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New Delhi , Dec. 16

ROMANIA'S accession to the European Union in 2007 will open up new vistas for Indian enterprises in the region, according to Mr Nicolae Vacaroiu, President of the Senate, Parliament of Romania.

"This move will be significant as it will make Romania a critical access point on account of its geo-strategic location. After the finalisation of the accession process, Romania would provide an easy access to Central European, EU, Ukraine and the Russian Federation markets."

The intention is to sign the accession treaty in early 2005 and become a full member of the EU in 2007, he said adding that, "These two years are very crucial for the Romanian economy and also for those willing to invest in this country".

Mr Vacaroiu was addressing a FICCI seminar organised in the Capital today. In this regard, he said that his country is likely to become a member of the Euro Club between 2010 and 2012.

On the issue of the privatisation programme in Romania, the President of the Senate indicated that the process would be completed by 2004. He added that national corporations from sectors such as oil and gas, energy, chemicals & petrochemicals and machine building would be thus open to potential investors.

The visiting dignitary also expressed a keen desire to review the current legislations of Romania governing the bilateral trade between the two countries. In this regard, he stated that issues such as double taxation, custom obstacles and the possibility of setting up bank branches in the respective regions could be considered. Furthermore, he added that Romania is willing to share its expertise with India in building large infrastructure projects such as refineries, cement factories, thermal and hydroelectricity plants and airports.

Mr Vacaroiu drew attention to Romania's easy access to capital markets — a critical element for successful investments and the five free zones. He further added that traditional sectors in Romania such as glassware, ceramics, porcelain and crystal were potential areas for investment.

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