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May 27, 2022

Milan Peprník, Counsellor-Minister of Embassy of the Czech Republic to Bucharest: The potential for devoloping economic relations between the Czech Republic and Romania presents a wide spectrum of interest

The history of our contacts reaches far back into history. The first verifiable documents of mutual commercial relations come from the Middle Ages, when the Czech kings took active interest in events in the areas of what is today’s Romania. Both countries are members of the EU and NATO. The Czech Republic ranks 14th in the top 20 foreign investors in Romania.
Romania´s important trade partner has been the Czech Republic. The volume of commercial exchanges between our countries has increase again, reaching a total value of 2,948 billion EUR in 2014.

In the period January-August 2015, the volume of Czech´s export was 1,137 billion EUR and the volume of our import 0,978 bililon EUR. And what is very important that the number of our tourists is constantly increasing. The potential for developing economic and trade relations between the Czech Republic and Romania presents a wide spectrum of interest. The Czech Republic remains very important trade and investment partner also in next future. On local market in these days operating more than 800 Czech companies. Besides production industry, there is potential for our next cooperation in fields such as transport, environment, automotive, construction, energy and mining industry, food industry and agriculture. According to the local statistics, the Czech Republic ranked 14th among foreign investors in Romania.

As we mentioned our mutual economic and commercial relations like our production has in Romania a long tradition. Many czech products are known here. As there are several tens of thousands of products made in the Czech Republic, the following selection can be nothing more than a brief list of the truly best-known, most important and most interesting products like Czech glass-making industry, branded porcelain, beer (Plzeňský Prazdroj and Pivovary Staropramen), cars Škoda or Baťa´s shoes.

Romania, a marketplace of 20 million, an expanding economy, a well-educated workforce, access to the Black Sea and Asia, has a lot to offer in terms of natural resources, having sectors with great potential of development and also having industrial and logistics parks represents a very attractive destination for our investors.

These features of Romania have attracted Czech entrepreneurs and investors. Due to strategic geographic location together with the possibility of finding qualified managers, many foreign companies have already established in Romania their regional headquarters offices for the Balkan Peninsula and/or south-eastern European markets. Romania has also very beautiful landscapes, having numerous historical places and medieval towns. Therefore tourism from the Czech Republic is expected to develop here in the coming years.

Now the requirements of membership – including EU directives – make up one of the driving forces in Romania’s program of reform, modernization and investment in infrastructure. More significantly, these directives are accompanied by funding from the EU.

Overall, the year 2014 and first ninth months of the year 2015 may be described as a great year for Romania´s economy, with an increase of the gross domestic product (GDP) and a massive increase of exports. Romania is well on track to another year of GDP growth as it registers one of the best performances in the European Union and Romania’s convergence program for 2015-2018 predicts steady economic growth too.

The fact that Romania is a member of European Union and that is has adapted its laws to the EU laws, respectively the fact that Romania now belongs to the community market are highly important things for our investor. Romania will also be eligible to receive approximately EUR 43 billion in Structural and Cohesion funds and Rural Development and Fisheries funds from the EU in the 2014-2020 programming period. And it is very important to continue our dynamic relations also on a sectoral level, continue to stimulate the economic cooperation and investment.
For above mentioned reasons Czech companies are provided in Romania great perspectives for their business plans. Among decisive investment factors there are, how was mentioned, especially well qualified labour force.

Recent positive developments in bilateral trade relations between the Czech Republic and Romania helps CzechTrade office in Bucharest and the Commercial and Economic Section of the Embassy. The CzechTrade office are operating under the auspices of the Embassy of the Czech Republic in Bucharest and offers its services to Czech and Romanian companies. The ultimate goal of the office is to concentrate on the B2B sector and promote further interactions between companies from both countries. In 2007 was founded the Czech-Romanian Bilateral Chamber of Commerce and Industry in Prague.

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