Today Begins the First Visit of a Bulgarian Prime Minister to Saudi Arabia

Prime Minister Boyko Borisov left on Tuesday for an official visit to the Kingdom of Saudi Arabia. A visit to such a high level takes place for the first time in the history of bilateral relations, the press service of the government said.

The aim of the visit is to strengthen economic and trade cooperation between the two countries. Questions will be discussed in key areas such as security, energy, trade, transport, tourism. In Riyadh, the Bulgarian Prime Minister will talk to the Guardian of the two Saints, His Royal Majesty, Salman bin Abdulaziz al-Saud. Later, Boyko Borissov will also meet with Saudi Arabian Foreign Minister Adel al-Jubier and the Minister of Energy, Industry and Mineral Resources Khalid al-Falih. An honorable guest during the visit to the Kingdom will be Simeon Saxe-Coburg-Gotha. The official delegation accompanying Prime Minister Boyko Borissov is Deputy Prime Ministers Ekaterina Zaharieva and Krassimir Karakachanov, Minister of Agriculture, Food and Forestry Rumen Porozhanov, Minister of Transport, Information Technologies and Communications Ivaylo Moskovski and Tourism Minister Nikolina Angelkova.

On Tuesday, the Council of Ministers approved the draft status of a Bulgarian-Saudi mixed intergovernmental commission for economic cooperation. The Commission will be composed of representatives of the Bulgarian and Saudi countries, co-chairs and secretaries appointed by them. It will meet once a year and the Co-Presidents will negotiate the agenda for the meeting in advance. The Commission will identify new opportunities for cooperation and improvement of the working environment between the business organizations of both countries. Changes in the bilateral regulatory framework will also be proposed to promote economic and investment co-operation. By another decision, the government has authorized the Deputy Prime Minister and Minister of Foreign Affairs to sign the agreement between Bulgaria and Saudi Arabia to avoid double taxation in respect of income taxes and to prevent tax evasion.

The conclusion of a tax agreement will create a legal basis for activating and stimulating the investment climate will contribute to the realization of real and relieved from a tax perspective opportunities for companies to do business in other countries in different economic sectors. The agreement will also allow individuals to work under different legal forms of activity - non-employment or employment relationships. 

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