In addition to traditional areas such as economy, trade, defence, pharmacy, Bulgaria and Saudi Arabia have serious potential for cooperation in innovation and scientific research and energy. At the ministerial level, much more active communication should be conducted to identify specific projects that will advance investment cooperation with Saudi Arabia. This was stated by President Rumen Radev to Bulgarian journalists in Riyadh, where, at the invitation of the Crown Prince and Prime Minister Mohammed Bin Salman, the Bulgarian head of state participated in the Ninth edition of the Future Investment Initiative forum. The forum is attended by heads of state and government, as well as business leaders from all over the world.

 

The Bulgarian President held a meeting with the host Prince Mohammed Bin Salman yesterday, and earlier today he met with the Minister of Commerce of Saudi Arabia Majid bin Abdullah Al Qasabi, who, on behalf of the business community of the Kingdom, expressed gratitude for the visit, which is the first at the presidential level from Bulgaria to Riyadh.

 

Saudi Arabia is a leading political and economic factor in the Middle East with growing global influence and is our key partner in the Persian Gulf region. President Radev highlighted the large-scale modernisation in the context of the country's strategic program "Vision 2030", especially in technological terms, as well as the efforts to diversify the economy, which create prerequisites for fruitful partnerships with Bulgaria. Saudi Arabia is establishing itself as a centre for innovation and scientific research, for investments, for energy transformation. These are areas in which Bulgaria has the potential to offer knowledge, sustainable solutions and partnership, Radev added. He pointed out that at the highest political level, during his meeting with the Crown Prince, an interest in deepening cooperation was expressed. According to the President, the lack of active communication between the ministries of the two countries hinders the development of the potential for bilateral projects. Consequently, it is necessary for the ministers to be more active.

 

In response to a question about the contract signed today between Bulgaria and the German defence concern Rheinmetall for the construction of a gunpowder and ammunition plant in our country and the fact that 51% of the ownership remains with the German company, the president pointed out that his priority has always been the building of modern defence capabilities of the Bulgarian Army and the development of a strong and competitive Bulgarian defence industry. Radev emphasised that it was with this goal in mind that he held a meeting with Rheinmetall CEO Armin Papperger during his participation in the Munich Security Conference in February this year. I convinced him to come to Bulgaria, I invited him to the presidential institution, where we presented the entire spectrum of capabilities of our defence industry, as well as meetings with the Bulgarian government, the head of state specified. In his words, the responsibility for what the parameters of this contract are and how it defends our national interest lies entirely with the Bulgarian government. The President also stated that our country must develop new technologies and partnerships with strategic partners, but Bulgarian interests must be protected.

 

Within the framework of the Future Investment Initiative forum, today Radev participated in a high-level discussion dedicated to preserving economic security in conditions of disrupted supply chains, fragmentation of the global market and rising tariffs. The President pointed out that in order to maintain the competitiveness of the economy, it is necessary to achieve a balance between investments in long-term goals and those that are in the near and medium term.

 

The president also held a meeting today with Richard Attias, Executive Director of the FII Institute, the non-governmental organisation that organises the international forum in Riyadh and focuses on topics such as the development of high technologies, robotics, artificial intelligence, education, healthcare, and sustainable development.