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Thursday, September 23, 2004

Indo-Romanian Trade To Touch $1 Bln-mark By March 2007

NEW DELHI, SEPT 22: Coinciding with Romania’s entry into the European Union (EU), its trade with India will be touching the $1 billion mark by the end of March 2007. This comes as good news especially for India since it has been trying to improve ties with countries which are becoming part of the expanded EU.

Indo-Romanian business trade rose 200% during the first seven months of the current calendar year. It was around $30.85 million last year and currently till July, the export figures indicate that it has touched almost $92.36 million. The imports from India rose from $44.33 million in the first seven months to $72.28 million.

“Romania is an attractive destination for Indian investments due to its sizable market (the second largest in central and eastern Europe). The Indian business community should make full use of the country as a bridgehead to central European countries, particularly in view of Bucharest joining the European Union in 2007,” Vasile Sofineti, Romanian ambassador to India told FE.

The most colourful aspect of this bilateral relation is that Hollywood production houses are choosing Romania for shooting films.

Romania represents an attractive destination for Indian film industry, ready to shoot in incredibly beautiful places that the country can offer. It is also an attractive destination for Indian businessmen starting with textiles going through pharmaceuticals, up to IT products, the Romanian ambassador said.

Adding that “with the new government in place now and the EU membership in 2007, the time is ripe to strengthen the Indo-Romanian trade relations.

India is passing through a defining moment. Romania business is enhancing its international status by concrete steps towards its integration with EU, and India being unmistakably perceived as a global emerging power. It opens new avenues for strengthening and deepening their bilateral trade and economic relations.”

The potential for India - Romania business trade and co-operation is far more than it was proved until now, especially in the fields of oil and gas, IT, power, engineering, pharmaceuticals and textiles, according to Marian Postelnicu, economic counsellor.

Currently there are about 180 companies in Romania business landscape which have Indian participation, Mr Postelnicu said, adding that there was enough scope for entrepreneurs from India to invest in the country, clocking 5% annual growth rate — higher than any other nation in the region.

Companies like Mahindra and Mahindra recently led a high-level delegation to explore investment sectors there, followed by a delegation of 22 textile companies.

“Today the Indian textile, gems, jewellery, music are all over Romania and big companies like Birla, Tata, Reliance have all been visiting to look for investment opportunities. Several Indian banks are planning to set up branches there ,” the ambassador noted.

He said Indian Pharma companies are also looking for JVs and so is ONGC talks with local companies there. Romanian is planning to have more trade fairs and exhibitions to promote its business here as well as exchange delegations to help understand each country better.

Posted by Mihai : 9/23/2004 11:14:00 am