Bulgaria, China's Jiangsu province to boost economic ties

21:27, February 23, 2011      

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The Bulgarian government Wednesday approved a draft memorandum of understanding on economic cooperation with east China's Jiangsu province.

According to the memorandum, Bulgaria and Jiangsu province would promote joint activities by exchanging information on investment policies, opportunities for establishing joint industrial projects and joint ventures, and opening offices and branches.

The parties also would mutually provide information about policies and legislation on small- and medium-sized enterprises, and would encourage the creation of new and expansion of existing business contacts between Bulgaria and Jiangsu province.

Jiangsu is one of the most economically vibrant provinces in China.

Chinese investment in Bulgaria has been relatively small: about 27 million U.S. dollars in the production of communications equipment and a photovoltaic plant.

However, Chinese automaker Great Wall Motor Co. is building a 133-million-dollar plant near the Bulgarian city of Lovech. The first series of vehicles was expected to roll off the production line at the end of May.

Source: Xinhua
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