Indian Trade Centre to be set up in Romania

Chennai, Jul 3: Federation of Indian Export Organisations (FIEO) is planning to set up an Indian Trade Centre in Bucharest to help Indian businessmen to launch projects in Romania.

Called FIEO-ITC, the proposed warehouse-cum-display centre which will start operating within two months, will enable international buyers to base their purchasing decision through a touch-and-feel method, FIEO officials told UNI here today.

Located on the highway to the airport, FIEO-ITC has 1,000 square metre of space to showcase Indian goods, be it textile garments, tea product or handicraft items continuously for the next 12 months.

FIEO officials said Romania had cost-effective economy of operation, a large population, fast developing neighbouring countries, a good connectivity to the rest of Europe through the Danube river network and an excellent sea port.

Moreover, Romania could cater to the needs of European Union countries, the officials said adding Romanian industry offered huge potential for growth.

As per the plans, FIEO-ITC would promote Indian products and services, act as an offshore centre, co-ordinate visits of Romanian companies to India and Indian companies to Romania, gather a list of Romanian buyers, manage customs and port requirements for goods sent from India and inform from time-to-time, the changes in rules and regulations related to exports to Romania.

After its failure to set up such a centre in Amsterdam in the 1990's, FIEO was now adopting a new methodology to attract the business community. Interested entrepreneurs would be given a display space of 15 sq m, or multiples of it, at a reasonable price of Rs 1.5 lakh per annum. The Commerce Ministry was contributing another Rs 1.5 lakh, the FIFO officials said.

A local agency was being hired on a revenue sharing basis to take care of administration and pre-and post-sales activities.

According to the FIEO-ITC officials, several Indian firms have evinced keen interest to occupy space in Bucharest that was being offered on a first-come-first-serve basis.

UNI