site.btaMinister Loukarski Urges for Increase of Chinese Investments and Boosting of Two-way Trade

Minister Loukarski Urges
for Increase of Chinese Investments and
Boosting of Two-way Trade


Belgrade/Sofia, December 17 (BTA) - "Bulgaria attaches high
importance to the initiative for cooperation between China and
the countries of Central and Eastern Europe (CEE). For us, the
most important result of the China-CEE cooperation would be an
increase of the Chinese investments in Bulgaria and promotion of
 bilateral trade," Bulgarian Economy Minister Bozhidar Loukarski
 said during the China-CEE Economic and Trade Forum held in
Belgrade on Tuesday, quoted by the press centre of the Council
of Ministers.

Bulgaria may offer a number of advantages to the Chinese
companies as a venue of business and investments, said Minister
Loukarski. He stressed that this country is among the EU member
states with lowest budget deficit and public debt. It also has
the lowest tax rates in Europe. "There is a possibility for
two-year exemption from VAT upon the import of equipment for
investment projects of the value of over 2.5 million euro
resulting in the creation of at least 20 jobs. The GDP growth,
posted in Bulgaria in the recent years, albeit lower than the
one of the pre-crisis period, is above the EU average. There is
a positive rate of the development of export, which is a main
driving engine behind the country's economic growth. The tax
regime, combined with the availability of qualified workforce
and the lowest operational costs in Europe, ranks us among the
best destinations for business and investments. Bulgaria's
geographical location makes it an important transit centre
between the markets of the EU, the Middle East, North Africa and
 the Asian countries," Minister Loukarski stressed.

Bulgaria highly appreciates the operation of Chinese companies
in Bulgaria, such as Great Wall Motors in car making, Huawei and
 ZTE in telecommunications and Tianjin State Farms Agribusiness
Group Co (TJAGRZ) in agriculture. "We are ready to provide
support to Chinese companies willing to invest in Bulgaria and,
in particular, in sectors with traditional advantages and ones,
ensuring high added value and enhanced competitiveness:
mechanical engineering, car making, electronics and electronic
equipment, information and telecommunication technologies,
chemical and pharmaceutical industry, agriculture, food
industry, building of industrial zones and high-tech parks," the
 Minister said.

He specified that Bulgaria wishes to attract Chinese companies
to invest in Bulgarian industrial zones, for which they may
enlist the support of Natsionalna Kompania Industrialni Zoni. In
 particular, efforts are made to draw the attention of Chinese
investments to the Sofia-Bozhourishte Economic Zone. "We plan to
 create a separate zone within the Bozhourishte Economic Zone
with the involvement and investments of Chinese companies, which
 could use Bulgaria's potential and advantages as a bridge to
the enormous market of the EU and the region," Loukarski also
said.

He pointed out the first research and technology park in the
country, Sofa Tech Park, as another potential investment target.
 The project offers good conditions for Chinese companies and
institutes considering to extend their R&D centres in Europe.

The Minister assumed that Chinese investors may show interest in
 the project on the upgrading of the Stara Zagora Airport into a
 logistic hub. The project consists of three components:
construction of a cargo terminal, a free zone and an industrial
park. This is a convenient location for storing of goods
imported or sold on the European market.

According to Loukarski, Bulgarian exports to China may increase,
 as it is particularly important for Bulgaria to ease the
procedure of the import of Bulgarian agricultural and food
products in China. There is an untapped potential in the
extension of imports of Bulgarian machines, electronic and
electrotechnical equipment in China.

Within the forum, Minister of Regional Development and Public
Works Liliana Pavlova presented the priority projects, which can
 be implemented through public-private partnership, Pavlova's
Ministry said.

Minister Pavlova availed herself of the opportunity to thank
participants in the Chinese delegation for one of the biggest
investments in Bulgaria, the one in the Devnya Cement Works,
launched three years ago and completed in 2014. It is of the
value of around 150 million euro. She invited other Chinese
businessmen to participate in joint initiatives next year.
/PK/TK/



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