The economic relations between China and Bulgaria are traditionally good, and recent years have witnessed a substantial growth of two-way trade, which exceeded US$1.3 million in 2010.
The excellent treaty framework between the two countries, including agreements on investment protection and the avoidance of double taxation, undoubtedly contributes to this relationship. The bilateral Agreement on Economic Cooperation is particularly important in this respect, as it identifies the priorities for cooperation. These include industry and mining, science and technology, transport, energy and telecommunications.
Other vital areas in which cooperation is pursued are legal, banking, technical and consultancy services, as well as the promotion of small and medium-sized enterprises. Six agreements totalling US$850 million were signed at the end of 2009; among these a contract for the purchase of electrolytic copper amounting to US$800 million and an agreement between Litex Motors and Great Wall Motor Company to establish vehicle manufacturing are particularly impressive.
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Vladimir Penkov is the managing partner of Penkov Markov & Partners in Sofia. He may be contacted at +359 29713935 or by email at vladimir.penkov@penkov-markov.eu
