The Hindu Business Line : More business ties with Romania emerging

HEARTY WELCOME: The Union Minister for Commerce and Industry, Mr Kamal Nath, with the Romanian Minister for Economy and Commerce, Mr Ioan Coudrut Seres, in the Capital on Monday. — Ramesh Sharma

New Delhi , Oct. 24

EVEN as there had been a huge spurt of nearly 355 per cent in India's trade with Romania in the last three years, it now offers further attractive trade and investment opportunities for business with Romania likely to become the member of the European Union by 2007.

The Union Commerce and Industry Minister, Mr Kamal Nath, said this here when the visiting Romanian Minister of Economy and Commerce, Mr Ioan Coudrut Seres, called on him.

Both underlined the fact that the emergence and deepening of democracy in Romania had brought the two countries closer in basic values and aspirations and this was throwing up significant new opportunities for mutually beneficial cooperation.

Bilateral trade has grown up from $59.8 million in 2001-02 to $272.56 million in 2004-05. India's imports from Romania were valued at $166.55 million and exports to Romania amounted to $106.01 million.

Both the Ministers said the two countries had identified information technology, pharmaceuticals, energy, metallurgy and heavy industries as sectors for special focus as both the countries could partake of their expertise with each other.

Some important Indian investments in Romania already in the pipeline include, Lohia Group (Petking) would be investing $100 million in a PET film plant to be located at Constanta; Asmita S.A will increase its investment in property development in Bucharest to $97 million by the end of 2006; Mahindra & Mahindra is a serious bidder fro "Tractorul" Brasov; Apollo Hospitals might bid for Fundeni Hospital, Bucharest and Mahindra Holidays is planning to invest in several tourism destinations in Romania including at Eforie Nord on the Black Sea as well as new projects at Fagaras in he Carpathians.

Meanwhile, an official release issued here said the Mayor Barcelona (Spain) Joan Clos also called on Mr Nath with a large business delegation. There has been a big spurt in Indo-Spanish bilateral trade, which amounted to $1687 million in 2004-05.

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