Trade & investment with Romania on the rise says Kamal Nath

25 Oct '05

2 min read

Shri Kamal Nath, Union Minister of Commerce and Industry, indicated that there had been a huge increase of nearly 355 percent in India's trade with Romania in the last three years and with Romania likely to become the member of the European Union (EU) by the year 2007, the country now offers even more attractive trade and investment opportunities for Indian business.

The Minister said this when the Romanian Minister of Economy & Commerce, Mr Ioan Coudrut Seres, called on him here this evening. Both the Ministers underlined that the emergence and deepening of democracy in Romania had brought the two countries closer in basic values and aspirations and this was throwing up significant new opportunities for mutually beneficial cooperation.

Bilateral trade has grown from US $ 59.80 million in 2001-02 to US $ 272.56 million in 2004-05. India's Imports from Romania were valued at US $ 166.55 million and India's exports to Romania were at US $ 106.01 million.

Both the Ministers noted with satisfaction that India and Romania had identified information technology, pharmaceuticals, energy, metallurgy and heavy industries, as sectors for special focus as in these fields the two countries could share their expertise with each other.

Shri Kamal Nath noted that several Indian and Indian origin investments had recently come to Romania in such diverse sectors like steel, textiles, packaging, property development and tourism and recalled that at his meeting with Prime Minister Dr Manmohan Singh in Moscow on 9th May, 2005, the President Basescue had encouraged Indian investment to come to Romania.

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