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April 12, 2021

President Iohannis congratulates the Romanian-German Chamber of Commerce, hails Germany as Romania’s main trade partner

President Klaus Iohannis asserted on Thursday that roughly 20 percent of Romania’s foreign trade is carried out with Germany, ‘an authentic European model’ in terms of innovation, a release of the Presidential Administration informed Agerpres  on Friday.

The President delivered a message on the New Year reception of the Romanian-German Chamber of Commerce and Industry, through is advisor for economic policies Cosmin Marinescu. The text says ‘in this post-crisis stage, Romania needs a new model of economic development, along the axes of competitiveness and innovation, from the point of view of its own assets.’

Iohannis mentioned the systematic invoking by businesses of the need of investment capitals and financing.

‘Money is not necessarily the issue, however; it is rather the quality of policies to attract it, either we mean foreign investments or European funds. Thus, the generic theme of your event – innovation – is perfectly circumscribed within the exigencies of a new economic vision on medium and long term. And Germany reveals, from this point of view, both examples and opportunities. In the field of innovation, Germany is an authentic European model. Germany is ranked among the first in Europe in terms of financing the research and development (approximately 3 percent of the GDP), of technology intake by companies and of research partnerships between industry and universities,’ the President said in his message.

According to Iohannis, Romania will thrive ‘to the extent we really appreciate productive work and a hierarchy of values, to the extent we reward efficiency as much as we can and we stop wasting.’

‘Romania will be competitive to the extent we improve the institutional quality of business. In the innovation equation, some institutional factors that directly impact the business performances are vital: bureaucracy, corruption, payment of taxes and duties, easiness of launching or terminating businesses. Innovation does not occur anywhere or anyhow, but when and where there are economic stimuli, freedom of entrepreneurial initiative, clear and stable rules offering predictability to businesses, especially in fiscal terms. From these points of view, we have much to catch up, not just in fiscal, budgetary and financial terms, but also as an exercise of governing predictability in general,’ the head of state wrote.

He also pointed out the good economic cooperation between Romania and Germany, with bilateral trade exceeding 20 billion euros last year.

‘We are glad, on the other hand when – at least as regards the cooperation between Romania and Germany – there are signs of performance and hope. For instance, Germany is Romania’s main trade partner. The bilateral relations have seen a significant development over the past years. In 2014, for the first time, Romanian exports to the German market reached 10 billion euros, while bilateral trade exceeded 20 billion euros. Thus, approximately 20 percent of Romania’s foreign trade has Germany as partner. Also a good omen for the amelioration of competitiveness is the fact that more than three quarters of the Romanian exports to the German market consist in products with high value added,’ the President mentioned.

Iohannis’s message asserts that ‘the consolidation of the economic cooperation between Romania and Germany is also a priority in investment terms, not just in trade ones.’

‘The bilateral trade still has many comparative advantages that could be used. Exports from Romania are just 1 percent of the overall German imports – compared to Poland and the Czech Republic, with more than 3 percent each; this figure is even lower as regards the weight of Romania’s imports in the overall German exports. Therefore, the consolidation of the economic cooperation between Romania and Germany is also a priority in investment terms, not just in trade ones,’ he added.

He also voiced his belief that economic relations with Germany ‘can be expanded and enhanced in the fields of innovation and technology transfer.’

‘Foreign investments are undoubtedly the essential source for supporting and encouraging innovation through know-how and technology transfer, and attracting such foreign investments should be the absolute priority of any economic strategy,’ Iohannis declared. He also congratulated the Romanian-German Chamber of Commerce and Industry for ‘its special mission, in which it innovates beneficially, continuously and on long term, for Romania, for Germany and for the economic performance in general.’

The New Year reception gathered business people and specialized associations, representatives of the diplomatic corps, of the government and of other Romanian authorities.


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