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Sarkaritel.com News and Features
India-Romania targeting
trade at US $1 billion
New Delhi, December 06, 2006
India and Romania have set a target of $1 billion in
bilateral in the next two years, said Ambassador, Embassy of
Romania (New Delhi), Mr. Vasile Sofineti at a meeting with the
Economic delegation from Romania organized by the
Confederation of Indian Industry (CII) here on Tuesday. Trade
has witnessed a quantum growth to around US $450 million in
2005, an increase of 69 percent over the previous year.
This should become possible by collaborating with
incredible India, Mr. Sofineti added. “For me CII refers to
Confederation of incredible Indians.”
Chairman and Managing Director, Inapex Ltd, Mr. V K Mathur
said India- Romania trade, which stagnated during 1999- 2001,
is again on the upswing. In 2004, trade between the two
countries grew by an impressive 103 percent as compared to
2003. Some of the items with good potential are drugs and
pharmaceuticals, iron ore, machinery and instruments, iron and
steel and inorganic chemicals. “We have the capabilities and
capacities to diversify our trade basket to include
non-traditional niche products.”
Many Indian companies such as Ranbaxy, Viraj Group, Ashmita
Constructions have set up businesses in Romania, he said.
“Till now, about 20 Indian companies have registered in
Romania.”
Mr. Mathur said there is no dearth of new avenues in which
Romanian businesses can cooperate with their Indian
counterparts for trade and investment in India. New areas
where both the countries can work together for mutual benefit
include new frontiers such as information technology,
entertainment, biotechnology and bioinformatics.
There are new opportunities for investment in India in
sectors as diverse as tourism and infrastructure,
petrochemicals and aviation, mining and oil exploration, he
said. The special economic zones recently set up in several
Indian states provide internationally competitive business
environment. “The Romanian industry can seriously consider the
opportunities to invest in these zones and benefit from the
preferential policies of the Indian government.”
Counselor Asia Division, Ministry of Economy and Commerce,
Romania, Mr. Dorin Refca said India is considered among the
top four strategic partners in Asia. The relationship between
the two countries has been further strengthened with the
recent visit of Traian Basescu, President of Romania in
October this year.
“Quite a lot of events are lined up next year in order to
enhance trade between the two countries,” Mr. Dorin said.
Vice President, UGIR 1903, Mrs. Elena Laslu said that the
organization looks forward to make an agreement with CII. “We
have many associations for industrial sectors in Romania to
help our Indian counterparts.”
The meeting was followed by business to business meetings
between the 16 member Romanian business delegation and members
of the Indian industry.
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