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December 6, 2022

Bareket Knafo, Head of the Israeli Economic and Trade Mission to Romania : Economic and Commercial Perspective – Israel and Romania Bilateral Trade

Innovation is a state of mind. So is Israel. In 2019, the well-known “Start-Up Nation” has more than 6,600 startups to offer (and counting) – 14 times the concentration of startups per capita in Europe! Furthermore, with scarcely 0.1% of the world’s population the nation of innovation attracts more than 19% of global investment in cybersecurity, attracts the highest rate of venture capital funding per capita in the world and ranks number one globally in R&D expenditures per GDP.

Not surprisingly, about 540 multinational corporations from 35 countries across the globe decided to become active players in the Silicon Waddi. They decided to do so after becoming acquainted with the unique vibe and the courageous spirit of the Israeli entrepreneurial scene .  Israeli entrepreneurs are not intimidated by challenges but instead see it as an inevitable yet educating step on their path towards the desirable exit.

The bilateral trade between Romania and Israel sets in 2018 a new record of all times with a trade volume of more than half billion dollars – 56% more than in 2017. This significant increase stems mainly from the dramatic growth in the volume of imports from Romania to Israel (almost doubling itself within a year – from 213.9 million dollars in 2017 to 393.6 million dollars in 2018). These figures reflect the growing interest of the Israeli market in Romanian products. Since the beginning of 2019 we have also witnessed another substantive growth in the interest of Israeli exporters seeking to penetrate the Romanian market and generate commercial collaborations – 5 times more than in the parallel period last year.

We, at the Economic and Trade Mission to Romania, strongly believe that Romania and Israel are complementary to each other in various sectors: starting from the Cyber and Homeland Security field, where the Israeli vast experience can offer a tremendous service to diverse governmental entities and local companies in Romania; through the agricultural realm, where Israeli technologies can offer great contribution to maximize the enormous potential of Romania’s arable lands; as well as the water sector – where implementation of Israeli cutting-edge technology will enhance Romania’s drinking water and the access to it (where Israeli technology can simply create water from the largest available resource – the air, everything is possible); via the medical and life science sector – millions of hearts around the world are powered by Israeli pioneering technologies, our hearts can beat together; and so much more.  Nonetheless, we are here not only to share knowledge and expertise, but also (and equally important) to learn from each other. We can do so much more together and our beautiful and promising commercial ties should mirror that in accordance. The Economic and Trade Mission has a very intensive program of activities in 2019 and we invite Romanian companies seeking for advanced solutions to contact us.

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