Bulgaria, China look at broadening investment, trade cooperation

SOFIA -- Chinese Ambassador to Bulgaria Wei Jinghua on Friday said the support of the state leaders would help expand trade and economic cooperation between the two countries.

Addressing the opening ceremony of the Bulgaria-China business forum, Wei said bilateral trade in 2012 had doubled compared to 2009, and that China had become Bulgaria's third largest trading partner outside the EU.

According to him, Bulgarian products such as yogurt, wine and rose oil had a good reputation in the Chinese market, while corn, alfalfa, dairy products and tobacco had great potential for export to China.

In 2012, Chinese direct investment to Bulgaria increased fourfold compared to 2009, covering areas such as information technology, energy, environmental protection, chemical industry, cars and agriculture, Wei said.

Sun Chenghai, head of the Chinese delegation and director of the Trade Development Bureau of the Chinese Ministry of Commerce, encouraged Chinese enterprises to cooperate with their Bulgarian counterparts to seek joint business opportunities and develop cooperation in areas like trade, investment and technology transfer.

Bulgaria's Deputy Minister of Economy and Energy Anna Yaneva said her country was grateful for the active policy and practical actions that the Chinese side has been taking to encourage Chinese companies and expand their presence in the region and particularly in Bulgaria.

Evgeniy Ivanov, executive director of the Bulgarian Small and Medium Enterprises Promotion Agency, which co-organized the event together with the Trade Development Bureau of the Chinese Ministry of Commerce, said untapped potential for growth and diversification of bilateral trade existed between Bulgaria and China.

He said it was necessary for both parties to seek export opportunities not only to increase, but also to balance bilateral trade.