Chinese investment fund interested in the development of energy projects in our country

The Bulgarian Chamber of Commerce and Industry held a meeting with Chen Fei, CEO of SINO-CEEF Capital, an Investment Fund established by the Industrial and Commercial Bank of China (ICBC), China Life Insurance Company, Fosun Group Private Company and Royal Eagle Group from Singapore. Mr. Kong Lingyu, Commercial Counselor at the Chinese Embassy in Sofia, and Xin Linlin, Attaché at the Chinese Embassy in Sofia, participated in the meeting.

The BCCI President Tsvetan Simeonov and the guests discussed the opportunities for investment in the energy sector, focusing on renewable sources /wind and solar energy/.

The Investment Fund is targeted at the region of Central and Eastern Europe. It was established in 2016 and since then, it has been participating in different stages of the development of energy projects. Currently, it is supporting 12 active projects.

Tsvetan Simeonov presented the economic environment in this country and highlighted the active development of the renewable energy sector.

Chen Fei emphasised that the Fund has an interest in making investments in Bulgaria – since this country exports electricity, it has potential to renovate energy sites and turn them into sustainable and green ones; besides, R&D centres are about to be built in the energy sector, etc.

Representatives of the Fund took part in the Green Transition Forum, which was held in Sofia and was dedicated to the prospects for the Central and Eastern European countries of reducing carbon emissions and building a green economy. With the assistance of BCCI, meetings were held and contacts were established between SINO-CEEF Capital and Bulgarian companies and consultants in the field of energy.

Mr Simeonov and the Commercial Adviser at the Chinese Embassy discussed the issue of the subsidies for importing battery electric vehicles (BEVs) from China to the EU. Mr Simeonov clarified that the governments and businesses from the EU Member States are expected to share their opinions on the topic. "We don't need any trade war," Simeonov emphasised and noted that the international trade rules, imposed by the World Trade Organisation (WTO), have to be observed, the rules for identifying the origin of goods have to be followed and the disloyal trade practices have to be minimised. In addition, he noted that flexibility is also necessary with regard to the new technologies and products and along with their introduction, the necessary infrastructure for maintenance, supply and operation has to be ensured, too.