site.btaCCPIT Sichuan President: There Is Potential for Growth in Sichuan-Bulgaria Trade

Trade between China's Sichuan province and Bulgaria has seen a big increase, but there is also potential for growth, Huang Li, chair of the China Council for the Promotion of International Trade - Sichuan (CCPIT), said at a business forum on Tuesday. She added that in 2023 trade between the Chinese province and Bulgaria amounted to USD 590 million.

Huang Li said this during a conference on trade and investment cooperation between Bulgaria and China, Sichuan, organized by the Bulgarian Chamber of Commerce and Industry (BCCI) and CCPIT. A business delegation from the Chinese province also attended the forum.

The CCPIT Sichuan President said that the export of Bulgarian agricultural products increased last year, reaching USD 500 million. The Chinese province has a highly developed economy, good resource opportunities, good prospects and rapid development. It has 23 diplomatic missions and two international airports in the capital Chengdu, it is linked via railway to the European continent and attracts the attention of investors from all over the world, Huang Li said, expressing confidence that representatives of the Bulgarian business community participating in the forum would direct their interests to this province and Chinese companies would strengthen trade and economic cooperation with Bulgarian enterprises.

BCCI President Tsvetan Simeonov confirmed the Chamber's readiness to assist in developing bilateral ties with China. The companies which are part of the delegation have every chance to find their partners today, because machine-building, agriculture, food industry are quite well developed sectors in Bulgaria, Simeonov said, adding that there is also potential for cooperation between the two countries in the field of tourism.

The temporary charge d'affaires of the Chinese Embassy pointed out that the world economy is currently unstable and is under the influence of many unpredictable factors. At the same time, China's economy has had good recovery in 2023, and GDP is growing by 5.2% year-on-year. Bilateral trade between Bulgaria and China has developed significantly in recent years and its value has been increasing for seven years, and in 2023, exports from Bulgaria to China are growing by 23.7% and the trade deficit is decreasing. Sichuan province is one of the largest manufacturing bases in China, having the most complete clean energy production system and equipment, the diplomat added.

Mila Nenova, executive director of the InvestBulgaria Agency (IBA), noted that the trade exchange between the two countries is growing, but the amount of direct investment from China in Bulgaria could be increased, with which there would be many new projects of Chinese enterprises in Bulgaria. She presented this country's potential as an investment destination, its favourable tax policy and macroeconomic stability, reminding that everything produced here bears the EU label, which means it can be exported all over the world. Nenova noted that Bulgaria expects to join Schengen by land as well, which will be an additional facilitation for investors.

The delegation from China represents companies from the sectors of mechanical engineering in the construction field, production of high-tech cleaning robots, air cleaning room equipment, machinery and tools, underground construction equipment, drilling, and transmission parts.