china trade deals could help stimulate bulgarian economy
News Posted On: 20 October 2009
China, cited as the future powerhouse of the global economy by many pundits, is taking an aggressive interest in making deals with Bulgaria. On Thursday during a visit to Sofia Chinese Vice-President Xi Jinping signed a major copper deal pledging to further boost trade and investment between the two countries.
Aurubis Bulgaria, a subsidiary of German-based Aurubis, Europe's leading copper smelter, signed an 800-million-dollar (536-million-euro) deal with China's largest metals trader China Minmetals, to run until 2015.
Five other contracts were also signed by Bulgarian Prime Minister Boyko Borisov.
Addressing a business forum Xi hailed the "dynamic development of trade and economic cooperation" between the two countries. "Bulgaria is now China's most important trading partner on the Balkans," he said.
Although Bulgaria imports a lot more from China (1.1 billion dollars) than it exports to China (157.2 million dollars), Xi said the Chinese market was "huge and widely open for Bulgarian products such as nonferrous metals, wine, rose oil and yoghurt."
"I am convinced that with the common steady efforts of our two governments, trade and economic institutions and entrepreneurs, the economic cooperation between China and Bulgaria will receive a new impetus," he went on, citing the success of his country's investment in the Bulgarian automobile, telecommunications, energy efficiency and environment protection sectors as examples. Xi went on to say that he saw the telecoms, tourism, logistics and infrastructure sectors as possible targets for future Chinese investment.
In addition to the new private inward investment just announced, Bulgaria is likely to qualify for additional aid in the next round of European convergence funding proividing further economic stimulus.
Meanwhile the UN Educational, Scientific and Cultural Organisation (UNESCO) has elected Bulgarian Irina Bokova as chairperson of the organisation. Appointments like this help consolidate the image of Bulgaria as an emerging team player on the world stage.
The Bulgarian property market is currently trading at bargain basement levels, having been hit harder than most by the global recession. Savvy investors may now start to bite if they think it has bottomed and growth prospects for the region are improving.
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