Bulgarian-Saudi joint venture to be registered

Bulgaria and Saudi Arabia are about to finalize the registration in Sofia of a joint venture for development and investment, whose incorporation meeting is forthcoming. This emerged from a meeting in Riyadh between Bulgarian Deputy Agriculture, Forestry and Food Minister Yanko Ivanov and Saudi Vice Minister of Environment, Water and Agriculture Mansour bin Hilal Al Mushaiti, the Agriculture Ministry said.

Bulgaria's Agriculture Ministry and the Saudi Agricultural and Livestock Investment Company (SALIC) signed a memorandum of understanding on October 7, 2018, on the setting up of a company in Bulgaria which will contribute to Saudi Arabia's food security. The document was prepared in support of a stated intent for future cooperation through a company processing wheat, oil crops, animal-feed crops and proteins.
Discussing cooperation with Al Mushaiti, Ivanov said his Ministry was doing its best to promote Bulgarian agricultural exports to Saudi Arabia. He noted that Bulgarian producers have been showing a stronger interest in the Saudi Agrofood trade fair and this year the number of Bulgarian participants has doubled to 15.
Preliminary data for the first half of 2019 show that Bulgaria's agricultural exports to Saudi Arabia increased by 7 per cent on year, mostly due to exports of chocolate and sunflower seed.
While in Riyadh, Ivanov and Environment, Water and Agriculture Minister Abdulrahman Abdulmohsen A. AlFadley opened the Bulgarian booth at Saudi Agrofood 2019 trade fair, which showcases cutting-edge products, equipment and technology in agriculture.
The 38th edition of the trade fair has attracted more than 380 exhibitors from 34 countries. This is the second time Bulgaria has participated with its national booth. This year producers are exhibiting milk and meat products, rice, honey, frozen fruits and healthy bars.

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