BCCI and CCPIT, Jiangsu Sub-Council signed Cooperation Agreement for promotion of international trade

BCCI hosted business meetings with Chinese businessmen and representatives of the chambers of commerce of Jiangsu Province in continuation of the successful Bulgarian – Chinese business forum held with companies from the Province in 2011. The series of business meetings was opened by Georgi Stoev, Vice-President of the Bulgarian Chamber of Commerce and Industry, who stressed the need to further intensify the cooperation between Bulgaria and Jiangsu Province, China. BCCI will seek to expand the trade relations with one of the most densely populated and economically developed provinces in China. The first step towards achieving this goal was the signing of a Cooperation Agreement between BCCI and China Council for the Promotion of International Trade (CCPIT), Jiangsu Sub-Council.

Mrs. Qiu Xiaoping, Vice-Chairwoman of CCPIT, Jiangsu Sub-Council introduced the members of the Chinese business delegation to the Bulgarian businessmen. She emphasized the positive impact which proximity to Shanghai (about 200 km from Jiangsu) has had on the economic development of the Province, and presented Jiangsu as the home of rice and fish (due to its geographic location). The Province has the highest population density in China. There are 4950 R&D institutes in Jiangsu, employing 589 000 research staff.

There are 122 universities in Jiangsu, which determine the Province’s leading position in the field of education and science. In 2011 trade turnover between Bulgaria and China increased by 49 %, while Bulgarian exports to China increased most rapidly in comparison to other countries.

According to Mrs. Qiu Xiaoping who led the business delegation, Bulgaria and China hold potential for development in the following sectors: electronics and electrical engineering, high technology, machine building, automotive industry, equipment for renewable energy power plants, agriculture and food industry. Jiangsu Province and Bulgaria complement each other economically. In 2011 trade between Bulgaria and Jiangsu amounted to USD 139 million. In the first two months of 2012 trade between Bulgaria and Jiangsu amounted to USD 24 360 000, with an increase of 67.8%. Some of the main goods which Jiangsu Province exports to Bulgaria include air-conditioners, automatic data processing tools, yarns and textiles. Ethylene glycol, transformers and capacitors are among the main Bulgarian goods exported to Jiangsu.

Jiangsu Province implements 4 investment projects in Bulgaria, worth a total of USD 26 320 000. Electronics, high technology, machine building, textile and petrochemical industry are traditionally well-developed sectors of industry in Jiangsu. Some of the new sectors developed in the Chinese Province include biopharmacy, photo-electrical technologies, ship-building, etc. Jiangsu ranks first in China by FDI and second by import and export volumes. The Province has trading partners from 230 countries worldwide and 220 twin towns in 46 countries, as well as about 200 exchange and cooperation partnerships. In 2011 foreign trade amounted to a total of USD 539.76 million.

Representatives of Invest Bulgaria Agency and National Company Industrial Zones introduced the Chinese businessmen to Bulgaria’s advantages as an investment destination.