Bulgaria's agriculture ministry will set up a 50/50 joint venture with Saudi Agricultural and Livestock Investment Company (SALIC) which will support the competitiveness of the Bulgarian agricultural sector, the government said on Wednesday. The joint venture will support Bulgarian companies by providing them with access to renowned international organisations, which could help them with drafting a business plan and carrying out the necessary research, the government said following its weekly meeting. The company will also provide for increased business contacts and negotiations between companies from the two countries, which in turn is expected to attract investments to the agricultural sector. As a result, Bulgaria will benefit from an increased export potential, while Saudi Arabia will further strengthen the security of its food supply, the Bulgarian government noted. The joint venture will be based in Bulgaria and will have a registered capital of 784,000 levs.