| PM Stanishev Calls on Chinese Business to Invest in Bulgaria BTA |
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| Friday,November 24,2006 Posted: 22:18 BJT(18 GMT) BTA news |
Special Correspondent Borislav Chalukov Shanghai
Addressing a Bulgarian-Chinese business forum that opened here on Wednesday, Bulgarian Prime Minister Sergei Stanishev called on the Shanghai business community to invest in Bulgaria and to form joint ventures with Bulgarian companies. He also appealed for more active and varied bilateral business contacts.
Over 100 executives of 20 industrial branches attended the forum organized by the Chamber of International Commerce Shanghai (COIC SH).
The PM outlined the prospects that Bulgaria offers for closer economic cooperation. Stanishev singled out Bulgaria's forthcoming EU membership as a major advantage. Within this context, he stressed that whoever invests in joint production in Bulgaria now will have access to the 500-million-strong market of the European Union.
The guest noted that despite its substantial growth (it is expected to top 1,000 million US dollars this year), trade between the two countries is far below their potential. "It is not normal that a powerful economy like China should invest just 10- 12 million dollars in Bulgaria," Stanishev said, expressing his satisfaction that these investments are in high-tech telecommunications and air conditioner manufacture. He said that tourism is another promising area of cooperation and expressed the hope that Bulgaria will become a popular destination for Chinese tourists.
The PM presented Bulgaria's vigorous economic and social development: a steady GDP growth of 5 per cent in recent years, an increase of foreign direct investment, a drop of unemployment from 18 per cent last year to 8 per cent now, and a 3 per cent budget surplus. In conclusion, Stanishev expressed the hope that at this forum Bulgarian and Chinese businessmen would find new friends and new partners.
In his statement, Bulgarian Economy and Energy Minister Roumen Ovcharov described the Bulgarian business environment as "favourable and reliable", and noted the numerous upgrades of Bulgaria's credit rating in recent years. He listed the following advantages of the Bulgarian economy: an average growth of 5 per cent for the last six years, a low corporation tax of 15 per cent this year and 10 per cent next year, and a legislation guaranteeing investment protection.
COIC SH Chairman Cen Furong presented the economic capabilities of Shanghai. He said that over 43,000 companies have been registered in Shanghai so far, there are foreign enterprises from 120 countries, 110,000 million dollar investsments and business contacts with over 200 countries and regions worldwide. The
volume of trade exceeds 312,777 million dollars, and the Port of Shanghai handles over 430,000 tonnes of cargo annually. Cen stressed the great potential for future promotion of trade and economic cooperation between Bulgarian business and Shanghai. He listed mechanical engineering, electronics and telecommunications as promising areas of cooperation. Bulgarian flowers meet with a ready market in Shanghai, he noted. Immediately after the opening of the business forum, Stanishev conferred with Shanghai Mayor Han Zheng. Later on, he visited the Shanghai Museum of Urban Planning.
In the afternoon, the Prime Minister delivered a lecture on "EU Enlargement and Bulgaria's Contribution to the EU" at Fudan University.
Later in the day, Stanishev conferred with the leadership of the
Shanghai World Expo 2010 Organizing Committee and was familiarized with the programme of the exposition, in which Bulgaria will participate as well.
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Bilateral Visits