Oman and Bulgaria Discuss Strengthening Economic and Investment Cooperation
Sofia, The Gulf Observer: The Sultanate of Oman and the Republic of Bulgaria have reaffirmed their commitment to enhancing economic and investment cooperation through strategic dialogue and exchange of best practices in economic planning, innovation, and investor facilitation.
This came during a series of meetings held by Oman’s Minister of Economy, Dr. Said Mohammed Al Saqri, with several high-ranking Bulgarian officials in the capital, Sofia.
In his meeting with Mr. Tomislav Donchev, Deputy Prime Minister and Minister of Innovation and Growth, Minister Al Saqri reviewed the progress of bilateral relations and emphasized the importance of economic coordination. Both sides explored avenues to empower economic institutions, promote private sector engagement, and support investors from both countries. Discussions also focused on Bulgaria’s experience in fostering innovation-led economic growth and building a knowledge-based economy.
During his talks with Mr. Petar Deylov, Minister of Economy and Industry, Al Saqri discussed cooperation frameworks in economic and industrial policies, digital transformation initiatives, export development strategies, and the promotion of industrial investment. Both parties highlighted the need for long-term policy collaboration to unlock new opportunities in trade and industry.
The Omani Minister of Economy also held discussions with Mr. Yulian Balchev, Secretary-General of the Bulgarian Investment Agency, focusing on mechanisms to attract foreign direct investment (FDI), investor incentives, and the overall competitiveness of the investment environment. The Bulgarian side briefed the Omani delegation on advisory services for investors, facilitation of new projects, and strategies for engaging with the international business community.
As part of efforts to deepen cooperation in research and innovation, Minister Al Saqri and his accompanying delegation visited the Economic Research Institute at the Bulgarian Academy of Sciences (BAS) and the Institute of Computer Science, Artificial Intelligence, and Technology (INSAIT). Discussions centered on priority research areas, the role of scientific expertise in shaping economic policies, and strategies to advance a knowledge-based economy through academic collaboration and technology transfer.
The meetings underscored a shared commitment to promoting innovation, supporting economic diversification, and expanding bilateral trade and investment.
It is noteworthy that the trade volume between Oman and Bulgaria reached approximately OMR 11.5 million by the end of 2024, with a trade balance of OMR 5 million in favor of Oman. Key Omani exports to Bulgaria include aluminium products, while Bulgarian exports to Oman consist mainly of electrical control panels, distribution boards, and digital control systems.
