Bulgaria, Saudi Arabia to set up JV in support of Bulgarian agriculture

The joint venture will support Bulgarian companies by providing them with access to renowned international organisations, which could help them with drafting a business plan and carrying out the necessary research, the government said following its weekly meeting.

The company will also provide for increased business contacts and negotiations between companies from the two countries, which in turn is expected to attract investments to the agricultural sector.

As a result, Bulgaria will benefit from an increased export potential, while Saudi Arabia will further strengthen the security of its food supply, the Bulgarian government noted.

The joint venture will be based in Bulgaria and will have a registered capital of 784,000 levs ($454,000/401,000 euro).

SALIC is a joint stock company owned by Saudi Arabia's Public Investment Fund. The Public Investment Fund is a sovereign wealth fund carrying out investments on behalf of Saudi Arabia's government.

(1 euro = 1.95583 levs)