Chinese Orient International considers investing in the textile industry of Bulgaria. Desislava Doncheva, the chairman of the Bulgarian-Chinese Chamber of Industrial Development, confirmed that the interest of the company in investing in the country is shown by the organization of the Bulgarian-Chinese Forum "Innovations in the Textile Industry" in Bulgaria.
The company does import and export, and logistics
Ms. Doncheva said in an interview with Bloomberg TV Bulgaria that the textile giant has a total of 100 plants in which 50 are in China and the remaining is outside of Asia. She added that the company has no investment in Europe.
The chairman added that the three-day stay of Chinese Orient International's representatives in Bulgaria was aimed to be acquainted with the textile industry and the opportunities of the Bulgarian Market. She also said that the company owns a variety of fashion brands, it employs about 77,000 employees, and it is a leader in the textile industry for the automotive industry.
The company started its operation in 1994 in Shanghai. Doncheva said that the Chinese company has impressed with the quality of the final product and the working environment in Bulgaria. It is also impressed with the country's working conditions and the attitude of employers towards their workers.
Investments in Bulgaria pour in as its economy increases. Reports showed that Bulgaria's economy increased at around 0.8 percent in the second quarter of 2018 based on the data presented by its National Statistical Institute (NSI) on September 7. It is in-line with the NSI's estimate last month.
It was reported that when compared to Bulgaria's economy in 2017, the economic growth of the country in the second quarter was 3.4 percent. The country's gross domestic product (GDP) in Bulgaria in April-June was 25.91 billion leva or 13.25 billion euro.
The institute's preliminary data presented the country's domestic consumption growth of about two percent when compared to January -March. The country's Gross fixed capital formation also increased by 0.3 percent in the second quarter when compared to the 4.6 percent growth registered in the first quarter. However, the company's export was reported to decrease by 1.3 percent while its import industry flourished to an increase of about 0.9 percent resulting in a trade deficit of 422 million leva.
Bulgaria plans to reach a 3.9 percent economic growth target in 2018 as enclosed in its Budget Act macroeconomic framework in the aim of surpassing the 3.6 percent growth in 2016. New investments in the country are expected to affect its economic growth by the end of the year.
