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Sofia /Â WAM
Bolstering economic relations, and trade and investment between the United Arab Emirates (UAE) and Bulgaria are the focus of talks between UAE Minister of Economy Sultan bin Saeed Al Mansouri and Bulgarian Prime Minister Boyko Borisov in the Bulgarian capital.
Trade between the UAE and Bulgaria stood at US$500 million in 2015, said Al Mansouri, who is leading a government delegation on an official visit to Bulgaria from October 11-13.
He expected economic relations to further improve thanks to the political will of both countries and the measures they have taken.
The visit reflected the UAE’s desire to expand bilateral relations in vital sectors to contribute to development in both countries, he said.
Highlighting the fact that the UAE is making efforts to diversify its economy and build strong trade and investment ties with all countries, the minister noted that the opening of embassies in Sofia and Abu Dhabi next year by the UAE and Bulgaria will take these ties to a higher level.
Industry, agriculture, food security, technology and innovation in Bulgaria are well-performing sectors, he further noted.
The UAE is a gateway to the Middle East and North Africa, a fact that promises extensive trade and investment partnerships between the two countries, the minister added.
While stressing his country’s interest in stronger economic and trade relations, the Bulgarian premier said that there are opportunities for both countries to explore. The development of infrastructure at Sofia airport is among the promising projects for co-operation with the UAE.
Bulgaria is a gateway to Europe and Asia, has the lowest taxes in Europe, and offers facilities and tax incentives to foreign investors, he added.
Later, Al Mansouri and Bulgarian Minister of Economy Bozhidar Lukarski signed an agreement on economic and technical co-operation between government bodies and business communities of the UAE and Bulgaria.
Those present at the talks included UAE Non-Resident Ambassador to Bulgaria Sheikh Ahmed Ali Al Mualla, Under-Secretary for Economic Affairs at the Ministry of Economy Mohammed Abdulaziz Al
Shehhi, and other officials.