Agromash

a joint Bulgarian-Hungarian association for collaboration in technological and economic development, machine building, and machine marketing; it was created in December 1964. The association coordinates the technological development and output of machinery and units for mechanization of vegetable, fruit, and grape growing, on the basis of agricultural research being conducted in Bulgaria and Hungary. It promotes specialization and collaboration between the corresponding enterprises and research and planning-design institutions of the two countries. It assists in the conclusion of agreements for reciprocal deliveries of the products referred to and for deliveries to other countries. The activity of Agromash is based on cost-accounting principles. Its statutory capital is derived from payments by the two countries on an equal basis. Income received, after deduction of fixed amounts for Agromash funds, is distributed equally between the participating parties. The Agromash board is formed of representatives from both sides, on a parity basis. Board resolutions are considered adopted upon joint agreement of the two parties. The executive organ of Agromash is the bureau, consisting of the director, deputy directors, and various specialists and technical personnel. All expenditures are supported equally by the two parties. Agromash maintains headquarters in Budapest, Hungary, with representatives in Sofia, Bulgaria. It enjoys juridical rights and operates accordingly under the laws of those countries in which it is active.

Agromash represents a new form of economic collaboration between two socialist countries; it is an example of the continued improvement in the international socialist division of labor.