PRC Commerce Minister: Bulgaria Could Be China's EU Door

Bulgarian Economy Minister Traikov has met with Chinese Commerce Minister Chen. Photo by BGNES

Bulgaria has the potential to become the “bridge” for the transfer of Chinese technologies and investments to the European Union, according to PRC Commerce Minister Chen Deming.

Chen Deming has met with the Bulgarian Economy Minister, Traicho Traikov, who is on a week-long visit to China for Bulgaria’s participation in the Shanghai Expo and as part of an attempt to generate investment interest among Chinese companies.

“China is looking for a country which could be the major bridge between it and the countries from the EU,” the PRC Commerce Minister has declared during his meeting with Traikov, as cited by the press office of the Bulgarian Economy Ministry.

He also said that that China is currently encouraging its companies to invest abroad including in countries such as Bulgaria, and is also promoting measures for stimulating imports from the new EU member states.

Bulgaria’s Economy Ministry says the country could increase its exports of foods, wines, cooper and lead to China. Its data shows that in the first four months of 2010 Bulgaria’s export to China grew by 400% year-on-year.

Minister Chen has emphasized the fact that the People’s Republic of China is an active participant in the measures to stabilize the euro and to support Greece in its financial ordeal.

He expressed his concern over the rising levels of public debt in a number of EU countries and praised Bulgaria for its good macroeconomic condition. Bulgaria’s public debt is about 15% of the GDP compared to the EU average of 70%.

Bulgaria’s trade with China amounts to USD 793 M in 2009. Bulgaria’s export amounted to USD 164.6 M, a 4.6% increase year-on-year; its import from China was USD 628.8 M. In the first three months of 2010 the bilateral trade amounted to USD 220.1 M.

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