Financial Daily from THE HINDU group of publications
Tuesday, Oct 21, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 21, 2003 |
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Industry & Economy
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Foreign Trade India, Romania to strengthen ties Our Bureau
The Minister for Commerce and Industry, Mr Arun Jaitley, with Mr Dan Loan Popescu, Minister for Economy & Trade, Romania, at the 9th meeting of India-Romania Joint Business Council in the Capital on Monday. — Ramesh Sharma
New Delhi , Oct. 20 INDIA and Romania have agreed to give major thrust to strengthening bilateral trade and investment relations, which at present remain way below the potential that exists between the two countries. Not only is there great scope for increasing trade in traditional items such as drugs and pharmaceuticals, iron and steel, heavy engineering, chemicals and textiles, but also there is tremendous scope to diversify the trade basket to include non-traditional and niche products keeping in mind the skills acquired by the two countries. This was underlined by Mr Arun Jaitley, Union Minister of Commerce & Industry, and Mr Dan Loan Popescu, Minister of Economy & Commerce, Government of Romania, at the joint meeting of the 16th session of India-Romania Joint Committee and ninth session of India-Romania Joint Business Council, organised by the Federation of Indian Chambers of Commerce & Industry (FICCI), here today. Mr Popescu stressed on the desire to strengthen co-operation with India in various fields including IT and invited Indian companies to invest in Romania as a manufacturing base for exports to East Europe. In his address, Mr Jaitley highlighted the new avenues in which two countries could work together for mutual benefit including new frontier areas of IT, biotechnology and bio-informatics besides indicating opportunities that existed in India in sectors such as tourism, infrastructure, petrochemicals, aviation, mining and oil exploration. He also pointed to the investment opportunities in the special economic zone. FICCI and the Romania Chamber of Commerce and Industry (Prahova County) signed a MoU for co-operation in oil, gas and other areas of mutual interest. Later, Mr Jaitley and Mr Popescu signed the Protocols of the Joint Committee and Joint Business Council meetings detailing future plans for strengthening bilateral trade and economic co-operation. An additional Protocol was also signed between the National Centre for Trade Information (NCTI) of India and Romanian Foreign Trade Centre (RFTC) of Romania for improving the level of exchange of trade information. Both sides also agreed to encourage co-operation in setting up of joint ventures, training and consultancy services in the telecommunications sector. It was also agreed to promote mutual understanding and exchanges to enhance mutual co-operation for the development of the trade remedy systems (anti-dumping and countervailing duty) of the two countries.
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