site.btaUPDATED President Radev Expects Chinese Bank Branch to Open in Bulgaria, Beijing-Sofia Direct Air Service to Be Launched

President Rumen Radev expects a Chinese bank branch to open in Bulgaria and a direct Beijing-Sofia air service to be launched so as to boost business relations between the two countries. Speaking at an event featuring leading Chinese products and services and Bulgarian-Chinese business meetings at the NDK convention centre here on Thursday, Radev noted that this year the two countries mark the 75th anniversary of the establishment of diplomatic relations. 

The President said: "We should not forget that Bulgaria is the second country in the world to have recognized the People's Republic of China. I even joke that the first country to recognize it [the Soviet Union] ceased to exist formally, leaving Bulgaria practically the first country. This anniversary is an occasion to look at our relationship and I believe that today's meetings will deepen and expand this cooperation."

The President hopes that the meetings at the trade show will lead to practical results in Bulgaria-China relations.

He recalled that during his official visit to Beijing in 2019 he signed a declaration with his Chinese counterpart Xi Jinping on establishing a strategic partnership between Bulgaria and China. "After this declaration, I still expect some things to happen. First of all, to have a branch of a Chinese bank in Bulgaria so as to invigorate business relations, and second, to have a direct air service between Beijing and Sofia so that business and tourism will pick up."

"In recent years, China has established itself as a very important partner of Bulgaria and this country has great respect for China," Radev said. He recalled that in June, a Chinese investor established an industrial presence with a plant in Plovdiv for aluminium components for electric vehicles.

"I hope this is the first but not the last step, and we are yet to have mutually advantageous cooperation. This trade show is proof of China's huge success, especially in EV manufacture. Bulgaria has also been a huge success in recent years and the automotive sector is one of its fastest growing industries, with over 350 companies and 11% of GDP," Radev said.  According to him, there is no car manufactured in Europe that does not have a component from Bulgaria.

In addition to the automotive sector, Bulgaria and China could cooperate in more sectors.

Radev presented the conditions for doing business in Bulgaria and urged Chinese companies to take advantage of them. "I believe that more new opportunities will emerge today through dialogue. I want to share Bulgaria's expectations for even more balanced trade. This country can do a lot more to ease all the procedures for balanced trade, which is USD 4 billion at present, and if we continue like this, it will become USD 10 billion in the foreseeable future."