site.btaUPDATED Bulgaria-China Trade Up 150% in Two Years

Trade between Bulgaria and China has increased by 150% in the past two years as a result of strong political will, it emerged from a message on behalf of President Rumen Radev to a Bulgarian-Chinese Economic Forum which took place in Vidin. The President was represented at the event by his Innovation Adviser, Alexander Pulev.

Opportunities for investment in Vidin Municipality were presented to managers and representatives of ten leading Chinese companies during the forum.

Vidin is a town of strategic importance, providing river transport connectivity from the Balkans to the industrial heart of Europe, the address said. The purpose of such forums is to transform political goodwill into direct investment.

Against the backdrop of the war in Ukraine and the blocked Northern Transport Corridor, Bulgaria's importance to foreign businesses and investors has increased, Radev noted. This country is undergoing a comprehensive modernization of its transport infrastructure - ports, airports and railways. Burgas and Varna on the Black Sea and Vidin on the Danube are becoming key logistics hubs, critical for regional development.

The presidential institution prioritizes encouraging investment flows and industrial cooperation with strategic partners such as China. As an example, Radev recalled his 2019 visit to China at the invitation of President Xi Jinping, during which a strategic partnership agreement between the two countries was signed.

"Bulgaria is open to business. Bulgaria is a reliable partner for Chinese investments. Bulgaria is the gateway for Asian business to Europe," the President's message said.

Pulev, a former innovation and growth minister, noted that during his term he launched an industrialization procedure to support Vidin's development. European policies and grants thus contribute to the industrial development of the town and region.

Vidin Mayor Tsvetan Tsenkov highlighted one of the key ideas for the region's industrial development - establishing the most powerful high-tech hub in Europe and the Balkans, which will include a new university complex.

Several industrial zones were presented at the meeting. Vidin-South Industrial Zone, created under the Recovery and Resilience Plan by then innovation and growth minister Alexander Pulev, covers 158 hectares of industrial infrastructure with a cogeneration plant, a railway station, a port and all conditions needed for business development. The Balkan Industrial Park was also presented, with an area of some 120 ha, located near the Danube Bridge 2.

The Bulgarian-Chinese Economic Forum at the Jules Pascin Cultural Centre was described as a one-of-a-kind forum of this scale organized at the municipal level. It was initiated by Mayor Tsvetan Tsenkov with the aim to attract investment to the region.