NEWS

The President participated in the opening of a trade exhibition of leading Chinese companies in the fields of technology, innovation, digitalisation, transport and energy

 

In recent years, China has established itself as a strategic partner of Bulgaria and we have great respect for its millennial history, culture, traditions and the impressive economic and scientific-technical development of the country in recent years. This is what President Rumen Radev said at the opening of a trade exhibition of leading Chinese companies, leaders in the fields of technology, innovation, digitalisation, banking, logistics, transport and energy. The forum is part of the events in Bulgaria on the occasion of the 75th anniversary of the establishment of diplomatic relations between Bulgaria and China and aims to promote bilateral cooperation in the field of investment. Before the opening of the exhibition, the Head of State held a meeting with representatives of the Chinese companies participating in the forum. The meeting was also attended by the Ambassador of the People's Republic of China to Bulgaria, H.E. Dai Qingli.

 

The Head of State highlighted the significant potential of the cooperation between Bulgaria and China and said that in his talks with Ambassador Dai Qingli at the presentation of her credentials, the two reached a common conviction on the organisation of the business forum. Radev congratulated the Ambassador on the scale and scope of the event, which was organised in a short period of time, and shared his expectations that it would contribute to deepening and expanding the cooperation between Bulgaria and China and would give practical dimensions to the joint declaration on strategic partnership, signed at the highest level during the visit of the Bulgarian Head of State to China in 2019. Rumen Radev also highlighted the prospects of opening a direct airline between Beijing and Sofia to promote communication between business and tourism.

 

As a prerequisite for the development of the industrial cooperation in the automotive sector, the President highlighted the high-tech plant for aluminium parts for cars that started operating in June in the "Thrace Economic Zone". Bulgaria has more than 350 companies in the automotive sector and over 80 thousand employees, which accounts for 11% of GDP. There is no longer a car produced in Europe that does not use components made in Bulgaria, the President said. The Head of State also expressed satisfaction with the fact that in recent years there has been a significant growth in trade between Bulgaria and China - as of 2015, the trade between the two countries was about USD 1.7 billion, and by 2023, it will amount to about USD 4 billion.

 

The President highlighted Bulgaria's advantages in attracting investments as one of the centres in Eastern Europe for the development of information and communication technologies and robotics, as well as the favourable macroeconomic conditions and tax policy - 10% corporate tax, compared to the EU average of 20.9%, low personal income tax of 10%, and in 152 municipalities with high unemployment there is zero percent profit tax for investments. Bulgaria competes with huge China, Russia and the USA in the world Olympiads in mathematics, linguistics, information technology and wins prizes, which is an indicator of our capabilities, Rumen Radev said, highlighting the great potential of young people in Bulgaria and the high quality of Bulgarian education.

 

The Head of State also stressed that our country is the first in Europe in terms of the percentage of its territory suitable for organic farming and highlighted the prospects of the partnership in the field of agriculture and the increase of Bulgarian exports of agricultural products to China. The President also expressed his expectation that export procedures, especially for agricultural products, would be eased, which would contribute to expanding our country's market position in China. In his address to the forum, Rumen Radev also drew attention to Bulgaria's advantages and potential in the field of energy and transport connectivity and our country's strategic location as a key factor for the sustainable development of trade and economic cooperation.