Bulgaria is located in the southeast of the Balkan Peninsula in southeastern Europe and is a member of the European Union. In recent years, under the joint promotion of the "Belt and Road" initiative, the "16+1" cooperation platform between China and Central and Eastern European countries and the bilateral local economic and trade cooperation platform, the bilateral economy has accelerated growth, the economy has maintained steady growth, the investment environment has been continuously optimized, and the rating of international rating agencies has been steadily improved.
OneThe economy is showing a steady growth momentum
Since 2007, Bulgaria's ICT and software industry has been one of the fastest-growing sectors in the economy, and Bulgaria is increasingly committed to establishing itself as a research and development base for hardware and software-intensive innovations. In Bulgaria, there is a growing number of production sites and R&D centers of international giants in the automotive industry, especially in sectors related to microelectronics and IT products. Bao** has always encouraged the development of highly innovative start-ups and small and medium-sized enterprises in areas such as financial technology, Internet of Things, data analytics, and artificial intelligence. Such companies can more easily take advantage of financial instruments, consulting services, etc., test innovative products and services, and actively participate in European programs in the field of research and innovation.
In recent years, the Bulgarian economy has continued its recovery since 2015 and has shown steady growth. Bulgaria's GDP is growing steadily, unemployment is declining, and its fiscal position is healthy.
The economy declined in 2020 and 2021, but macroeconomic indicators were relatively good among EU countries, with low fiscal deficit ratios and debt levels, and no risk of economic collapse. As job growth slows, so will the pace of private consumption. In 2023 and 2024, inflation is expected to ease, but labor costs will be forced**.
The Bulgarian economy performed well in 2022, with a real GDP growth rate of 34 This was mainly due to an increase in household consumption and exports (including electricity), while gross fixed capital formation remained unchanged. In the first quarter of 2023, the annual growth rate slowed to 2 as end consumption and exports stabilized. The surge in global energy and commodities** triggered by the Russia-Ukraine war has also had an impact on Bulgaria. But most of the country's energy** comes from domestic. In the second quarter of 2023, Bulgaria's real GDP increased by 18%, an increase of 03 percentage points, compared with the same period last year**21 percentage point;On a seasonally adjusted basis, real GDP grew by 043%, with an annualized increase of 17%。
Source: Internet.
Bulgaria has obvious advantages in the development of solar energy, with an average annual sunshine of 1,500-1,700 hours in some parts of the country. Bulgaria** regards the development of solar energy as an important means to alleviate the energy crisis and promote green development. Bulgaria has made some progress in the development of green economy through the formulation and implementation of a series of macro policies and strategies to support the development of green economy, as well as the adoption of relevant incentives and instruments. However, due to various reasons such as efficiency and economic conditions, the field of green and circular economy development is still narrow, the pace is slow, and the measures are limited.
In addition, due to high inflation and political instability, Bulgaria has postponed several important legislative proposals and postponed the target date for joining the eurozone until 2025. Encouraging the return of migrants to Bulgaria and ensuring the entry of those who are able to work into the labour market are essential to promote economic growth.
IICreate three beautiful economic and cultural business cards
Bulgaria covers an area of only 110,000 square kilometers and is rich in natural landscapes such as mountains, hills, plains, and rivers. The three beautiful business cards of Damascus roses, grape wine, and yogurt create a beautiful scenery full of charming elements.
Roses
Bulgaria is known as the "Land of Roses" due to its unique geographical location and climatic conditions, which is the most suitable country for growing high-quality oil roses. More than 4,000 hectares of agricultural land in Bulgaria are devoted to the cultivation of roses, mainly in the regions of Staraya Zagora (42%), Plovdiv (41%) and Pazarzhik (15%), with the main varieties of roses being "Damascus Rose" and "Rosa Alba". Rose oil is known as "liquid**", and in the past ten years, the annual production of rose oil in Bulgaria has been 1Between 5-2 tons, the output, quality and export volume are the first in the world, more than 90% of the rose oil is exported, the main export countries are France, the United States, Japan, Germany, Belgium, Italy, etc., widely used in perfume, cosmetics and pharmaceutical and food industry fields. At present, there are more than 30 enterprises in Bulgaria that produce and sell rose oil, of which about 70% are members of the Bulgarian National Association of Essential Oils, Perfumes and Cosmetics (BNAEOPC).90% of them are small and medium-sized enterprises, and there are only more than 10 major production enterprises.
As the demand for roses in the international market increases year by year, manufacturers continue to develop new products of different varieties, prices and application fields. Rose essential oil extract has begun to be used in foods such as jams, liqueurs, and sweetenersMore varieties of rose essential oil are being developed, and local companies are also experimenting with using rose essential oil as a food seasoning and health supplement. The development and diversification of downstream products will drive the Bulgarian rose industry to further develop and grow.
