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September 30, 2022

Economy Minister’s message to COIFAIR: Romania can become European gateway for goods to Central, Eastern Europe

Romania can become a European gateway to the Central and Eastern European markets via the Black Sea port of Constanta for the goods coming from Asia and the Middle East, said Minister of Economy, Trade and Tourism Mihai Tudose in an opening address to the Chinese Oversees Investments Fair (COIFAIR 2015) held in Beijing on Oct. 22-23.

According to a ministry release on Friday, the Romanian official underscored that the development of the Romanian-Chinese cooperation relations should be based on the promotion of the concept of inter-modal transport development, the opportunities offered on infrastructure resulting from the General Transport Master Plan for Romania, the cooperation under the Danube Strategy and the cooperation on industrial parks.

Tudose briefly showed the opportunities offered by Romania, namely being the 7th-largest European Union market and the largest in Southeastern Europe, located in a fast-developing European region, an emerging economy with excellent prospects on the long-term. An investor arriving in Romania may have easy access to a diverse market boasting more than 100 million consumers, that includes Turkey, Bulgaria, Hungary, Poland, Ukraine and Russia, he explained.

Romania, moreover, recorded a significant growth of the gross domestic product, with prospects to hit 150 billion euros in 2015. Its labour has strong multi-linguistic abilities, being one of the most educated in the region, the minister said.

Tudose is visiting China over Oct. 19-24 together with a delegation of Romanian officials and business executives to attend the 25th session of the Romanian-Chinese Bilateral Commission on Economic Cooperation, held on Oct. 20; the visit offered the possibility to discuss topics relating the development of the bilateral relations in the period ahead and to attend COIFAIR 2015, the release said.

Trade between Romania and China hit 2.1 billion dollars in the seven months of 2015, with Romanian exports totalling 355.9 million dollars, according to official figures.

On the other hand, according to the Chinese Customs Register, commercial exchanges in the seven months stood at 2.57 billion dollars, with the imports from Romania amounting to 770.95 million dollars and exports from China standing at 1.80 billion dollars.

According to the Romanian National Trade Register Office, there were 11,753 Chinese-owned companies at end-Aug., with the direct invested capital amounting to 402.3 million dollars.

China is ranking 18th among the foreign investors in Romania and accounts for 0.74 percent of the overall invested capital.

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