site.btaEconomy Minister, Chinese Ambassador Discuss Bilateral Cooperation

Although bilateral trade reached nearly USD 4 billion in 2023, there are still untapped opportunities for further expansion of Bulgarian exports to China, in particular of products for which Bulgaria is known in Asia. This became clear during a meeting between Minister of Economy and Industry Petko Nikolov and Chinese Ambassador here Dai Qingli. To expand Bulgarian exports to China, the two discussed the draft Memorandum of Cooperation in the field of e-commerce. According to Nikolov, the document is to be discussed and coordinated with all relevant institutions in Bulgaria, given the fact that Bulgaria, as an EU member state, applies the common trade policy of the Union, part of which is e-commerce.

During the meeting emphasis was placed on attracting Chinese investments in sectors where this country has traditional advantages and those that provide high added value and increased competitiveness of the economy. These include mechanical engineering, automotive and auto parts, electronics and electrical engineering, information and communication technologies, agriculture and others.

"There are excellent opportunities for attracting Chinese companies to Bulgarian industrial zones," Nikolov said. He stressed that Bulgaria can offer Chinese investors industrial sites with established infrastructure for positioning their production facilities. According to Nikolov, in 2023 there was interest in investing in Bulgaria from Chinese companies in biofermentation, production of auto parts, electrical materials and others.

The two officials also talked about the sessions of the Bulgarian-Chinese intergovernmental joint commission for economic cooperation, which are an important mechanism for the development of trade ties between the two countries. The 18th session is to be held here in 2025. Nikolov proposed to organize a bilateral business forum alongside the session to provide a platform for companies from both countries for future successful cooperation. The possibility of Bulgarian participation in the upcoming 7th China International Import Exhibition was also discussed. Another topic covered was the development of the strategic Belt and Road Initiative.