Bulgaria-China Trade Hit Record High of USD 1.7 B in 2012

Business | July 1, 2013, Monday // 19:37
Bulgaria: Bulgaria-China Trade Hit Record High of USD 1.7 B in 2012 Speaking Monday at the opening of a Bulgarian-Chinese economic forum, which featured a presentation of the Chinese province of Tianjin, Stoynev explained that China was the second-biggest non-EU export destination for Bulgaria after Turkey.Photo by BGNES

Bilateral trade between Bulgaria and China reached a record high of US 1.7 B in 2012, according to Economy and Energy Minister Dragomir Stoynev.

Speaking Monday at the opening of a Bulgarian-Chinese economic forum, which featured a presentation of the Chinese province of Tianjin, Stoynev explained that China was the second-biggest non-EU export destination for Bulgaria after Turkey.

Stoynev, as cited by the press office of the Ministry of Economy and Energy, presented the advantages Bulgaria offered as an investment destination and reminded that the country offered unlimited and duty-free access to the single market of the European Union, as well as excellent conditions as a platform for promoting Chinese products to the EU and establishing business contacts with other EU Member States.

He also noted that Bulgaria's National Company "Industrial Zones" offered outstanding opportunities for Chinese investors.

"Improving the business environment by cutting red tape is a top priority of the Bulgarian government. In its first days in office, the new cabinet held meetings with employers' associations, trade unions, and non-governmental organizations to discuss concrete measures for improving the business climate," Stoynev pointed out.

He explained that the government was working on a plan to attract foreign investments not only through tax incentives but also through  greater transparency and a faster pace of administrative service.

Stoynev informed that the cabinet planned to take concrete steps to boost the business climate and alleviate inter-company indebtedness by the end of 2013.

Commenting on a statement of former Energy Minister Delyan Dobrev that the long-term assets of the Bulgarian Energy Holding were a building and several cars, Stoynev emphasized that BEH had assets of BGN 10.7 B.

Stoinev pointed out that the assets of the Bulgarian Energy Holding, BEH, amount to EUR 195 M in response to the ex-Economy Minister Delyan Dobrev's claims that BEH have no other long-term assets except a building and a number of cars.

He went on to say that the CEO of BEH had asked senior officials of the National Electricity Company (NEK) to use hydroelectric power plants as collateral under a contract for a loan of EUR 195 M, which Stoynev had blocked on his first day in office in a bid to prevent the privatization of the HPPs.

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Tags: Dragomir Stoynev, Economy and Energy Minister, foreign investments, Bulgarian Energy Holding, National Electric Company, NEK, Delyan Dobrev, red tape

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