Mumbai, Oct 24 (UNI) To woo from Indian firms, Romanian President Traian Basescu today said there is great scope of investment in the field of textiles, machinery, information technology, telecommunication, construction and agriculture in Romania.
Addressing entrepreneurs at a meeting organised by Federation of Indian Chambers of Commerce and Industries (FICCI) here, he informed that India presently has investment to the tune of 1.7 billion dollars in Romania and most of them are successful.
''I am here to extend partnership with India which is a global player and has nuclear, army potential and a political force also,'' he said adding, ''The bilateral partnership with India can grow in the energy and army sector.'' Romania has identified China, India, Japan, and South Korea to extend strategic relations, he said.
However, he warned about the Romanian bureaucracy. ''We have inefficient bureaucracy, so investors must be patient. Romania is not the perfect country but in future people can trust us.'' Mr Basescu said Romania has the capacity of becoming the regional hub for Europe and Commonwealth of Independent states countries.
He added the country has one of the solid banking systems in South Europe and 95 per cent of the banks come under the private sector.
He admitted that there is a visa problem but it will be reduced and efforts will be made to have direct flights betwen Romania and India.
Sixteen per cent tax on corporate income levied by the country was the lowest in Europe and Romania's business environment was one of the best according to the World Bank's assessment, he said.
Romania ranked seventh in the world in terms of speed with which a business could be set up by overseas investors.
Earlier, Mr Sushil Jiwarajka, Chairman, FICCI Western Regional Council, said the potential for expanding bilateral trade and setting up joint ventures in the areas of oil and gas, power, machine building, pharma and others was immense.
UNI JM MJ PKS K1916