China Pours EUR 30 M in Agriculture in Bulgaria, EU's Poorest Region

Business | November 17, 2011, Thursday // 16:29
Bulgaria: China Pours EUR 30 M in Agriculture in Bulgaria, EU's Poorest Region (L-R) Bulgarian Agriculture Minister Naydenov, China's Deputy Agri Minister Gao, Bulgarian PM Borisov, Chinese Ambassador Gao in Sofia on Thursday. Photo by Council of Ministers

China's Tianjin State Farms Agribusiness Group Company is investing a total of EUR 10 M in the lease of agricultural land in Northwestern Bulgaria, the poorest EU region, the Bulgarian government announced.

Bulgaria's Prime Minister Boyko Borisov and Agriculture Minister Miroslav Naydenov received the Deputy Agriculture Minister of China Gao Honbin and Bai Zhislieiig, Chair of Tianjin State Farms Agribusiness Group Company in Sofia on Thursday.

The Chinese company has rented 20 000 decares of land in Bulgaria's Northwestern (Severozapaden) Region – the poorest NUTS 2 region in the EU – to produce corn, forage, and sunflower.

All of the agricultural produce will be exported to the People's Republic of China. The plots in question are located in the Boynitsa Municipality, Vidin District, which according to Eurostat data has about the lowest GDP per capita in the European Union.

"Bulgaria has made an important first step in the realization of joint projects with China. We have the potential and resources to develop eco agriculture as well," Bulgarian Prime Minister stated upon receiving the Chinese officials, stressing that Bulgaria has the lowest taxes in the EU, and a stable investment environment.

China's Tianjin State Farms Agribusiness Group Company intends to invest EUR 20 M more in Bulgarian agriculture with some of the funds going into animal breeding.

Thus, in the medium run, its investment in Bulgaria is expected to reach EUR 30 M.

"With this project that we are starting in the Boynitsa Municipality we are demonstrating the interest of the People's Republic of China in cooperating with Bulgaria," China's Deputy Agriculture Minister Gao Honbin declared.

The governments of Bulgaria and China are mulling a bilateral agreement for phytosanitary permits for agricultural exports, the government press service said.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: China, Chinese, PRC, People's Republic of China, Agriculture Minister, Miroslav Naydenov, Tianjin State Farms Agribusiness Group Company, Tianjin province, corn, forage, Northwestern Bulgaria, agriculture, Vidin, Vratsa, Montana, Northwestern Bulgaria, Severozapaden, Boynitsa Municipality, Vidin District, Bai Zhislieiig, Gao Honbin, Guo Yezhou, Chinese Ambassador to Buglaria
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria