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India, Romania bilateral trade to cross $1bln

Written by: Staff

New Delhi, Dec 5: The bilateral trade between India and Romania would touch 1 billion dollars in the next two years, aided by a quantum growth in trade to around 450 million dollars in 2005.

''This will become possible by collaborating with incredible India,'' Ambassador, Embassy of Romania Vasile Sofineti said here today at a meeting with the Economic delegation from Romania.

Speaking on the occasion, Inapex Ltd Chairman and Managing Director 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 per cent 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, he added.

Mr Mathur said many Indian companies such as Ranbaxy, Viraj Group, Ashmita Constructions have set up businesses in Romania. Till now, about 20 Indian companies have registered in Romania.

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, Mr Mathur added.


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