site.btaChinese Investment Fund Interested in Developing Energy Projects in Bulgaria, Bulgarian Chamber of Commerce and Industry Says

SINO-CEEF Vice-Chairman and Chief Executive Officer Chen Fei has said at a meeting with the President of the Bulgarian Chamber of Commerce and Industry (BCCI), Tsvetan Simeonov, that the Fund is interested in investing in Bulgaria, as the country exports electricity, has room for renovating energy facilities and turning them into sustainable and green, will build development centers in the energy sector, among other initiatives., the BCCI said on its website on Monday.

The Fund was established by the Industrial and Commercial Bank of China (ICBC), China Life Insurance Company, private company Fosun Group and Royal Golden Eagle Group of Singapore.  The investment fund targets the Central and Eastern Europe region. It was established in 2016 and has since been involved in various stages of energy project development. It currently supports 12 active projects.

The Commercial Counselor and an Attaché at the Chinese Embassy in Sofia were also present at the meeting. Simeonov discussed with the guests investment opportunities in the energy sector with a focus on renewable energy sources - wind and solar energy. He presented the economic environment in the country and highlighted the active development of the renewable energy sector.

Fund representatives took part in the Green Transition Forum held in Sofia, dedicated to the prospects of the Central and Eastern European countries for reducing carbon emissions and building a green economy.

Simeonov discussed with the Commercial Counsellor the issue of subsidies for the import of battery electric vehicles from China to the EU. He explained that governments and businesses from EU member states are expected to share their views on the issue. "We do not need a trade war," Simeonov stressed, noting that the rules for international trade imposed by the World Trade Organization (WTO) must be respected, the rules for determining the origin of goods must be observed, and unfair trade practices must be minimized. Simeonov pointed out that there is also a need for flexibility in terms of new technologies and products and along with their implementation, the necessary infrastructure for maintenance, refuelling and operation should be provided.