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Embassy of the Kingdom of Saudi Arabia to be opened in Bulgaria

 On the initiative of the Bulgarian – Saudi Business Council with BCCI, H. E. Saleh Al-Ghamdi, Ambassador of the Kingdom of Saudi Arabia in Athens, introduced business and investment opportunities in Saudi Arabia. Before the presentation, the President of the Bulgarian Chamber of Commerce and Industry, Mr. Tsvetan Simeonov and Ambassador Saleh Al-Ghamdi had an in-depth discussion during which the most important areas for bilateral cooperation were outlined.
According to Ambassador Al-Ghamdi, setting up a Bulgarian embassy in Saudi Arabia is no longer a necessary condition for a Saudi Arabian embassy to be opened in Sofia. In the name of expanding bilateral relations and fully utilizing their potential, the Kingdom of Saudi Arabia intends to open its embassy in Bulgaria before a Bulgarian embassy is established in Riyadh.

During the talks it was emphasizes that Bulgarian tourism must be widely advertised in Saudi Arabia. The possibility of Bulgarian construction companies to participate more actively in the region, which provides ample opportunities, was also discussed. Enormous funds are being allocated for infrastructure. The plan of the government to build around 500 000 houses for the population of Saudi Arabia with the help of foreign construction companies, including Bulgarian, for which over 500 billion Saudi Riyals are provided for 5 years is very attractive. The health programme of the country for which about 130 billion Saudi Riyals are allocated, also provides various opportunities which Bulgarian companies have not taken advantage of until now. 
As we know, Saudi Arabia is part of the G-20 group. The country has leading positions according to a number of economic indexes such as business conditions.
 
Mr. Tsvetan Simeonov underlined that well-developed business projects may also be funded by special local funds, which will facilitate the completion of tasks. 
During the talks, the need to speed up the signing of a Double Taxation Avoidance Agreement, whose draft was presented long ago, was emphasized. 
Over 40 Bulgarian companies from various sectors of economy such as construction, real property, tourism, mining, international transport, etc. attended the presentation at the BCCI. The members of the co-organizer, the Bulgarian – Saudi Business Council, also took part in the event.  
In his opening speech, BCCI’s President Mr. Tsvetan Simeonov confirmed the constant efforts of the Chamber to inform the business and to provide opportunities for establishment of new business partnerships across the world and especially on the Arabian Peninsula.
H. E. Saleh Al-Ghamdi presented business opportunities in the Kingdom of Saudi Arabia, which takes up three-fifths of the territory of the Arabian Peninsula. At the moment, Saudi Arabia is 4th most financially free country in the world and is among the 25 most developed economies in the world. The country’s economy is the strongest one in the Middle East and North Africa.
The country is a balancing factor for oil price formation and has a restrictive effect on its growth. According to Ambassador Al-Ghamdi, 75-80 dollars for a barrel is a good price and a balance between the interests of consumers and oil providers.
 
Saudi Arabia provides very lucrative conditions for foreign investors. There are 7 integrated economic zones in the country, including 3 industrial cities – Al Jubail, Yanbu and Ras Al-Zour. The country is the largest oil producer in the world and has one quarter of the world’s oil reserves. It produces 10 million barrels of oil a day, with the potential for 12,5 million barrels a day. The aim is to establish a stable policy for oil production and delivery on the world market in accordance with OPEC’s goals. At the moment, the governments of Bulgaria and Saudi Arabia discuss possibilities for avoidance of double taxation.  Ambassador Al-Ghamdi presented a list of the most important websites providing information about the economy of the Kingdom.


13.06.2011

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