Tech investor says China, Europe can create shared vision

An Industrial park tales shape in Minsk, Belarus. It is the largest economic cooperation project involving China in the country. (Photo: Chen Junfeng/Xinhua)

Europe should build business bridges with China, especially in the high-tech sector, to benefit from the Belt and Road Initiative, a Bulgarian entrepreneur says.

Plamen Russev, an investor in tech companies, said in a recent interview that Europe needed to build a very strong and clear relationship with China.

Europe perceives China as a strategic partner and they need to build better relations, work more on the Belt and Road Initiative, and create value for both sides, says Russev, founder and executive chairman of Global Webit Series.

"Seven years ago, Europe produced 32 percent of the global GDP. Currently, Europe produces 23 percent of global GDP," Russev says. "We are talking about an over 30 percent decrease in the role of Europe in the world."

According to Russev, the Belt and Road Initiative is an opportunity, both for China and for Central-Eastern Europe and particularly Bulgaria, to build a better understanding for each other, and develop a clear vision of how both sides can benefit.

Proposed by China in 2013, the Belt and Road Initiative aims to become a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road trade routes.

So far, more than 100 economies and international organizations have joined the initiative and over 40 of them have cooperation agreements with China.

Speaking particularly about the potential for business between Bulgaria and China, Russev says his country is famous for its achievements in mathematics and informatics. Meanwhile, it is strategically located, friendly toward China and has full access to EU markets, he says.

"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," Russev says.

As a digital economy, China is doing an amazing job, and it would be more than happy to start building bridges, working on common projects together, and making common products together, Russev says.

"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 says.