China Ready for Large-Scale Investment Project in Bulgaria

Ivan Kostov, leader of the Democrats for Strong Bulgaria (DSB) party, has argued that a successful concession procedure conducted by the authorities could attract an investor that could bring about a five-fold increase in cargo turnover at the Varna port.

The rightist leader reported Monday the results of the visit of the DSB delegation to China.

"One of the greatest weaknesses of Bulgarian politics in the past few years has been the inability to attract strategic investors that could fetch commodities and create job places so that Bulgaria could emerge from the crisis," Kostov noted.

"This has to be an investor that could use the strategically important Eastern border of the EU for receiving and processing shipments from and to the fast-developing economies of China, India, Turkey and Russia. The investor has to be able to attract into Bulgaria a share of the commodity flows for Eastern Europe and the Black Sea basin," the right-wing leader told journalists.

Kostov claimed that Bulgaria had to look for investors whose activities would boost cargo volumes transferred through the domestic transport network, thereby stimulating the industrial development of the districts of Varna and Ruse.

"The Chinese representatives assured us of the country's readiness to back a large-scale investment project in Bulgaria," Kostov declared.

"We sought and we received political support and a clarification of the intentions voiced by the Chinese Prime Minister of encouraging investments in Eastern Europe. We were ready with a project, relying on documents prepared by the Transport Ministry regarding the drafting of a letter of intent for granting a concession for the Varna port or at least some of the terminals," the rightist leader added.

He specified that the DSB delegation had met with three major Chinese investors, including one of the biggest ports in China and the world.