SOFIA -- The Bulgarian government on Wednesday approved a draft memorandum of understanding on economic cooperation with China's southern Guangdong province.

The purpose of this document is to strengthen the economic cooperation and increase bilateral investment and trade, Bulgarian Government Information Service said in a statement.

The Bulgarian Ministry of Economy, Energy and Tourism and the Department of Foreign Trade and Economic Cooperation of Guangdong province would cooperate in organizing promotional activities such as seminars, forums, missions, to encourage investment, investment fairs and exhibitions, the statement said.

The parties would also exchange information on investment policies and regulations, create opportunities for joint industrial projects and establishment of joint ventures, open offices and branches of companies from Bulgaria and Guangdong province, establish new contacts and expand existing ties between businesses in Bulgaria and Guangdong.

In addition, the Bulgarian Ministry of Economy, Energy and Tourism would help companies from Guangdong to invest in Bulgarian industrial zones, the statement said.