site.btaBulgarian Foreign Minister for Egypt's Ahram Online: Bilateral Trade at Record-breaking USD 1.81 Bln in 2024

Bulgarian Foreign Minister Georg Georgiev affirmed his country's strong political will to advance relations with Egypt to the highest levels and enhance economic and trade cooperation, writes Egypt's Ahram Online in the introduction to its interview with Minister Georgiev during his visit to Cairo this week.

In the interview for the Egyptian daily, Georgiev says that Egypt has firmly maintained and strengthened its position as Bulgaria's leading trade partner in the Middle East and Africa. The past year marked a historic peak in bilateral trade and economic cooperation.

"According to the latest data, bilateral trade in 2024 reached a record-breaking USD 1.81 billion - an impressive 41% increase compared to the previous year, with a positive trade balance of approximately USD 378 million in Egypt's favour. Bulgaria has emerged as the fourth-largest exporter of high-quality wheat to Egypt, increasing its exports by nearly 60%, from 285,000 to almost 452,000 tons. These exports are valued at just over USD 110 million. This substantial contribution supports Egypt's food security," Georgiev is quoted as saying.

"Moreover, several Bulgarian IT and outsourcing companies have already established a presence in the Egyptian market, and notable new investments are underway in food production, agriculture, and textiles," he says further. In his words, Bulgaria sees strong potential for increasing exports of food, agricultural and pharmaceutical products, fertilisers, and electronics.

"Bulgaria appreciates Egypt's ambition to play a leading role in regional energy security amid significant global energy challenges and establish itself as a regional energy hub, connecting the Middle East and Africa with Europe. We view Egypt as a key energy partner and a potential supplier of natural gas and electricity generated from renewable sources. This aligns with Bulgaria's strategic goals of diversification and our ambition to become an energy hub in Southeastern Europe, in line with our green transition and digitalisation processes," Georgiev tells the daily.

In his words, a pivotal step in this direction was signing a Memorandum of Understanding on natural gas cooperation during the inaugural session of the Joint Commission for Cooperation (JCC) in February 2024. 

Bulgaria looks forward to hosting the next JCC meeting in Sofia and the second session of the Joint Commission for Economic Cooperation in Cairo in the second half of 2025, Georgiev notes. "Both events will lay the groundwork for the anticipated visit of President Abdel Fattah El-Sisi to Bulgaria, in response to President Rumen Radev's visit to Egypt in 2019 - an essential item on our bilateral agenda," the Bulgarian Foreign Minister says.