi Arabia would create a qualitatively new environment both for business and for the promotion of tourism and cultural exchange. Strengthened institutional dialogue and the implementation of joint projects were noted as key preconditions for realizing such an opportunity and ensuring its sustainability over time.

President Radev and Minister Al-Falih also discussed opportunities to strengthen bilateral cooperation aimed at improving regional connectivity through the modernization and expansion of existing transport, energy and digital infrastructure, the press service added.