Bulgaria is clearly making a sharp turn from Europe to Eurasia, and the Bulgarian government is giving very clear signs of this intention. Following yesterday's derogations in favor of Russia regarding the purchase of iron and steel from Russian firms for Kozloduy NPP and allowing NEK to conclude a contract with Russia's Atomstroyexport for Belene NPP, today the Bulgarian government gave the green light to expanding investment cooperation with China by approving drafts of four memorandums with Chinese institutions and companies. The goal is to facilitate the entry of Chinese investors into the country, the implementation of specific projects, and contacts between business and state institutions.
One of the documents is between the Ministry of Economy, Investment, and Industry and the Chinese Ministry of Commerce. It provides for the creation of a joint working group for investment cooperation to support the development of economic ties between the two countries.
From the Bulgarian side, the group will be led by the InvestBulgaria Agency (IBA), and from the Chinese side, by the Department of Outward Investment and Economic Cooperation under the Ministry of Commerce. Continuous exchange of information on legislation, regulations, and policies related to investments is envisaged, as well as the creation of a cooperation platform.
The working group will encourage the participation of companies and institutions from both sides in seminars, exhibitions, and other business initiatives. It will also support the exchange of information on specific investment projects and opportunities, as well as the discussion of issues of mutual interest. All activities will be carried out in accordance with European and Bulgarian legislation.
The other three memorandums are between the InvestBulgaria Agency and Chinese companies. The first is with Shanghai Grand Sun Hydrotherapy System and is aimed at implementing the company's investment project in Bulgaria.
The other two documents are with China Global Advisory and Hangzhou Bosom New Materials Technology. The agreements are linked to the recent amendments to the Investment Promotion Act and the implementation of planned investment projects by the three companies in the country.
Shanghai Grand Sun Hydrotherapy System is a company specializing in the production of SPA and hydrotherapy equipment. Its products include hydromassage and SPA tubs, hydrotherapy systems, bubble massage equipment, water purification systems, and smart SPA equipment management systems. Assistance from IBA is provided specifically for the implementation of the company's investment project in Bulgaria.
Hangzhou Bosom New Materials Technology, founded in 2009, operates in the field of engineering and specialty plastics. The company produces modified materials such as PA6, PA66, PPA, PBT, PET, PPO, PPS, PEEK, and others, which are used in the automotive industry, electronics and electrical equipment, household appliances, and other manufacturing sectors.
China Global Advisory has a different profile. It is a consulting firm that helps Chinese companies enter foreign markets and expand their business internationally. The memorandum with IBA is also related to the implementation of the company's investment project in Bulgaria.
At this stage, however, the government decision does not reveal the specific parameters of the three projects — the size of the planned investments, the selected production sites, implementation deadlines, or the number of expected jobs are not specified.
Within the framework of the cooperation, IBA will provide Chinese investors with information on Bulgaria's investment policy, industrial planning, tax incentives, industrial zones, and available infrastructure.
The agency will also assist in selecting suitable project locations, coordinating with state institutions, and navigating the necessary administrative procedures. Thus, the approved memorandums create a more structured mechanism for attracting and implementing Chinese investments in the country.