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Texas Investments to Firm Bulgaria's Wines Foothold in US
Business | March 5, 2003, Wednesday // 00:00
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A Texas investment fund is mulling investments in Bulgaria's wine industry, Nikola Nikolov, MP of right-wing opposition United Democratic Forces and chair of the National Vine and Wine Chamber, announced March 5 after a meeting with the fund's management.
The fund plans investments of over USD 10 M by acquiring a majority stake in Bulgaria's wineries, boosting in this way vine-growing development in the whole region.
US Commerce Secretary Don Evans, who visited Bulgaria last week, is on the Board of Directors of the Fund.
In Sofia Commerce Secretary Don Evans said the United States now acknowledges Bulgaria as a market-based economy and will send a business development mission to that country later this year to further expand economic relations. He singled out the energy, high tech and pharmaceutical industry as sectors of interest for the US business.
Nikolov projected that the fund will attract other US investment funds and help Bulgaria in gaining a firm foothold on the American market.
Currently Bulgarian wines on the American market are rivaling the wines of California, Chile, South Africa and Australia, represented mainly by the produce of major wine producer Domain Boyar.
The fund plans investments of over USD 10 M by acquiring a majority stake in Bulgaria's wineries, boosting in this way vine-growing development in the whole region.
US Commerce Secretary Don Evans, who visited Bulgaria last week, is on the Board of Directors of the Fund.
In Sofia Commerce Secretary Don Evans said the United States now acknowledges Bulgaria as a market-based economy and will send a business development mission to that country later this year to further expand economic relations. He singled out the energy, high tech and pharmaceutical industry as sectors of interest for the US business.
Nikolov projected that the fund will attract other US investment funds and help Bulgaria in gaining a firm foothold on the American market.
Currently Bulgarian wines on the American market are rivaling the wines of California, Chile, South Africa and Australia, represented mainly by the produce of major wine producer Domain Boyar.
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