H.E. Minister of Commerce and Industry underscores importance of strengthening bilateral relations and bolstering cooperation opportunities across various fields

H.E. Mr. Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry and H.E. Mr. Rumen Radev, President of the Republic of Bulgaria inaugurated today the Qatari-Bulgarian Business Forum in Doha.

The forum is being organized by the Ministry in partnership with the Qatar Chamber, the Qatari Businessmen Association and Bulgaria’s Embassy in Doha.

In his opening remarks, H.E. Mr. Al Kuwari, emphasized the contribution of the forum to the promotion of Qatari-Bulgarian trade and investment cooperation, while praising the friendly relations between the two countries.

Qatari-Bulgarian bilateral ties grew stronger following the historic visit of His Highness the Amir Sheikh Tamim Bin Hamad Al Thani to Sofia in March 2018, H.E. said, noting that relations were further strengthened in light of the successful participation of businessmen and investors from both countries in the Qatari-Bulgarian Economic Forum, which was organized within the framework of His Highness’ visit

H.E. explained that the forum provided a platform for participants to explore investment opportunities in both countries.

H.E. added that Qatari-Bulgarian economic and trade relations have gained momentum in recent years, as bilateral trade grew from QR 72.9 million in 2016 to QR 87.2 million in 2018. The economic fundamentals and potential that Qatar and Bulgaria boast represent another incentive to enhance trade and investment cooperation, based on a well-defined framework that serves the common interests of both countries and paves the way for private sector cooperation, H.E. argued.

On another note, H.E. the Minister of Commerce and Industry touched on the progress that Qatar has made in recent years in terms of the implementation of major development projects and the growth of the country’s non-hydrocarbon economy in line with the objectives of Qatar National Vision 2030.

H.E. noted that Qatar has provided significant support for the development of the private sector and the country’s investment environment, in line with its belief in the important role that these sectors play in promoting economic diversification.

Qatar has also embraced the principles of a free market economy and sought to open its economy to the world by strengthening its trade and investment relations with its various strategic partners, particularly Bulgaria, H.E. said.

H.E. concluded his remarks by expressing hope that the Qatari-Bulgarian Business forum will pave the way for successful partnerships that will benefit both countries.

The forum was attended by H.E. Sheikh Faisal Bin Qasim Al Thani, Chairman of the Qatari Businessmen Association, H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman of Qatar Chamber, and H.E. Alexander Manolev, Bulgaria’s Deputy Minister of Economy. The forum brought together a number of businessmen and investors along with senior executives and representatives of major Qatari and Bulgarian companies from various industries.

During the forum, the Qatar Free Zones Authority and Bulgaria’s National Industrial Zones Company signed a memorandum of understanding to enhance economic cooperation across free zones and promote trade and investment relations.

The agreement was co-signed by Mr. Hamad Al Mohannadi, Director of Business Development at the Qatar Free Zones Authority and Mrs. Antoaneta Bares, Executive Director of Bulgaria’s National Industrial Zones Company.

The forum featured presentations by Qatari and Bulgarian officials on the business environment and investment opportunities in both countries.

The forum also featured bilateral meetings between businessmen from both sides to discuss investment opportunities and long-term economic cooperation mechanisms.

The Qatari-Bulgarian Business Forum aims to enhance bilateral trade as well as investment and industrial cooperation, providing a networking platform for Qatari and Bulgarian private sector representatives to establish investment projects that serve the interests of both countries.

On the sidelines of the Forum, H.E. the Minister of Commerce and Industry met with H.E. Alexander Manolev, Bulgaria’s Deputy Minister of Economy.

Discussions touched on the development and promotion of bilateral relations and joint cooperation, particularly in the trade, investment and industrial sectors.

Discussions also touched on the growth of the Qatari economy in recent years, the investment opportunities that Qatar offers across various sectors, and the investment incentives and legislation that the state has adopted. These include a law regulating the investment of non-Qatari capital in economic activity, and initiatives to support the private sector and attract foreign direct investments, which will encourage Bulgarian companies to invest in the Qatari market.

Source: Ministry of Commerce and Industry