Egypt keen on increasing trade and investment with Bulgaria: PM Madbouly to FM Gabriel

MENA , Ahram Online , Saturday 10 Feb 2024

Prime Minister Mostafa Madbouly highlighted on Saturday Cairo's keenness to increase the rates of trade exchange and investment between Egypt and Bulgaria.

Egyptian Prime Minister Moustafa Madbouly receives Bulgarian Deputy Prime Minister and Minister of Foreign Affairs Maria Gabriel in Cairo, 10 February 2024. Photo: Egyptian Cabinet


In a meeting with Bulgarian Deputy Prime Minister and Minister of Foreign Affairs Maria Gabriel and her accompanying delegation, PM Madbouly stressed the fruitful cooperation between the two countries in the field of achieving food security.

He added that Egypt looks forward to increasing its wheat and oil seeds imports from Bulgaria in return for exporting Egyptian veggies and citrus to Bulgaria.

Additionally, Madbouly asserted the keenness of the Egyptian government to encourage cooperation between the private sector in both countries to increase the rates of investment and joint manufacturing in the fields of information technology, artificial intelligence, and renewable energy.

He welcomed the possibility of providing a zone allocated for Bulgarian companies in the Suez Canal Economic Zone so that Egypt would become a centre for launching Bulgarian companies and trade with the Middle East and Africa.

In return, Bulgaria could become a centre for directing Egyptian exports towards the European Union and a logistic and storage base in the southeast of Europe and the Balkans, he said.

He stressed the potential for boosting cooperation between the two countries in the field of renewable energy, especially in the field of green hydrogen and electricity linkage projects with several European countries.

The Egyptian PM also reviewed Egyptian efforts with the European Union to curb irregular migration, adding that Egypt provides training programmes for the Egyptian cadres as part of a programme to export Egyptian labour legally.

From her side, Gabriel praised cooperation between her country and Egypt in the field of food security, saying Sofia was keen on supplying Cairo with its needs of wheat, she said.

She noted that Sofia is open to cooperating with Egypt in the field of green hydrogen.

Early Saturday, Egypt and Bulgaria signed three agreements following the first meeting of the joint committee between both nations, including a memorandum of understanding (MoU) on cooperation in natural gas.

The other two agreements include mutual exemption from short-stay visa requirements for holders of diplomatic and service passports as well as an MoU on cooperation between Egyptian and Bulgarian defence ministries.

Regional Tensions

During the meeting, Madbouly noted the negative repercussions of the current crisis in Gaza, including the widening tension in the Red Sea and several countries in the region.

He stressed that the continuation of the war in Gaza will have economic repercussions on the world.

He stressed Egyptian continuous diplomatic efforts with concerned parties to halt the ongoing war on Gaza and ensure the immediate entry of humanitarian aid to the strip.

In addition, he underscored Egypt’s support for the legitimate rights of the Palestinian people for an independent state along the borders of 4 June 1967 with east Jerusalem as its capital.

From her side, Gabriel stressed the need to urgently reach a solution for the Gaza crisis and ensure the immediate release of the captives, highlighting the regional parties' role in resolving the crisis and expressing her support for the two-state solution.

Short link: