Bulgaria, Shanghai Seek to Deepen Economic Ties

Bulgaria's government has approved a draft memorandum of understanding on economic cooperation with China's eastern municipality of Shanghai.

The Bulgarian Ministry of Economy, Energy and Tourism and the Shanghai Municipal Commission of Commerce would cooperate in organizing promotional activities to encourage mutual investment such as seminars, business meetings, business missions, investment fairs and exhibitions, the Bulgarian government has said in a statement, as cited by China Daily.

The two sides will encourage mutual investment activities by sharing information about the special measures and regulations, and about the opportunities for establishing joint industrial projects, joint ventures, and representative offices and branches of companies from Bulgaria and Shanghai, the statement said.

The institutions will also work to expand business contacts between Bulgaria and Shanghai, and will assist companies from Shanghai to invest in Bulgarian industrial zones, the statement added.

Bulgaria has already signed economic cooperation memorandums with several Chinese provinces, including Jiangsu, Zhejiang and Guangdong.

The trade turnover between Bulgaria and Chine grew by 55% in the first five months of 2012, reaching approximately USD 800 M.