Bulgarian Govt Proposes to Ban Sale of Two Key Arms Firms

Business » INDUSTRY | May 4, 2016, Wednesday // 19:29| Views: | Comments: 1
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Bulgaria: Bulgarian Govt Proposes to Ban Sale of Two Key Arms Firms Photo credit: vmz.bg

The Bulgarian government has proposed to ban the sale of arms manufacturer VMZ-Sopot and arms trader Kintex on account of their major importance for national security.

Draft legislation to put the two wholly-state owned companies on the list of enterprises banned for privatisation would be submitted to parliament for approval, the cabinet decided at a weekly meeting on Wednesday.

VMZ-Sopot and Kintex are major elements of Bulgaria’s military-industrial complex and an important element of the country’s economy, national security, and presence in strategic markets, the government said in a statement.

Keeping Kintex and VMZ-Sopot in state ownership would contribute to the process of stabilisation and expansion of both companies and the military-industrial complex, the government added.

The possibility of offering the two companies for sale emerged last month when the Finance Ministry unveiled its  medium-term budget forecast. According to the forecast, privatisation procedures for VMZ and Kintex could be launched in 2018 and 2019, respectively.

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Tags:   Bulgaria, arms, VMZ-Sopot, Kintex, sale, privatization
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» To the forumComments (1)
#1
Fr Jack Hackett - 3 Jun 2016 // 10:13:06

No company which deals in security issues for this country should be sold to foreign investors. The energy supplies need to be returned to Bulgarian control as does our food production. It is evident that the EU is almost at breaking point and any country which can remain self sufficient will be is a stronger position than those which have given up independence in food, energy, transport, self defence etc

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