Bulgaria's cabinet has firm intentions to work on reopening traditional markets such as the Middle East, whose potential is now lost, Bulgaria's Foreign Minister, Nikolay Mladenov, says.

Mladenov spoke Tuesday, during the fifth annual business-government meeting in Bulgaria organized by Confederation of Employers and Industrialists and the Capital weekly newspaper, pointing out during the last year trade between Bulgaria and the Middle East went up 40%.

According to the Minister, three factors play key role in the good relations with the region – many people from there have graduated from Bulgarian colleges and universities; Bulgaria has no quota for imports unlike other EU countries; there are good investment opportunities in Bulgaria for Middle East businesses.

Mladenov further announced his Ministry would attempt a pilot project with five embassies next year to change their model of work and direct it more towards the business.

"I will travel to Libya in two weeks. I will do it because I believe we must have good relations with all countries. The business potential with Libya has also been lost," Mladenov said.

The Minister informed that in just weeks, a mechanism for constant coordination between his institution and the Ministry of Economy and Energy will be established to be followed by the Regional and the Finance Ministries.