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Shanghai inks 3 business pacts with Bulgaria as its president visits
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THE city signed three business cooperation contracts with Bulgaria this morning as Bulgarian President Rosen Plevneliev visited Shanghai.
The three contracts were expected to strengthen both political and business ties between the two countries and their cities.
"We are open-minded, friendly and willing to cooperate on different levels, no matter if you have big or small projects ... they are important for us and we will value them," said Plevneliev, the first national president this year to pay a state visit to China. He spoke at the Shanghai Sino-Bulgarian Business Forum.
The contracts were between:
• The Shanghai Chamber of Commerce and the Confederation of Employers and Industrialists of Bulgaria,
• The Shanghai Pudong Sub-Council of the China Council for the Promotion of International Trade and the Bulgaria Travel and Investment Development Center in China,
• And the Shanghai BZ Cosmetic Trading Co Ltd and Bulgarian Rose Oil Ltd.
The value of the deals was not disclosed.
According to the Shanghai Academy of Social Sciences, trade between Bulgaria and the city more than doubled to around US$359 million in 2012, which was nearly one-fifth of total trade between Bulgaria and China.
Plevneliev proposed more trade and investment between the two countries, suggesting Chinese investors use Bulgaria as a gateway to Europe because of its strategic location near Asia.
Plevneliev also said his country needs strategic partners to develop its agriculture and food production industries, while there is huge potential for investment in sectors including information technology, textiles, logistics and raw materials.
"We have a stable economy, and we will have a new law to facilitate foreign investment. ... I want to say that every one of you is welcome in Bulgaria," Plevneliev said.
The president said he expects Bulgaria's economy will grow 1.8 percent this year and 3.5 percent in 2015.
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