site.bta Rheinmetall to Provide Intellectual Property, Invest in Capital of Joint Venture with VMZ Sopot, Economy Minister Says
German defence contractor Rheinmetall will not only provide intellectual property but will also invest in the capital of the joint venture with VMZ Sopot, Economy and Industry Minister Peter Dilov said Wednesday to members of the parliamentary Economic Policy and Innovation Committee, in response to a question from the Continue the Change - Democratic Bulgaria parliamentary group about the structure of the announced deal with the German company. The German side will control 51% of the joint venture's capital, while the Bulgarian side will control 49%.
Negotiations on the establishment of the joint venture, which will enable the Bulgarian defence industry to manufacture new products for the sector, are at an advanced stage, he said.
According to data provided by Dilov, around 70,000 people are employed in the country's military defence industry, with 5,000 of them working at the VMZ ordnance plant in Sopot. In the last year alone, the number of the plant's employees has grown by 350 people.
The Minister assured MPs that the Ministry of Economy and Industry has the ambitious goal of not only preserving current jobs, but also increasing them.
/NZ/
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