site.btaEconomy Minister Loukarski: Bulgaria May Be Platform for Trade between China, EU

Economy Minister Loukarski: Bulgaria May Be Platform for Trade between China, EU

November 23 (BTA special correspondent Genka Ivanova) - Opening an investment forum here Monday, Bulgarian Economy Minister Bozhidar Loukarski said that Bulgaria gives priority to the cooperation with China, taking into consideration the economic potential and accelerated development of this Asian country that is the second biggest economy in the world. The forum, which is organized by the InvestBulgaria Agency, gathered over 100 Chinese companies. Participating are Bulgarian Prime Minister Boyko Borissov and ministers, who are on a visit to China from November 22 to 27.

Loukarski said that Bulgaria's potential as part of the huge EU market and the high achievements of the Chinese economy create prerequisites for intensifying the bilateral cooperation. He noted that Bulgaria's strategic geographic location turns the country into a main transit centre connecting the European market with the countries from the Mediterranean, the Middle East and Asia. Bulgaria offers superb conditions as a platform for Chinese products to the EU and for business with the other EU countries both because of the fact that as a EU Member State it offers unobstructed and duty-free access to a market with 500 million consumers, and because of the better communication and transport infrastructure that Bulgaria is developing.

Loukarski listed additional advantages of Bulgaria, such as the low taxes and the applied two-year exemption from VAT in case of an import of equipment for investment projects exceeding 2.5 million euro and creating at least 20 jobs. In his words, the tax regime coupled with the qualified workforce and the lowest operational costs in Europe, place Bulgaria among the best business and investment destinations.

The Economy Ministry went on to say that the Government's investment policy envisages special measures for encouraging investors in accordance with the Investment Promotion Act.

"We invite the Chinese companies interested in the EU markets to establish their representations, logistics bases, production capacities and development centres in Bulgaria. We rely on the Chinese authorities to encourage companies to invest in Bulgaria," Loukarski said, adding that his country is ready to support the future projects of Chinese companies in Bulgaria. He outlined as prospective sectors the creation of industrial zones and technological parks, information and communication technologies, machine-building, electronics and electrical engineering, agriculture and food industry.