Indo-Romanian trade to increase one billion dollars by 2008: Envoy

India and Romania have set a target of one billion dollars in bilateral trade in the next two years, said Romanian Ambassador Vasile Sofineti at a meeting with the economic delegation from Romania organized by the Confederation of Indian Industry (CII) here on Tuesday. Trade has witnessed a quantum growth to around 450 million dollars in 2005, an increase of 69 percent over the previous year. This should become possible by collaborating with incredible India, Sofineti added. Chairman and Managing Director, Inapex Ltd, V K Mathur said India- Romania trade, which stagnated during 1999- 2001, is again on the upswing. In 2004, trade between the two countries grew by an impressive 103 percent as compared to 2003. Some of the items with good potential are drugs and pharmaceuticals, iron ore, machinery and instruments, iron and steel and inorganic chemicals. "We have the capabilities and capacities to diversify our trade basket to include non-traditional niche products." Many Indian companies such as Ranbaxy, Viraj Group, Ashmita Constructions have set up businesses in Romania, he said. "Till now, about 20 Indian companies have registered in Romania." Mathur said there is no dearth of new avenues in which Romanian businesses can cooperate with their Indian counterparts for trade and investment in India. New areas where both the countries can work together for mutual benefit include new frontiers such as information technology, entertainment, biotechnology and bioinformatics. There are new opportunities for investment in India in sectors as diverse as tourism and infrastructure, petrochemicals and aviation, mining and oil exploration, he said. The special economic zones recently set up in several Indian states provide internationally competitive business environment. "The Romanian industry can seriously consider the opportunities to invest in these zones and benefit from the preferential policies of the Indian government." Counselor Asia Division, Ministry of Economy and Commerce, Romania, Mr. Dorin Refca said India is considered among the top four strategic partners in Asia. The relationship between the two countries has been further strengthened with the recent visit of Traian Basescu, President of Romania in October this year. "Quite a lot of events are lined up next year in order to enhance trade between the two countries," Dorin said. Vice President, UGIR 1903, Elena Laslu said that the organization looks forward to make an agreement with CII. "We have many associations for industrial sectors in Romania to help our Indian counterparts." The meeting was followed by business to business meetings between the 16 member Romanian business delegation and members of the Indian industry. (ANI)