China to Invest USD 1.5 B in Bulgaria, Chamber Chief Says

China is going to invest some USD 1.5 B in the Bulgarian economy in the upcoming years, according to Viktor Azmanov, chair of the Bulgarian-Chinese Chamber of Commerce and Industry.

Azmanov said the governments of Bulgaria and China have already signed an economic cooperation memorandum that will enable the opening of several factories in Bulgaria with Chinese investments, creating up to 500 jobs.

"Chinese companies are interested in investing in energy, infrastructure, and agriculture," the head of the Bulgarian-Chinese Chamber stated, as quoted by Mediapool.

He noted that one of the major joint projects provides for the creation of the Bozhurishte Industrial Zone near Sofia, which has been in the making ever since the the government of center-right party GERB took over in Bulgaria in 2009-2010.

According to Azmanov, the Bozhurishte Industrial Zone is to feature an industrial and logistics park, with Port Varna on the Black Sea being another option for the construction of a similar facility in Bulgaria with Chinese funding.

Azmanov's announcement comes after last week Bulgaria skipped a major international economic forum in Poland's capital Warsaw, where Chinese Prime Minister Wen Jiabao declared that his country plans to invested USD 10 B in Central and Eastern Europe.

The head of the Bulgarian-Chinese Chamber of Commerce and Industry has pointed out that China aims at boosting the EU-China trade to reach USD 100 B, from USD 52.9 B at present, and that it is setting up an Investment Encouragement Agency at the Chinese Ministry of Trade.

He also noted that Eastern European countries are eligible to seek Chinese funding through the Chinese Development Bank together with countries from Africa and Latin America.

Azmanov revealed that a large-scale economic forum with Chinese investors is planned to take place in Bulgaria in November 2012.

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