Egypt and Bulgaria are set to resume high-level economic cooperation talks this year, marking the revival of their Joint Committee for Economic, Scientific and Technical Cooperation after a five-year pause, Egyptian Planning Minister Rania Al-Mashat said Tuesday. Speaking at the Egypt-Bulgaria Business Forum in Cairo, Minister Al-Mashat highlighted the growing strength of bilateral relations, with trade volumes nearly tripling from $81.3 million in 2019 to more than $234 million in 2023. "This forum is a crucial platform for deepening our economic partnership and creating new channels for collaboration," Minister Al-Mashat said in a recorded message to participants as per a Cabinet statement. "We are actively working to hold the next session of the Joint Committee later this year in Cairo." The business forum brought together senior Egyptian and Bulgarian officials, including Egypt's Deputy Prime Minister for Industrial Development Kamel El-Wazir and Bulgarian Foreign Minister Georgi Gergov, alongside representatives from chambers of commerce and private sector companies in sectors such as energy, agriculture, construction, and ICT. Minister Al-Mashat noted that tourism has become a key area of bilateral growth, with the number of Bulgarian tourists visiting Egypt soaring from 41,000 in 2022 to over 177,000 in 2024. Overnight stays reached nearly 298,000 in 2024. She also welcomed Bulgaria's role as an active member of the European Union's "Team Europe" Initiative, which coordinates development finance and investment across EU institutions. As part of the recently announced strategic partnership between Egypt and the EU, the bloc has earmarked €1.8 billion in investment guarantees for Egypt under the European Fund for Sustainable Development Plus (EFSD+). "These guarantees are expected to catalyze further financing from European and international development institutions and open new opportunities for the private sector," Minister Al-Mashat said. The Joint Committee's upcoming session is expected to pave the way for signing new cooperation agreements across multiple sectors, reinforcing Egypt's strategy to attract investment and promote technology localisation in line with its Vision 2030 goals. Attribution: Amwal Al Ghad English
