CITIC Group considers starting a Bulgarian car wheels production

The Bulgarian government revealed that Chinese state-owned conglomerate CITIC Group is interested in producing aluminium car wheels in Bulgaria. This became clear during a meeting between Bulgarian Prime Minister Boiko Borisov and a Chinese delegation, led by CITIC Group President Wang Jiong, where CITIC presented construction plans for a factory in the Danube town of Ruse. If realized, the initiative would create 300 new jobs, said Bulgarian government representatives following the meeting.

The Chinese company is planning to invest around USD 100 million in the construction of the plant, and promises that once operational, its production will be compliant with all European Union environmental standards.

Several other Chinese companies are also considering investing in Bulgaria. The top areas of interest are luxury property developments, an airport and a metals mine in Bulgaria, all of which could amount to more than EUR 2 billion in total.