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Exploit potential of Romanian market – Shri Kaml Nath
05
Mar '08
Shri Kamal Nath, Union Minister of Commerce and Industry, has called for increasing the bilateral trade between India and Romania, considering the untapped opportunities for exploiting the potential for growth.

This he said during the bilateral meeting with Mr. Varujan Vosganian, Minister of Economy and Finance, Government of Romania. He further explained that Indo-Romanian trade which stagnated over the last decade is now on the upswing.

Bilateral trade has grown from US $ 68 million in 2000 to US $ 430 million during 2006-07, and added that India has a vibrant SME sector and engagement by SMEs on both sides would strengthen the foundations of the trade relationship.

The bilateral meeting was attended by Shri Ajay Shankar, Secretary, Department of Industrial Policy & Promotion; Shri G.K. Pillai, Commerce Secretary; Shri R.S. Gujral, Director General of Foreign Trade; senior officials from the Ministries of External Affairs, Petroleum & Natural Gas and Chemicals & Fertilisers and representatives from the industry organisations and apex chambers.

During the meeting, Shri Kamal Nath stated that the Indian economy is one of the fastest growing economies in the world and it is also the fourth largest in terms of purchasing power parity. Both sides noted about the B-2-B engagement would take the bilateral trade relationship to higher levels.

On FDI front, the Minister underlined that FDI policies have been further liberalised and many new sectors have been opened to FDI recently and on automatic route upto 100% in most sectors.

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