2024-07-24 09:17:50
Although bilateral trade reaches nearly 4 billion USD. last year, there are still untapped opportunities for further expansion of Bulgarian exports to China, and more specifically of products that our country is known for in Asia. This became clear during a meeting between the Minister of Economy and Industry Dr. Petko Nikolov and the Ambassador of the People’s Republic of China to Bulgaria H.E. Mrs. Dai Qing Li. In order to expand Bulgarian exports to China, the two discussed the draft Memorandum of Cooperation in the field of e-commerce. According to Minister Nikolov, the document is to be discussed and agreed upon with all interested institutions in our country, given the fact that Bulgaria, as a member state of the EU, implements the general trade policy of the Union, part of which is e-commerce.
During the meeting, emphasis was placed on attracting Chinese investments in sectors in which our country has traditional advantages and those that provide high added value and increased competitiveness of the economy. Among them are mechanical engineering, automotive and auto parts manufacturing, electronics and electrical engineering, information and communication technologies, agriculture and others.
“There are excellent opportunities to attract Chinese companies to the Bulgarian industrial zones,” Minister Nikolov pointed out. He emphasized that our country can offer Chinese investors industrial sites with built-in infrastructure for positioning their production facilities. According to Dr. Nikolov in 2023, interest in investing in Bulgaria was shown by Chinese companies in bio-fermentation, the production of auto parts, electrical materials and others.
The Sessions of the Bulgarian-Chinese Intergovernmental Mixed Commission for Economic Cooperation, which are an important mechanism for the development of trade relations between the two countries, were also discussed. The next 18th session is to be held in our country next year. Minister Nikolov made a proposal to the Chinese side to organize a bilateral business forum in parallel with the session, which would provide a platform for companies from both countries for future successful cooperation. The possibility of Bulgarian participation in the upcoming holding of the 7th China International Exhibition for Imported Goods was also discussed. Another topic of conversation between Minister Petko Nikolov and H.P. Ms. Dai Qing Li was the development of the “One Belt One Road” strategic initiative.
This year marks the 75th anniversary of the establishment of diplomatic relations between Bulgaria and the People’s Republic of China.