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Chinese, Bulgarian Partners Get down to Business
Bulgaria's Union for Private Economic Enterprise (UPEE) and the China Economic Cooperation Center(CECC) are planning to invest in a number of projects, according to a Protocol on Cooperation signed by UPEE President Borislav Borissov and CECC President Cao Baijun in Sofia on Wednesday.
The cooperative projects include joint ventures for production of farming equipment and textiles, a joint venture for distributing Chinese white goods and consumer electronics, a database facility, and a medical center.
These projects were selected during a Bulgarian-Chinese forum October 15-18 involving 40 Bulgarian companies. China was represented by some textile enterprises, the Shanghai Foreign Service & Economic Cooperation Co. Ltd (a financial and investment corporation) and the China National Harvester Machinery Corporation (a major producer of farming equipment).
Bulgaria's Khan Koubrat and China Harvester agreed to launch assembly of Chinese small-sized tractors in Bulgaria, Borissov said. Some Bulgarian-made parts will be used, including starters, tires and batteries.
One of the first projects to be implemented by Bulgaria and China is a joint venture for distributing Chinese white goods and consumer electronics on the Bulgarian market at prices 50 percent lower than those of similar appliances made in Western Europe.
A UPEE delegation is to visit China in November to finalize another investment initiative - a Bulgarian-based joint venture for Chinese silk textiles. The Bulgarian partners will invest US$30 million, and their Chinese counterparts will provide equipment worth US$6 million. Raw materials will be supplied by China, and the finished products are to be sold on the European and US markets.
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