Bulgaria and China Discuss Trade and Investment at Sofia Meeting

Sofia hosted a round table on Tuesday dedicated to trade and investment between Bulgaria and China. It was organized by the Confederation of Employers and Industrialists in Bulgaria (KRIB) and the Chinese Embassy. The forum aimed to promote practical cooperation, investment opportunities and direct business exchange between the two countries. The event brought together more than 20 Chinese companies interested in investing in Bulgaria and seeking local business partners, as well as Bulgarian state institutions and business representatives, the organizers said. Among the participants were Bulgarian Deputy Prime Minister and Minister of Economy, Investment and Industry Alexander Poulev, Chinese Ambassador in Sofia Dai Qingli and KRIB Chairman Kiril Domuschiev. In his address to the participants, Poulev said that efforts should be made jointly to encourage direct investment in addition to the growth of trade. He assured those present that the Bulgarian government has strong political will to strengthen cooperation and open a new chapter in relations with China. He noted the launch of a “qualitative administrative reform focused on making investment promotion a top national priority” and pointed to the restructuring of the Ministry of Economy so that it becomes a hub and the first and only point of contact for all strategic international investors. Poulev said that the government’s investment policy will be consolidated, and noted that an additional coordination unit is being created at Council of Ministers level, which will support investors in their interaction with the administration. “We have taken care to create an efficient working model so that the entire administrative burden falls on the shoulders of our administration, rather than weighing on the interaction with our strategic partners,” the Deputy PM said. Ambassador Dai Qingli said that Chinese investment in Bulgaria is recording encouraging progress in areas such as the automotive industry and auto parts, energy, information and communication technologies, and agriculture. She recalled that recently a number of leading Chinese concept car manufacturers visited Bulgaria on exploratory trips, adding that Bulgarian companies are also actively introducing Chinese electric vehicles. According to the diplomat, Bulgaria has clear geographical advantages. The two countries have broad scope for cooperation in many areas such as high-tech vehicles and manufacturing, culture and tourism, she said. Dai noted that Tuesday’s forum is the first bilateral business event held under the new Bulgarian government, which took the oath of office on May 8. She said the meeting is intended to support Sofia in creating a stable business environment, and in her words “to take advantage of the favourable tailwind of the current moment to promote pragmatic exchanges and the establishment of contacts between Chinese and Bulgarian enterprises”. “At present, interaction between the two countries is becoming increasingly frequent, political mutual trust is continuously deepening, and trade and economic exchange is strengthening,” Dai said. She noted that cooperation between China and Bulgaria under the Belt and Road Initiative has achieved remarkable results over the past 11 years. During that period, bilateral trade has grown from USD 1.79 billion to USD 5.39 billion, a more than threefold increase, the diplomat said.