site.btaChinese Province Sichuan and Bulgaria Sign Three Cooperation Memoranda in Sofia

Three memoranda of cooperation were signed in Sofia on Tuesday during a bilateral meeting on economic and trade cooperation between Sichuan Province and Bulgaria, organized by the People’s Government of Sichuan Province. The event brought together officials from both administrations and business representatives from China and Bulgaria at the Millennium Sofia Hotel.

The three cooperation projects were signed as a result of active prior negotiations between Sichuan Province and Bulgaria, according to Yu Hui, Deputy Director of the Sichuan Province Bureau of Economic Cooperation.

A memorandum of cooperation was signed between the Sichuan branch of the China Council for the Promotion of International Trade and the Bulgarian National Association of Small and Medium Business.

A framework agreement for strategic cooperation in sales was signed between the Chinese company Sichuan Huiyu Pharmaceutical Co and the Bulgarian company Novamed Trading. In addition, the Bulgarian company Green Energy Supplier and the Chinese company Tongwei signed a strategic cooperation agreement in distribution.

The conference was opened by Dong Weimin, Vice Governor of Sichuan Province.

He said Bulgaria occupies a key position between Europe and Asia, with advantages such as access to the large EU market and low investment costs.

“We hope to deepen trade cooperation and share business opportunities along the Silk Road,” he said, adding that Sichuan is the closest logistics centre from Europe to China, with an extensive market reaching nearly 400 million people in Central and Western China.

“We hope to deepen industrial cooperation and work together in the EU market. Bulgaria has a strong industrial base and is leading Europe’s green transformation in practice. It has significant investment and partnership potential in the automotive industry, new energy sources, the information industry and communications,” Dong Weimin said.

According to Wang Min, Chargé d’Affaires at the Chinese Embassy in Sofia, China will promote a high-level open economy. She pointed out that for the 16th consecutive year, China is the world’s second largest import market and will continue to realize its potential by building a market shared with the entire world.

“China and Bulgaria have a deep traditional friendship and a steadily developing strategic partnership,” Min said, noting that between 2015 and 2024, the volume of bilateral trade rose from USD 2 billion to USD 4 billion.

“In the field of industrial development, the advantages of China and Bulgaria complement each other, and there is broad scope for cooperation,” Wang Min said.

Deputy Minister of Economy and Industry Doncho Barbalov said the longstanding relations between Bulgaria and China, as well as Bulgaria’s steady economic progress, gave confidence that the meeting would bring fruitful results for both countries.

“Bulgarian business has a lasting interest in seeking new opportunities to increase exports to the Chinese market. Our country aims to attract Chinese investment in sectors where it has traditional advantages and those that provide high added value and innovations, ensuring high competitiveness for the economy,” he said, adding that Bulgaria views the development of trade and economic ties with China in the context of its EU membership, the Schengen area, and the planned adoption of the euro next year.

Deputy Minister of Tourism Irena Georgieva noted that Sichuan and Bulgaria are two regions rich in history, beauty and cultural traditions, offering unforgettable experiences to visitors.

In her words, China is one of the largest and fastest-growing outbound tourism markets in the world, and Bulgaria is ideally positioned to attract Chinese tourists seeking authentic experiences.

Mila Nenova, Executive Director of the Bulgarian Investment Agency, briefly presented to the audience the measures to promote investment in Bulgaria and the main advantages of the country as an investment destination.

According to Desislava Doncheva, Chair of the Management Board of the Bulgarian-Chinese Chamber for Industrial Development, cooperation with Sichuan Province can be further developed through innovative joint initiatives in the fields of innovation, technology and trade.