“The Romanian economy depicted rapid and sustainable GDP growth between 2000 and 2008. However, the financial crisis of 2008 took its toll on the nation. However, with the austerity measures undertaken bearing fruits, the economy registered a growth rate of 0.3% in 2012 with estimates of GDP growth of 2.6% by 2014.
As Romania registers an economic revival we intend to further our relations with India”, said Ionut Mircea Viziru, Economic Counsellor, Embassy of Romania in New Delhi during a seminar on “Doing Business with Romania” organised by MVIRDC World Trade Centre Mumbai and the All India Association of Industries.
Calling upon Indian business participants to invest in Romania Mircea Viziru said that the economy exhibits ease of doing business with skilled workforce, rich natural resources, competitive tax policy, financial assistance and well developed industrial infrastructure. Also, Romania offers access to the large consumption markets of Central and Eastern Europe. The nation encourages foreign investment with full ownership rights, full repatriation of capital and profits, protection against expropriation and nationalization and national treatment for foreign investors. The potential sectors for investment include manufacturing, automotive components & parts, information technology & communications, energy, electric & electronics, wood processing, construction materials, textile industry, food processing and infrastructure, he said.
Present on the occasion was Prof. Ovidiu Nicolescu, President, National Council of Small and Medium Sized Private Enterprises in Romania. Noting prospects for mutually beneficial trade between India and Romania he said that the Indian economy is a huge economic power while being a part of the BRICS nations. As the world undergoes internationalisation Romania intends to augment relations with India by enhancing bilateral trade and cross border investment flows.
Agreeing on the need for enhancing Indo-Romanian relations Vijay Kalantri, Vice-Chairman, MVIRDC World Trade Centre Mumbai and President, All India Association of Industries said the bilateral trade between the economies stood at US$727.27 million during FY12 in favour of Romania.
The principal exports from India to Romania are electric machines, devices & equipment, common metals, chemical and allied industries products, plastic and rubber materials, textiles, food products, beverages and tobacco, vegetable products, paper and cardboard and its scrap, articles made of stone, cement, ceramics, glass and optical photographic, cinematographic, medical instruments and devices. The main items of import from Romania are common metals, sound and image displayers & recorders, chemical and connected industrial products, plastic, rubber materials, textiles, vegetable products, transport vehicles and mineral products. We intend to target bilateral trade worth US$ 1 billion in the years to come through exchange of delegations, business visits and meetings.
Further, All India Association of Industries & National Council of Small and Medium Sized Private Enterprises in Romania and MVIRDC World Trade Centre Mumbai & National Council of Small and Medium Sized Private Enterprises in Romania signed an MOU to strengthen economic and commercial links between Romania and India
Nearly 100 business-to-business meetings were held from the sectors of renewable energy, financial services, construction, advertising, information technology, organic agriculture, industrial machinery, oil and gas, etc.