In 2016 Romania and Brazil marked 88 years since the establishment of the diplomatic relations (1928). Ever since, the cooperation has developed in the economic, cultural and academic fields. As an example, the new Economic and Technological Cooperation Agreement, which came into force earlier this year, represents a valuable instrument to foster the bilateral relations and encourage the scientific and technical cooperation between our countries in fields such as the oil and transportation industries, renewable energy and research in agro-technology.
Another tool to improve the bilateral economic ties is the re-launch of the Brazilian Government’s website dedicated to trade and investment, www.investexportbrasil.gov.br, where Romanian companies can register for free and get access to a database of more than 30,000 Brazilian companies and their export offers, as well to guides on how to do business with Brazil.
Brazil is already the biggest trade partner of Romania in Latin America. The peak of the bilateral trade was registered in 2013 (around USD 800 million). In 2014 and 2015, there was a decrease in value due mainly to the global decrease in the prices of commodities. In 2015, the Brazilian exports to Romania totaled USD 243 million and consisted mainly in commodities and primary products (soy beans, iron ore, sugar, coffee, poultry), but also in manufactured products (auto-parts, jewelry). The Romanian exports to Brazil (USD 283 million) were almost exclusively manufactured products (auto-parts used by Renault do Brasil to build the models Logan, Sandero and Duster, chemical products, mechanical and electrical devices).
According to local statistics, Brazilian investments in Romania are not significant, due to the fact that they are realized through subsidiaries located in other EU countries. Such investments, focused currently on the IT sector, have a huge potential to expand, since Romania could and must be used by Brazilian investors as an entry point to EU and other countries in this region.
Brazil and Romania are countries with huge economic potential. We can sense that there is an expectation that both Governments and business communities will look for mutual interesting opportunities for investment and trade.