The agreement for the ‘Saudi-Bulgarian Joint Committee’ was signed by the Kingdom’s Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, who is currently on an official visit to Bulgaria, and the European country’s Minister of Economy and Industry Nikola Stoyanov, the Saudi Press Agency reported.

The joint committee will work toward strengthening bilateral economic relations between nations, along with enhancing cooperation opportunities in various sectors.

During the visit Al-Ibrahim also visited Hristo Alekseev, Bulgaria’s deputy prime minister for Economic Policy, and Alexander Pulev, the minister of innovation and growth.

They discussed opportunities for economic cooperation and the latest developments in the fields of technology.

The joint committee is the latest move by the Kingdom to increase economic ties with countries in Europe, and comes in the wake of a similar deal being signed with Croatia.

In February, a meeting between that country’s former president, Colinda Grabar, and Saudi business owners at the headquarters of the Federation of Saudi Chambers in Riyadh led to the creation of a new joint Saudi-Croatian business committee.

During the meeting, Grabar expressed her country’s desire to sign an economic cooperation agreement with the Kingdom to expand the areas of trade and investment cooperation.