Bulgaria and Saudi Arabia have significant untapped potential for economic cooperation, which should be transformed into concrete joint projects, Bulgarian Foreign Minister Georg Georgiev said during a meeting with Saudi Minister of Economy and Planning H.E. Faisal Bin Fadhil Alibrahim at the Munich Leadership Summit in AlUla, Saudi Arabia.

Both ministers emphasised the importance of the inaugural meeting of the Joint Committee for Economic Cooperation. Bulgaria identified energy, defence and security, and high technology as priority sectors for future collaboration. Minister Georgiev also expressed interest in attracting Saudi investments in research and development, mechanical engineering, and electronics.

'Healthcare is another sector where we have opportunities to share expertise, as well as highly qualified personnel,' said Minister Alibrahim.

On Wednesday, senior officials from the Middle East and Europe gathered in AlUla for the Munich Leaders Meeting (MLM), which is part of the Munich Security Conference. They discussed regional security and the US-backed Gaza peace plan.