Bulgaria has managed to generate interest with Chinese companies and authorities for the setting up of a joint large-scale industrial zone at Bozhurishte near its capital Sofia.

The project, which was formally announced and approved by the Bulgarian government only last week, has been included in a special memorandum signed by Bulgarian and Chinese officials, the Economy Ministry has revealed.

The Memorandum for Encouraging Bilateral Economic and Commercial Cooperation between the Republic of Bulgaria and the People’s Republic of China was signed earlier on Tuesday in Hangzhou by Bulgarian Minister of Economy, Energy, and Tourism, Traicho Traikov, and Jin Yonghui, the Director General of the Department of Commerce of Zhejiang Province.

Zhao Hongzhu, the secretary of the CPC Zhejiang committee, and a member of the 17th Central Committee of the Communist Party of China, who is the most high-ranking politician of the province, was also present at the signing ceremony and met with the Bulgarian minister.

“The establishment of a joint Bulgarian-Chinese industrial zone is a crucial and very specific step to the effective attracting of Chinese investments to Bulgaria. The development strategy of the Chinese business and industry is focusing on penetrating international markets with high-tech solutions and innovations, green industries, environmental and social responsibility, and highly qualified labor. These are also Bulgaria’s priorities,” Traikov declared after signing the memorandum.

He believes that if Bulgaria manages to attracts the Chinese industries and resources, it will stimulate its economy quickly and efficiently with fresh FDI and support for its own industrial production.

The cooperation memorandum commits both parties to encourage and support Chinese companies in investing in Bulgarian industrial zones, and provides for the construction of industrial and logistics zones at Bozhurishte near Sofia together with all necessary infrastructure.

The zone will be located about 3 km away from the greater Sofia City District, on a plot of 190 hectares recently contributed by the Defense Ministry to the National Company “Industrial Zones” which is part of the Economy Ministry.

According to the Ministry’s announcement, a number of Chinese companies from various industries such as electronics, manufacturing of car parts and appliances have already expressed interest in investing in the future industrial park Bozhurishte.

The strategy of the Bulgarian government stipulated in the memorandum with the Chinese province Zhejiang provides for the construction of all necessary infrastructure of the industrial zone within two years parallel with ongoing talks with potential investors.

During his meeting with the CPC Zhejiang committee chair, Zhao Hongzhu, Bulgaria’s Economy Minister Traikov has presented the measures taken by the Bulgarian state to encourage foreign investors and to promote Bulgaria as a year-round tourist destination.

Traikov’s visit to China already included opening the Bulgarian Day at the Shanghai Expo 2010 on June 14. It will continue on Wednesday when the minister will be present at the signing of a contract for the delivery of counter-pressure casting equipment of the Bulgarian firm CPC Europe and the Chinese company KSM Dongfang – Changhun. Traikov will visit the innovations company Beijing Feiyashi Technology Development Co, the China National Electric Equipment Corporation CNEEC, and the China Guangdong Nuclear Power Holding Co., Ltd. (CGNPC).