Bulgarian businessman Georgi Gergov has become a co-owner of International Fair Plovdiv after the governmentThursday approved a strategy for the development of the state-owned fair operator.

The government will retain a 51% stake in the fair while the remainder will be acquired by Paldin Tour Invest, a joint venture between the city of Plovdiv (75%) and Gergov (25%). The involvement of the municipality in the operation of the fair will make possible a number of infrastructure projects concerning transportation, accommodation and services, the government said in a press release. The plans for the development of the fair include the construction of a 100-car 7-floor parking lot, a 200-room hotel and a business center with 400-500 offices. International Fair Plovdiv organises some 49 events annually with 7,900 entrants from 63 countries.