Qatar-Bulgaria trade jumps 38% to QR109 mn in 2021

Tribune News Network Doha Trade between Qatar and Bulgaria jumped 38 percent in 2021 to QR109 million from QR79 million in 2020, Qatar Chamber First Vice C...

Tribune News NetworkDohaTrade between Qatar and Bulgaria jumped 38 percent in 2021 to QR109 million from QR79 million in 2020, Qatar Chamber First Vice Chairman Mohammed bin Twar Al Kuwari, highlighting the scope for intra-regional trade at the Qatari-Bulgarian Business Meeting held in Doha on Tuesday.Besides Twar and other QC officials, the meeting was attended by President of the Federation of Bulgarian Arab Economic Chambers Ahmed Mohieldin Alaeddin, as well as President of the Bulgarian Chamber of Commerce and Industry Tsvetan Simeonov.During the meeting, the two sides discussed ways to enhance commercial and industrial cooperation and reviewed investment opportunities in both the countries. The possibility of establishing partnerships between Qatari and Bulgarian business owners in a way that contributes to increasing the rates of trade and investment exchange was also discussed.Addressing the meeting, Twar pointed out that Qatar and Bulgaria have strong relations in various fields and there is a common desire to develop and strengthen these relations.However, he said the trade between the two countries is still below their potential despite increases every year.Twar called on Qatari businessmen to explore investment opportunities in Bulgaria and Bulgarian companies to strengthen cooperation with Qatari companies through the establishment of commercial alliances, whether in Qatar or Bulgaria. Terming the Qatari market promising, he welcomed all foreign investments. He said Qatar offers various incentives to investors, including a well-built infrastructure, huge logistical capabilities, investment-friendly legislation as well as free logistical and industrial zones that provide a lot of promising investment opportunities.He said Bulgaria was a leading investment destination for Qatari investors, especially in sectors such as energy, mining, machinery manufacturing, agriculture and tourism. He pointed out that Qatari business owners were keen to explore investment opportunities in Bulgaria and learn about the investment climate and advantages Bulgaria grants to foreign investors. “Qatar Chamber encourages Qatari business owners to take advantage of the incentives offered by friendly countries such as Bulgaria to Qatari investors,” he added.Ahmed Mohieldin Alaeddin said there were a lot of areas business owners from both the countries could enter into joint partnerships. He pointed out that the Federation of Arab-Bulgarian Economic Chambers aims to enhance Bulgarian-Arab cooperation, bring together Bulgarian companies wishing to invest in the Middle East and cooperate with Arab businessmen. There is an increasing interest in Bulgaria in enhancing commercial cooperation and strengthening economic ties with Qatari business owners, he said, stressing that Bulgaria has promising investment opportunities, especially in the field of food.For his part, Tsvetan Semyonov said the trade relations between the two countries were strong and there is continuous communication, in addition to the cooperation agreements in the economic fields that were signed a few years ago, which constitute a promising opportunity for the business sectors in the two countries to benefit from these relations and enhance cooperation. During a presentation, the business environment in Qatar and how to establish business was reviewed, while the Bulgarian side reviewed the most important investment incentives for Bulgaria in terms of the legal and tax system that encourage investment and the availability of skilled labour, in addition to the possibility of access through Bulgaria to the Middle East and Turkey markets, as well as the most important Economic sectors available for investment in Bulgaria.