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25 JULY 2016 AL CIRCLE

Chinese CITIC Group to build aluminium car wheel manufacturing plant in Bulgaria

EDITED BY : DIPANWITA GUPTA 2MINS READ

China's state-owned company CITIC Group is planning to start producing aluminium car wheels in Bulgaria, the Bulgarian government said in a release on Friday.

A plan was presented to this effect by CITIC in the Danube town of Ruse last week. The conglomerate detailed its plan to construct an aluminium car wheel manufacturing plant in the region, which would create around 300 new jobs.

News

Bulgaria being European Union's poorest country badly needs significant boost in foreign direct investment, because only that can generate sufficient employment opportunities in the country. Inflow of FDI in the country faced a significant setback a year after the global financial crisis in 2008-09 put an end to a construction and real estate boom. It declined to about 1 billion euros-1.6 billion euros ($1.1 bln-$1.8 bln) during that period. Projects such as CITIC Group's aluminium car wheel manufacturing unit can help revive the scenario.

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

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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