Bulgarian President Woos Chinese Nuclear Energy Funding

Bulgarian President Georgi Parvanov and the Governor of the Chinese province of Guangdong Wang Yang discussed opportunities for Chinese investment in Bulgarian nuclear energy.

Mr. Wang Yang is on an official visit to Bulgaria to discuss possible Chinese investment in the country. The southern Guangdong province is China's most populous and, once rural and underdeveloped, now boasts the highest GDP of the People's Republic for 2009, totaling USD 572 B.

Last week the Guangdong city of Shenzhen marked the 30th anniversary of the creation of a special economic zone in it.

The two leaders expressed satisfaction at close and friendly relations between China and Bulgaria and vowed to develop them further.

President Parvanov pointed out that Bulgaria offers excellent conditions for business development, some of the best tax laws in the EU, and qualified workers, and expressed the hope that the Chinese delegation would have many beneficial meetings in Sofia.

The Guangdong governor stated that Bulgaria does indeed have great potential for business partnership in trade and investments.

Talk of a Chinese investment in the future Belene NPP project started when it became apparent that a possible Serbian participation in the NPP might be financed with Chinese funds.

China has recently expressed the wish to invest in major Bulgarian industry projects.

Bulgaria's Litex Motors in Lovech will start producing cars in 2011 after signing a deal with Great Wall Motor Company, one of China's biggest automotive manufacturers. The total initial investment is around EUR 80 M, potentially reaching EUR 300 M if the project is successful.

Furthermore, it was recently announced that Bulgaria and China will create a joint company to build and operate an industrial and business park in Bozhurishte nearby capital Sofia.