Although bilateral trade reached nearly 4 billion USD last year, there are still untapped opportunities for further expansion of Bulgarian exports to China, in particular of products for which our country is known in Asia. This became clear during a meeting between the Minister of Economy and Industry Dr. Petko Nikolov and the Ambassador of the People’s Republic of China to Bulgaria H.E. Ms. Dai Qingli. In order to expand Bulgarian exports to China, the two discussed the draft Memorandum of Cooperation in the field of e-commerce. According to Minister Nikolov, the document is to be discussed and coordinated with all relevant institutions in Bulgaria, given the fact that Bulgaria, as an EU member state, applies the common trade policy of the Union, part of which is e-commerce.
During the meeting emphasis was placed on attracting Chinese investments in sectors where our country has traditional advantages and those that provide high added value and increased competitiveness of the economy. These include mechanical engineering, automotive and auto parts, electronics and electrical engineering, information and communication technologies, agriculture and others.
“There are excellent opportunities for attracting Chinese companies to Bulgarian industrial zones,” Minister Nikolov said. He stressed that our country can offer Chinese investors industrial sites with established infrastructure for positioning their production facilities. According to Dr. Nikolov, in 2023 there was interest in investing in Bulgaria from Chinese companies in biofermentation, production of auto parts, electrical materials and others.
Also discussed were the Sessions of the Bulgarian-Chinese Intergovernmental Joint Commission for Economic Cooperation, which are an important mechanism for the development of trade ties between the two countries. The 18th session is to be held in our country next year. Minister Nikolov made a proposal to the Chinese side to organize a bilateral business forum alongside the session to provide a platform for companies from both countries for future successful cooperation. The possibility of Bulgarian participation in the upcoming 7th China International Import Exhibition was also discussed. Another topic of discussion between Minister Petko Nikolov and H.E. Ms Dai Qingli was the development of the strategic Belt and Road Initiative.
This year marks the 75th anniversary of the establishment of diplomatic relations between Bulgaria and the People’s Republic of China.