July 22, 2016 / 5:12 PM / 4 years ago

China's CITIC Group eyes car wheels production in Bulgaria-government

SOFIA, July 22 (Reuters) - Chinese state-owned conglomerate CITIC Group is looking at producing aluminium car wheels in Bulgaria, the Bulgarian government said on Friday.

CITIC presented a plan for the construction of a plant in the Danube town of Ruse, creating 300 new jobs, the government said in a statement following a meeting between a Chinese delegation, led by CITIC Group President Wang Jiong, and Bulgarian Prime Minister Boiko Borisov.

The company assured the government that production at the $100-million plant would comply with all European Union environmental standards.

Chinese companies are considering investments in luxury property developments, an airport and a metals mine in Bulgaria that could amount to more than 2 billion euros ($2.2 billion) in total.

Bulgaria is the EU’s poorest country and badly needs to boost foreign direct investment, which dropped significantly to about 1 billion euros-1.6 billion euros ($1.1 bln-$1.8 bln) a year after the global financial crisis in 2008-09 put an end to a construction and real estate boom. ($1 = 0.9076 euros) (Reporting by Angel Krasimirov; editing by Adrian Croft)

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