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June 28, 2022

EconMin Borc: Romania’s offer for Turkish market is generous and corresponds to needs

Romania’s offer for the Turkish market is generous and corresponds to its needs, Economy, Trade and Relations with the Business Environment Minister Costin Borc (photo) said, during the discussions with Turkish Development Minister Lutfi Elvan on the development of the economic and commercial relations.

According to an Economy Ministry release sent to Agerpres on Thursday, Deputy PM Costin Borc and Minister Lutfi Elvan made an assessment on Wednesday of the bilateral economic relations. Minister Elvan presented the economic situation, reassuring the Romanian side on the stability of the business environment in his country, pointing out that Romania remains a strategic partner for Turkey.

Costin Borc appreciated, on this occasion, the importance of the Romanian-Turkish relations, Turkey’s role in Romania’s foreign trade, as first extra-community partner and underscored the need to diversify Romanian exports, as well as to strengthen mutual investments, relevant indicators in consolidating the economic partnership, pointing out that Romania’s offer for the Turkish market is generous and corresponds to its needs.

The two officials agreed that the discussions on each area of the bilateral economic cooperation be resumed this autumn in Ankara, during the meeting of the Romanian-Turkish mixed inter-governmental committee on economic cooperation, with Deputy PM Costin Borc holding the Romanian chairmanship.

In 2015, Turkey continued to be Romania’s main extra-community commercial partner and the fifth partner within the overall commercial exchanges, namely the 6th export market and the 9th import supplier.

On 31 May 2016, the value of Romanian-Turkish commercial exchanges totaled 1.81 billion euro, down 0.7 percent from the first five months of 2015. Exports totaled 766 million euro, declining 20.9 percent, and import stood at 1.04 billion euro, 22.2 percent higher than in the first five months of 2015. The trade balance was in Turkey’s favour with 279.9 million euro. On 30 April 2016, a number of 14,888 companies on Turkish capital were registered in Romania, with the value of the subscribed share capital amounting to 708.3 million dollars, representing 1.27 percent of the total foreign investors’ subscribed capital (expressed in USD).

According to the share capital value, Turkey takes the 16th spot in the ranking of residence countries of investors in commercial companies with foreign shareholding, in the period 1991 – April 2016, respectively the third place in the residence country ranking, according to the number of companies registered in Romania.

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