Bulgaria to Open 3rd Economic Representation in China

Bulgaria's Deputy Economy and Energy Minister Krasin Dimitrov, photo by BGNES

Bulgaria will open a third economic representation in China, according to Krasin Dimitrov, Deputy Economy and Energy Minister.

Speaking Friday at a seminar on business relations between Bulgaria and China organized by the Association of Bulgarian Exporters (ABE) in cooperation with the EU Small and Medium Enterprises (SMEs) Center in Beijing, he emphasized that China was the the world's second-biggest economy and among Bulgaria's priority trade and economic partners.

He informed that in the period January-August 2013, bilateral trade had amounted to USD 1.184 B, of which Bulgarian export had stood at USD 513 B and import from China had totaled USD 671 M.

Dimitrov, as cited by investor.bg, suggested that Bulgaria could successfully sell on Chinese markets food products, Bulgarian wines, milk and dairy products, mineral water, essential oils, and especially rose oil, as well as products of machine building, electronics and electrical engineering.

He reminded that Bulgaria was the only EU country with a maize export quota for China.

Viktor Azmanov, Chair of the Bulgarian-Chinese Chamber of Commerce and Industry, emphasized that Bulgaria had not signed agreements on exporting meat and dairy products to China, which was why China was selling locally produced Bulgarian yoghurt.

Bulgaria's Deputy Economy and Energy Minister also announced that bilateral trade in 2012 had amounted to USD 1.7 B, of which Bulgaria's export had stood at USD 762 M, registering an increase by 88%, while import from China had gone up by 4%.

"In order for the Bulgarian economy to grow, we must deepen relations with China," Dimitrov added.

He drew attention to the fact that China exercised stringent control over foods and cosmetics, meaning that Bulgarian producers had to be very careful about the quality of food products they offered on that market.

He encouraged Bulgarian companies to participate on a regular basis in trade fairs and expos in China.

"To China, Bulgaria is a country with a strategic location, a connection to the wealthiest markets in the world – the EU" a representative of the Chinese Embassy in Sofia declared.

Ivo Todorov, Chair of the Managing Board of the Association of Bulgarian Exporters, commented that Bulgarian firms could use China as a door to the region of Southeast Asia, including to Cambodia, Laos and Vietnam, adding that this was the region which currently attracted the largest amount of foreign investments.

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