site.btaBulgarian, Indonesian Companies Sign Memorandum for Trade and Investment Cooperation

Bulgarian food processing company Bella Bulgaria and the Indonesian company PT Garuda Mitra Utama (GMU) signed a memorandum on trade and investment cooperation during the Indonesian-European Business Forum, which was held under the patronage of the Indonesian, the Bulgarian company said here on Tuesday.

Official guests at the ceremony were Indonesian Ambassador to Bulgaria Ivan Bogananta, Bulgarian Ambassador to Indonesia Petar Andonov, and Secretary General for International Economic Affairs in the Greek Foreign Ministry Maira Myrogianni, the press release said.

The Bulgarian-Indonesian investment is worth a total of USD 72 million. A total of USD 34 million is planned for the development of the supply of raw materials over a period of four years and USD 38 million for the establishment of a joint venture for meat processing in Indonesia.

Bella Bulgaria owns the only factory in Europe for the production of the Indonesian delicacy "rendang padang" (slow-cooked beef with a mixture of herbs and spices according to an authentic recipe from the western part of Sumatra). The company is a strategic partner of the Indonesian Embassy in Bulgaria under the Indonesia: Spice Up the World programme.

Andonov described Bella Bulgaria as an excellent example of the high competitiveness of the Bulgarian meat industry on a global scale.

"Bella has food production and distribution bases in Bulgaria, Greece, Romania and Hungary. By developing the Randang Padang factory in Plovdiv, we have gained knowledge and experience that we want to implement on a much larger scale in Indonesia. Analyses of the markets and the taste preferences of consumers in the southern hemisphere have shown potential for business growth in the meat processing sector in Indonesia and niches for new players in the markets," commented the Chief Operating Officer of the Bulgarian company Dimitar Mitev on the deal.

The Jakarta Economic Forum brought together 300 business leaders in Europe and Indonesia.