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January 17, 2022

Ionut Costea: Romanian companies are increasingly interested by African markets, and we support their initiatives

Romanian companies are displaying of late an obvious and increasing interest for returning on African markets, and EximBank – through its specific instruments – will provide complete support with this regard, Ionut Costea, President of EximBank said during an event dedicated to the Africa Day, hosted by the Ministry of Foreign Affairs.”The African economy is undergoing thorough changes and the interest displayed by more and more Romanian companies towards this area is fully justified. Romania’s economic relations with African states have been very well developed in the past, and Romanian experts contributed to important industrial projects developed in Africa:  civil construction sites, mining and oil exploitations, agriculture, transportation infrastructure etc. Even though, after 1990, the economic and commercial cooperation with African countries experienced a significant decline, we are witnessing now a revival of trade relations. We wish that the products provided, and the actions promoted by EximBank contribute to the development of a sustainable partnership between Romanian and African companies,” the EximBank official stated.According to Ionut Costea, even though Romania’s foreign trade mostly depends on the euro zone, which accounts for almost 70 pc of exports, trade exchanges with African countries registered in 2011 figures that exceeded EUR 1.6 bln, of which EUR 1.3 bln represented by Romanian exports, accounting for a 30 pc increase against the previous year. “Even if the data reported for the first quarter show a steady growing trend for this year too, I consider that the volume of commercial exchanges with African countries is still much under its true potential. Given the present situation of the world economy and the new European context which Romania belongs to, we intend to use this potential toward our mutual benefits by reviving and developing our good cooperation with African countries” Ionut Costea added.The President of EximBank mentioned that, apart from specific products and services, the bank also intends to provide an integrated support to Romanian companies, also by offering them information about the opportunities present in African markets.”We started a project aimed at identifying the investment projects due to be developed in Africa, which we want to present to Romanian companies. We also have a close cooperation with the National Association of Romanian Exporters and Importers, over a common project that consists in opening business promotion centers in various regions of the world. We already opened such a center in Dakar (Senegal), which allows Romanian companies to present their collaboration offers to Western African countries,” the EximBank president added.According to Ionut Costea, EximBank has in its portfolio a range of special products meant to facilitate the access of Romanian companies on other markets, such as:- international guarantees – specifically designed for Romanian companies that want to expand their operations abroad;- insurance policies that protect the interests of Romanian investors abroad;- commercial information about foreign companies, allowing to know a potential business partner before signing a contract.EximBank  is a specialised institution whose threefold product portfolio, focused on financing, guarantees and insurance, allows it to support the operations and development of exporters, SMEs and of the companies involved in projects pertaining to key economic sectors, particularly those contributing to the absorption of EU funds.

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