In the first five months of this year alone, trade between the countries amounted to nearly USD 1.5 billion.
Trade relations between Bulgaria and the People’s Republic of China are developing positively. Trade between the two countries reached nearly USD 4 billion in 2023, with Bulgarian exports to China amounting to over USD 1.1 billion last year. This was stated by the Minister of Economy and Industry Dr. Petko Nikolov during the opening of the Bulgarian-Chinese Business Forum, accompanied by an exhibition of leading Chinese products and services, jointly organized by the Embassy of China in Bulgaria and the Bulgarian National Association “One Belt, One Road”. Minister Nikolov pointed out that in the first five months of the current year 2024 alone, the trade volume is already close to USD 1.5 billion.
The Minister of Economy and Industry stressed that he will continue to expand trade and industrial relations with China, as our traditional partner. “We consider the development of bilateral trade and economic relations in the context of Bulgaria’s full membership in the European Union and the fact that China is an important partner for the EU and for Bulgaria. The economy is the most direct bridge between two countries, we see potential and excellent prospects for our trade and economic relations,” he pointed out.
In his words, Bulgarian business has a lasting interest and is looking for new opportunities to increase exports to the Chinese market. “There are prospects for further expansion of Bulgarian exports to China and in particular of products for which our country is known in Asia. Examples are agricultural and food products, essential oils and cosmetics, wine and mineral water, etc.,” Dr Nikolov added.
More than 20 Chinese companies operating in electronics, renewable energy, finance, digital sector, electric vehicles, railway infrastructure construction, logistics and medicine are participating in the forum. “We aim to deepen ties between our two countries in these areas, as well as in terms of implementing joint projects,” Minister Nikolov said.
He pointed out that as part of the One Belt, One Road initiative, Bulgaria plays an important role as a strategic transport hub between Europe and Asia and its favourable geographical location makes it a key player in the development of infrastructure projects along the ancient Silk Road. The minister also shared the main areas in which Bulgaria contributes to the initiative – improving transport and digital infrastructure, promoting cooperation in the field of information technology and communications, cultural exchanges and cooperation with financial institutions to implement various projects.
The exhibition and the forum are part of the events on the occasion of the 75th anniversary of the establishment of diplomatic relations between Bulgaria and China, which is celebrated this year, and aim to promote bilateral cooperation in the field of investment. The Forum was attended by the President of the Republic of Bulgaria Rumen Radev, H.E. Ms. Dai Qingli, Ambassador of the People’s Republic of China to Bulgaria, representatives of state and public institutions and the business community.