India, Romania target $1 bn bilateral trade by ‘08
Inapex Ltd chairman and managing director VK Mathur said that India- Romania trade, which stagnated during 1999- 2001, is again on the upswing.
By TNN |
NEW DELHI: India and Romania have set a target of $1 billion in bilateral trade in the next two years. This was stated by Vasile Sofineti, the Romanian Ambassador to India, on Tuesday.
Speaking at a Confederation of Indian Industry-organised meeting with the Romanian economic delegation, Mr Sofineti said that the target could be reached through increased collaboration between the two countries. Indo-Romania bilateral trade grew to $450 million in 2005, an increase of 69% over the previous year.
Inapex Ltd chairman and managing director VK Mathur said that 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%, as compared to 2003.
He pointed out that the two countries can collaborate in the areas of 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," Mr Mathur 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," he added.
India is among the top four strategic partners in Asia for Romania, said Dorin Refca, Counselor Asia Division, Ministry of Economy and Commerce, Romania. 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.
About 20 Indian companies including Ranbaxy, Viraj Group and Ashmita Constructions have already set up businesses in Romania.
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