Chinese Company to Built Car Factory Near Bulgaria's Lovech

by Sofia News Agency www.novinite.com

The Chinese company Great Wall presented their idea to build in partnership with Bulgaria a car factory near the city of Lovech. The project was announced during a meeting on Tuesday between the Bulgarian Prime Minister Sergey Stanishev and two of Great Wall's Vice Presents, the Cabinet's press center reported. The investment is estimated at EUR 89 M, while the new factory would open nearly 1,500 new job opportunities for the city's residents. The project is scheduled to start in the beginning of 2009 with the perspective of Lovech to become a major center for the entire line of Great wall automobiles. The Bulgarian PM declared support for the project and underlined that the Bulgarian Cabinet had future investments in the country's economy as a top priority. Stanishev stated that various car makers had expressed interest in manufacturing cars in Bulgaria despite the sector's worldwide difficulties due to the global financial crisis. Stanishev pointed out that Bulgaria had as major advantages the country's good business climate, tax legislation, qualified work force. The Great Wall representatives confirmed their firm intention to realize the project, adding that they were looking ahead in the future and did not plan to freeze their investments, despite the looming crisis. The Chinese investors spoke about their company as a socially responsible business with excellent work conditions, sound environmental policies and programs for employment of disadvantaged individuals. Great Wall Motor Company Limited is the first privately-owned auto company of China listed in the Hong Kong Stock Market. Its products cover Passenger Car, SUV, MPV and Pickup. Great Wall Company owns more than 20 subsidiaries with over 18,000 employees. At present, it has the production capability of 400,000 units of whole vehicles, and the independent matching ability of the core parts, such as engines, front and rear axles, and others. In April, 2006, Great Wall Motor was awarded "Export Recommended Brand" by Chinese Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME). Since 2004, Great Wall Motor has been listed among "the Top 10 Listed Privately-Owned Enterprises", "the Top 500 Chinese Enterprises", "the Top 500 Chinese Mechanical Firms", "the Top 500 Chinese Manufacturing Firms", "the Top 500 Chinese Industrial Enterprise", "the Top 30 Chinese Automotive Industry in Terms of Sales Turnover", and "the Champion of the Top 100 Privately-Owned Enterprises of Hebei Province".

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