In a strategic move bolstering European defense, Bulgaria has teamed up with defense giant Rheinmetall to open a €1 billion factory producing gunpowder and artillery shells. The deal, finalized in Sofia, underscores the region’s heightened focus on military strength following geopolitical tensions, such as Russia’s incursion into Ukraine.
This collaborative venture marks an essential stride for Bulgaria, with Rheinmetall claiming a 51% stake while Bulgaria’s VMZ holds the remaining 49%. Prime Minister Rosen Zhelyazkov highlighted the partnership’s potential to revolutionize Bulgaria’s defense sector.
The newly planned facility, scheduled for completion in just over a year, will address Europe’s ammunition needs, signaling Bulgaria’s accelerated contribution to NATO. The project promises to create 1,000 jobs and strengthen Bulgaria’s defense capacity, adding significant value to its economy.
(With inputs from agencies.)