The government has officially approved four draft memoranda aimed at deepening investment cooperation between Bulgaria and a number of Chinese institutions and companies. The news of these decisions was released by the Council of Ministers' press service.
The main document is a memorandum of understanding between the Bulgarian Ministry of Economy, Investment and Industry and the Ministry of Commerce of China. It provides for the establishment of a joint working group whose key task is to support the development of bilateral economic relations. On the Bulgarian side, the institutional chair of the group will be the Bulgarian Investment Agency (BIA), and on the Chinese side – the Department of Outward Investment and Economic Cooperation under the Ministry of Commerce.
The working group will perform the following functions:
- Creating a mechanism for regular communication and exchange of current information regarding legislation, regulations, and policies in the investment sphere.
- Building a platform for cooperation and encouraging participation in thematic seminars, exhibitions, and other joint initiatives.
- Supporting the exchange of data on potential investment projects and discussing issues of mutual interest, in strict compliance with European and national legislation.
In addition, the government approved three separate draft memoranda between the Bulgarian Investment Agency and specific Chinese business entities. These decisions are directly related to the implementation of the companies' investment projects in Bulgaria and are in line with the recent amendments to the Investment Promotion Act. The partners are:
- Shanghai Grand Sun Hydrotherapy System – the memorandum provides for cooperation in the realization of their investment project in Bulgaria.
- China Global Advisory.
- Hangzhou Bosom New Materials Technology.
Within the framework of these agreements, the Bulgarian Investment Agency commits to providing detailed information on the country's investment policy, industrial planning, available tax incentives, the status of industrial zones, and infrastructure. The institution is expected to provide coordination and support to foreign companies in selecting locations for their projects, as well as in their interactions with competent state authorities to navigate the necessary administrative procedures.