Bulgaria, China's Jiangsu to Ink Economic Cooperation Memorandum

The Bulgarian government has accepted a draft memorandum on economic cooperation with east China's Jiangsu province.

Exchanging information on investment policies, opportunities for establishing joint industrial projects and joint ventures, and opening offices and branches will be the key activities Bulgaria and Jiangsu would promote from now on, according to the memorandum.

Jiangsu is one of the most economically vibrant Chinese provinces, home to many of the world's leading exporters of electronic equipment, chemicals and textiles. It has also been China's largest recipient of foreign direct investment since 2006. In 2010, Jiangsu's nominal GDP was USD 612 B, making it the second biggest GDP of all the provinces and an annual growth rate of 12.4%.

In November 2010, Bulgaria's Finance Minister Simeon Djankov declared that the Bulgarian government will intensify its efforts to attract Chinese companies, try to attract Chinese investors and boost the economic relations between the two countries.

Currently, the size of Chinese investments in Bulgaria is relatively small. However, Chinese company Great Wall Motor Co is building an EUR 80 M car manufacturing plan in Bulgaria, near Lovech.