Romania has a great opportunity to increase exports to the Spanish market and draw new investments, with an emphasis on fields in which the Spanish companies have a competitive advantage at European level, Romanian Minister for Business Environment, Trade and Entrepreneurship Stefan-Radu Oprea said on the occasion of the signing of the Memorandum of Understanding (MoU) with the Spanish Agency for Exports and Investments (ICEX).
The document is meant to promote economic cooperation, develop relations between companies and strengthen collaboration for the internationalization of SMEs in the two states. The main directions for cooperation mentioned in the agreement are the exchange of information in the trade and investment fields, promotion of trade and bilateral investments, promotion campaigns and economic missions and training entrepreneurs with a potential to expand to the international market, reads a release of the Ministry for Business Environment, Trade and Entrepreneurship (MMACA).
The Romanian Minister’s official agenda in Spain also included bilateral talks with Xiana Mendez, Secretary of State for Trade and his attendance at the inaugural session of the Romanian-Spanish Business Forum, agreed on the occasion of PM Viorica Dancila’s visit to Madrid in September 2018.
“We have a great opportunity to strengthen exports to the Spanish market and draw new investments to Romania, especially in fields in which the Spanish companies have a competitive advantage at European level. I appreciate the effort made by the Romanian companies in Madrid today and I am sure that the B2B sessions held at the end of the Forum will lead to the establishment of new business relations on the Spanish market,” Stefan-Radu Oprea stated.
On November 30, 2018, the total volume of trade exchanges between Romania and Spain accounted for 4.016 billion euro, increasing by 10.64 per cent against the same period of 2017.
Romanian exports to Spain totalled 1.985 billion euro, up 14.01 per cent against the first 11 months of 2017, representing 3.14 per cent of the total Romanian exports (8th place) and imports of Spanish products in Romania reached 2.03 billion euro, up 7.52 per cent, representing 2.65 per cent of the total Romanian imports (13th place).
Thus, the trade balance recorded a balance of 45.27 million euro in the favour of the Spanish side, against a deficit of 147.21 million euro at end-November 2017.
Romania imported from Spain mainly electrical equipment (23.29 per cent of total imports), vehicles and transportation means (17.65 per cent), textiles (12.87 per cent).
According to the National Trade Register Office (ONRC) data, on December 31, 2019, there were 5,976 companies registered in Romania running on Spanish capital, with a total value worth 1.72 billion euro. At this date, Spain ranks 8th among the countries investing the most in Romania, with 3.80 per cent of the total foreign capital invested in our country.