• Plamen Russev

Plamen Russev (Photo : Getty Images)

Plamen Russev, a Bulgarian entrepreneur, said that Europe should create business in China, particularly in the high technology sector, and make the most out of the One Belt, One Road (OBOR) Initiative. Europe sees China as a strategic partner and must build a stronger relationship with the country.

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Russev is the founder and executive chairman of Global Webit Series.

Europe must also take advantage of the OBOR Initiative and make it more profitable for both parties, he says in a recent interview with Xinhua news agency.

"Seven years ago, Europe produced 32 percent of the global GDP. Currently, Europe produces 23 percent of the global GDP," Russev said.

"We are talking about an over 30 percent decrease in the role of Europe in the world," he added.

The OBOR Initiative is a great opportunity for both China and for Central-Eastern Europe, particularly Bulgaria, to build stronger ties, according to Russev.

The OBOR Initiative was proposed by China in 2013. Its goal is to become a trade and infrastructure network which will link Asia with Europe and Africa along ancient trade routes.

As of today, more than 100 countries and international organizations have enlisted in the initiative, 40 of which have cooperation agreements with China.

According to Russev, Bulgaria was renowned for its attainments in the fields of mathematics and informatics.

The potential for China-Bulgaria trade is advantageous for both countries. Bulgaria’s strategic location and full access to European Union markets can be beneficial to China.

"And we are not using this in the best way. Together with China, we might start benefiting both for Bulgaria and for China in a much better way," said Russev.

He said that the Chinese economy is doing a great job and that Bulgaria would be more than willing to build ties with China. He sees the two countries working on common projects and creating common products together.

"We just need to use this time and to build up. Europe is ready. And Bulgaria could be a great ambassador and a great stop along the way," he added.

The benefit of utilizing the OBOR Initiative can encourage Europe to build business in China.