Wine
Bulgaria was one of the first wine-producing countries in the world, and as early as 3,000 years ago, during the time of the Thracian tribes, vineyards were planted on the southern and northern slopes of the Bulgarian Sdara Pranina Mountains. However, during the reign of the Ottoman Empire in Turkey, the sake brewing industry declined due to the ban on winemaking. After the Second World War, the Bulgarian winemaking industry was revived, and the winemaking industry gradually became an important traditional industry of the Bulgarian economy, and in the seventies and eighties of the last century, Bulgaria was the second largest exporter of bottled wine in the world. The former Bulgarian ** Pervanov said that "wine is a symbol of Bulgaria and a beautiful landscape of the country's economy". Vinaria, the international wine exhibition held annually at the Plovdiv International Fair, is one of the largest international wine exhibitions in Central and Eastern Europe.
In recent years, with the support of EU funds, Bulgaria has begun to attach importance to its agricultural development, hoping to attract more investors, especially Chinese investors, to invest in agriculture in Bulgaria, and regard the Chinese market as one of the important growth points of its future agricultural exports. With the deepening of economic and trade cooperation between China and Bulgaria, especially in the field of agriculture, Bulgarian wine has gradually entered the Chinese market, and Chinese enterprises are increasingly interested in investing in the Bulgarian wine industry.
Yogurt
People living in Bulgaria discovered early on that yogurt has a longer shelf life than fresh milk. So, clever enough to try to add fermented milk to freshly boiled milk, this is the origin of Bulgarian yogurt. In the Rhodope Mountains in southern Bulgaria, one of the theoretical origins of yogurt, there is a saying that "yogurt is better than meat".
Yogurt is the national delicacy of Bulgaria, and it is fermented with Bulgarian bacteria and Streptococcus thermophilus, which has a rich and creamy flavor and can be drunk as well as a condiment. It is said that Bulgarians drink an average of one kilogram of yogurt per day. Bulgaria has published stamps for yoghurt and established a yogurt museum, which has become a proud culture of Bulgarians. With the development of the times, Bulgarian yogurt has gradually grown into a national regional brand and special product.
IIIOpen a new chapter of strategic cooperation
Bulgaria is a member of the European Union, backed by the large EU market, in recent years, the economy has grown steadily, the financial exchange rate is stable, the land use and labor costs are low, tax incentives, IT technical personnel are abundant, and the desire to attract investment and cooperation of Chinese enterprises is also relatively strong.
In recent years, China-CEE cooperation has been steady and far-reaching, taking advantage of the momentum, which is of great significance to the sustained, healthy and orderly development of China-Bulgaria economic and trade cooperation. In 2019, China and Bulgaria established a strategic partnership, and the two sides opened a new chapter in economic and trade development. The amount of bilateral insurance in China has increased from 0 in 1997$700 million, up to $29 in 2020$200 million, an increase of nearly 41 times. In 2021, China and Bulgaria will grow rapidly, and the bilateral trade volume will reach 41100 million US dollars, a year-on-year increase of 408%。In 2021, China was Bulgaria's 7th largest partner, after Germany, Romania, Turkey, Italy, Greece and RussiaChina is Bulgaria's third largest partner outside the EU.
China's investment in Bulgaria has reached more than US$600 million, and more than 20 enterprises or representative offices have been set up, covering sectors such as automobiles, renewable energy, information and communication, agricultural cooperation, and financial cooperation.
Bulgaria is becoming a production hub for key components for automobiles and energy storage systems. In 2022, Bulgaria ranked second in Europe in terms of industrial production growth, with foreign direct investment increasing by more than 70%. "Bulgarian Minister of Economy and Industry Bogdan Bogdanov once proudly stated that "in the entire European Union, the operating costs of enterprises in our country are the lowest".
Bogdanov believes that for Chinese investors, Bulgaria has obvious advantages as an investment destination, including the generally high quality of workers, a stable political, economic and financial environment, etc., and its strategic location at the junction of the Eurasian and African continents also provides convenience for enterprises to enter the markets of neighboring countries. Not only that, but the Bulgarian tax system is relatively investor-friendly, with only 10% corporate tax, 10% personal income tax, and only 5% dividend tax. In addition, companies that invest in cities with high unemployment rates can enjoy tax exemption if the profits from the project are reinvested.
Bogdanov welcomed the interest of some Chinese companies to enter the EU market by establishing production bases and R&D centers in Bulgaria. He believes that Chinese companies interested in the EU and surrounding markets can transport goods through Bulgaria's Black Sea and Danube ports, as well as build related logistics centers and infrastructure.
Bulgaria attaches great importance to cooperation with China, and the two sides have maintained friendly relations for many years. With the advancement of the "Belt and Road" initiative, there is great potential for cooperation between China and Bulgaria in the fields of automobile manufacturing, energy, information and communication technology, high-end manufacturing, agriculture and tourism.