Bulgarian-Chinese Business Forum – Sofia, Bulgaria
By Nedyalka Aleksandrova
Yesterday, October 15, 2009, the biggest business forum held in the last decade in Bulgaria took place in Sofia, at Sofia Hall of Kempinski Hotel Zografski. The Bulgarian-Chinese Business Forum was organized by the Bulgarian Small and Medium Enterprises Promotion Agency and the Investment Promotion Agency of the Ministry of Commerce of the People’s Republic of China.
172 Bulgarian companies from real estate, construction and investments, trade and finance, pharmaceutical and chemical industries, media and promotion, production, wholesaling and retailing, and 103 Chinese enterprises from energy and mining, chemical pharmacy, logistics, electrics, textiles, economic zones, real estate and development, high technology and manufacturing, and investment promotion agencies attended the event. There were both ODI enterprises and companies attracting FDI to China from 18 Chinese provinces (autonomous regions and municipalities).
Mr. Liu Yajun, Director of the Investment Promotion Agency of the Ministry of Commerce of the People’s Republic of China introduces the Chinese investment environment and overseas investment situation
The Forum aimed to encourage further development of already existing business partnerships between the two countries as well as to establish new contacts between representatives of Bulgarian and Chinese business enterprises.
The official part of the Bulgarian-Chinese Business Forum was opened by Mr. Ivo Marinov, Deputy Minister of the Bulgarian Ministry of Economy, Energy and Tourism and Mr. Chong Quan, Assistant Minister of the Ministry of Commerce of the People’s Republic of China. The main factors of the favourable economic and business environments in both countries were presented. Mr. Marinov emphasized on the strategic geographical location of Bulgaria, its financial and economic stability, the high qualified work force and the lowest tax rates in EU.
The official part of the forum was followed by a session of bilateral meetings. Eurolink Investment Group, represented at the Business Forum by its Deputy & Sales Manager, Mr. Alexander Nikolov, established numerous new contacts with significant investors from Beijing, Haimen/Province of Jangsu/ and Ji-an /Province of Jiangxi/.
Mr. Nikolov (left) and Mr. Lau Kwun Ching, President of Golden Star International Holdings Limited discussing the investment opportunities in the Region of Varna
The projects of Eurolink Investment Group, introducing New Varna, raised great interest among the Chinese developers and investors. The opportunities for business partnerships were discussed and first steps were taken for a future Chinese participation in the construction and development of the projects in New Varna. The immense potentials of the local business environment and the strategic location of the lands, property of EIG, were highly estimated by the Chinese investors with reference to the city’s future development and enlargement to the south as foreseen in the new GCP of Varna.
Mr. Alexander Nikolov (right), Mr. Chen JinShi, Chairman of Zhongnan Group, Mr. Wang Shiyang, Board Chairman of Jiangxi Touyan Group discussing the short and the long term investment opportunities in New Varna
Marina Bay (with its 600 mooring places and first class facilities to be built on promenades, the 150 building plots with direct access to the water with a fantastic view of the marina from the surrounding hills and hill tops) and Marina Gardens (the very special and highly sought-after location with some of the most beautiful and exclusive homes, suitable for people who cherish quality of living and comfort) were the two projects that enjoyed an enormous interest on behalf of the Chinese companies. The possibilities of importing construction materials from China for the execution of the projects were also considered.
China expected to lead the world economic recovery
Source: Investment Promotion Agency of MOFCOM
Chinese ODI worldwide
Till the end of 2008, ODI from China had spread across 174 countries out of the total of 242 countries and regions, accounting for 72%, 12 000 overseas companies created an accumulated ODI of US$ 183,97 billion with total business assets of over US$ 1 000 000.
Diversified ODI fields include Business Services, Financing, wholesaling and retailing, mining, manufacture and transportation.
Sun Jiwen, Deputy Director of the Department of Foreign Trade of the Ministry of Commerce of the People’s Republic of China presenting the great potentials of the Chinese economy and resources to get the world economies in recession restarted
ODI from China contributes to local employment and tax revenues (at the end of 2008 China’s ODI enterprises have 455,000 local employees), playing a significant role in intensifying cooperation between China and the hosting countries to ride out of the financial crisis.
Chinese ODI in Bulgaria
Competitive edges in Bulgaria such as stable political and economical environment, low operating costs, excellent location, are among the main factors which Chinese investors take into consideration in the investment decision making process. By the end of 2008 Chinese companies have invested US$ 4,74 million accumulatively in Bulgaria. Major companies are HUAWEI, ZTE, SVA, Great Wall Automobile (GWA), and others.
