A Chinese company is to set up a sunflower oil production facility in the industrial zone of Burgas, Bulgaria's Economy Ministry has announced.

The ministry is citing an investment letter of intent between the company and state-owned National Company Industrial Zones, which runs the respective site on the outskirts of the Black Sea port of Burgas.

The document was signed during an investment conference titled Invest in Bulgaria. Expand in Europe held in Shanghai by Bulgarian and Chinese enterprises.

The event was organized by Bulgaria's investment promotion agency on the sidelines of a major China-Central and Eastern Europe (CEE) forum scheduled for November 25-27.

PM Boyko Borisov has been in China since Saturday to attend the conference and the forum, accompanied by a delegation of seven ministers and company officials.

On Monday, he also met the Mayor of Shanghai, announcing the two had agreed  China's largest city and Bulgaria's capital Sofia should become sister cities.

Some 100 Chinese companies met 36 Bulgarian small and medium enterprises during the event aimed at expanding the Southeastern European nation's business presence in China, a country Sofia has repeatedly called its most important regional partner.

At the opening of the forum, Bulgaria emphasised interest in pushing further economic cooperation with China.

“The advantages for Bulgaria compared to other Balkan states are its membership to the EU, stable parliamentary support and government, the lowest taxes within the EU, highly qualified personnel” Bulgarian PM, Boyko Borisov said “On the basis of that, Chinese companies can find a stable pier in Bulgaria.”

Economy Minister Bozhidar Lukarski also emphasised the “potential” of a deeper cooperation between Bulgaria and China.

“We hope that the government of China will encourage Chinese companies to invest in Bulgaria,” Lukarski added, also stressing Sofia "is ready to support the future projects of Chinese businesses in Bulgaria.”

Exports of Bulgarian goods to China have been increasing in the last years. According to the Bulgarian Chamber of Commerce and Industry, this is the fastest growing export rate for Bulgaria.

For 2014, exports to China accounted for BGN 1.043 B, which puts China on the eight place of countries to which Bulgaria exports the most.

Although for the period there has been a 18.1% decrease in exports to China, the import of Chinese goods in Bulgaria has increased by 12%. Among the countries with highest imports in Bulgaria are Russia (BGN 7.2 B), Germany (BGN 6.24 B) and Italy (BGN 3.6 B), according to Bulgarian National Statistic Institute.

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