site.btaBulgarian Deputy Economy Minister, Chinese Commerce Ministry Representatives Discuss Deepening Cooperation

Bulgarian Deputy Economy Minister, Chinese Commerce Ministry Representatives Discuss Deepening Cooperation
Bulgarian Deputy Economy Minister, Chinese Commerce Ministry Representatives Discuss Deepening Cooperation
A snapshot of the meeting in Sofia (Source: Bulgarian Ministry of Economy and Industry)

Bulgaria’s Deputy Minister of Economy and Industry Nikolay Pavlov and representatives of China's Ministry of Commerce have discussed deepening economic and trade cooperation between the two countries, Pavlov’s Ministry said on Tuesday. The Chinese delegation was led by the Director General of the Department of European Affairs at the Ministry of Commerce, Yu Yuantang.

The meeting held at the Bulgarian Economy and Industry Ministry was also attended by representatives of the Chinese Embassy in Sofia.

Yuantang said that the two countries have many opportunities for cooperation, stressing that the aim of the meeting is to discuss ways of upgrading bilateral relations.

Pavlov outlined the opportunities for Chinese companies to invest in Bulgarian industrial zones and industrial sites with up-to-date infrastructure for positioning Chinese production facilities in Bulgaria. "Chinese companies can rely on the support of the National Company Industrial Zones PLC, a state-owned company whose sole capital owner is the Ministry of Economy and Industry," Pavlov said.

The main areas of economic cooperation between China and Bulgaria were also outlined. In 2023, the trade between the countries amounted to USD 3.98 billion, with Bulgarian exports up by 32.9% to USD 1.1 billion. Imports from China declined by 14.4% and amounted to USD 2.88 billion.

Bulgaria's ambition is to expand its exports with agricultural and food products, essential oils and cosmetics, wine, and mineral water, Pavlov said. The representatives of the Chinese delegation highlighted the opportunities for Chinese companies to get involved in the construction of infrastructure facilities in Bulgaria.

Participants agreed that the next session of the Bulgarian-Chinese Intergovernmental Joint Commission for Economic Cooperation should be held in Sofia in 2025 alongside a bilateral business forum.

/RY/

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By 16:46 on 22.06.2024 Today`s news

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