Article published on: 2008-02-07

 Bulgaria's Cabinet decided on Thursday to set up a state-owned company to develop and operate golf courses in the country.

The aim of Golf Development Ltd. will be also to popularize the sport and turn Bulgaria into a golf destination preferred by foreign tourists, officials announced and added that golf tourism offers some of the highest profit rates in the world.

The company's capital will be BGN 9,183,000 and it will be endowed with 12 plots of state-owned land near Balchik on the Black Sea coast, valued at BGN 9,1 M.

Golf Development will be managed by a board of three members, appointed for a three-year term.

Experts point out that Bulgaria is set to prosper from golf tourism, given the success of Spanish and Portuguese golf developments.

Source: www.novinite.com and www.sofianewsagency.com