Romania seeks investment from Indian SMEs
Romania seeks investment from Indian SMEsNew Delhi, Nov 20 (KNN) Romania, located at the intersection of Central and South-eastern Europe has good market potential for Indian SMEs to explore in sectors like textile, chemicals, information technology, and handicrafts, chief of National Council for SMEs in Romania said here today.
A trade delegation from National Council for SMEs of Romania- FISME’s counterpart in Romania was present in the national capital for a B2B meeting with the Indian SMEs to improve bilateral trade.
President of National Council for SMEs in Romania, Ovidiu Nicolescu who headed the delegation told KNN, “India has a very good chance to explore the sectors like textile, IT, chemical, medicines, and handicraft in Romania.
“But of course, it is necessary to work hard because there are cultural differences between the two countries, differences in the legislations, institutional framework etc. The federations from both sides can help in building trade relations,” Nicolescue added.
The Romanian industry is currently exploring opportunities outside the European market, which is going through slowdown.
“We made 10-15 business meetings abroad since our organization’s orientation after the crisis is to move our interest from EU, where we have more than 70 per cent of our trade. We want to diversify to other countries to help our SMEs penetrate to international markets…Not only to diversify their products and services but also their markets,” said the Romanian delegation head.
In December 2013, Romania and India will mark 65 years of diplomatic relations. In the Indian oil and gas sector, Romania has played a very important role. Further, a Trade India Centre has been set up in Bucharest, which contributes to the promotion of trade between the two countries.
During 2011, bilateral trade reached USD 618.85 million (India’s exports were USD 433.08 mn and imports were USD 185.77 mn. During 2011-12(Apr-June) bilateral trade was measured at USD 189.17 mn (Exports USD 66.47 mn, Imports USD 122.70 mn).
The principal export items to Romania included electric machines, devices and equipment, common metals, chemical and allied industries products, plastic and rubber materials, textiles, food products, beverages and tobacco, vegetal products, wood paste, 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 and recorders, chemical and connected industrial products, plastic, rubber materials, textiles, vegetal products, transport vehicles and mineral products. (KNN/SD)