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Forum on business opportunities in Romania organised by the Bilbao Chamber of Commerce
Romanian and Spanish companies can lead to an increase in bilateral commercial ties between Romania and Spain as well as in investment footprint, Romania's Minister of Business Milieu, Commerce and Entrepreneurship Alexandru Petrescu told a forum on Friday in Bilbao, Spain, on investment opportunities in Romania.
"Participating in this investment forum organised in Spain's largest industrial area rounds up my ministerial agenda, which economic component is dominant. The event and meeting with more than 75 Spanish companies operating in Romania or exploring the Romanian market, as well as with Romanian companies implanted in Spain have reconfirmed to me that this is the perfect time to strengthen and increase commercial ties and the investment footprint of these companies in Romania and Spain alike. The economic growth model developed by the Basque Country, grounded in industrial reactivation and the development of dual education, contributes decisively to the success of the bilateral ties between the two countries," said Petrescu.
The existing strategic partnership between the two countries that started in 2013 has been a catalyst in the development of bilateral relationships and companies, investors, banks, organisations and institutions getting closer in the economy and related areas.
Petrescu extended an invitation to the attending companies to explore further avenues for investment, besides the well-known areas, such as energy, to include new areas, such as the automotive industry, the food industry, the pharmaceuticals industry, the textiles industry, as well as research and development projects, IT&C and agriculture, given the existing Romanian expertise, well-trained workforce and local providers of best value-for-money products and services.
While in Spain, Petrescu also met officials of the central government of Spain and the autonomous region of the Basque Country as well as executives of prestigious Spanish companies interested in increasing their investment footprint in the Romanian economy. An important item on the visit's schedule was a meeting with Romanian companies doing business in the Basque Country to discuss applied ways in which these companies can develop elsewhere in Spain.
The forum on business opportunities in Romania was organised by the Bilbao Chamber of Commerce in conjunction with the Romanian Embassy in Spain and Romania's General Consulate in Bilbao.
Official data show that bilateral trade between Romania and Spain in 2016 advanced 11.56 percent, to 3,558.69 million euros, from the year before on an 8.85-percent increase in Romanian exports to Spain (1,720.24 million euros) and a 14.23-percent raise in Spanish exports to Romania (1,838.45 million euros).
As of December 31, 2016, there were 5,693 registered companies operating in Romania on Spanish capital worth a total of 1.75 billion euros, with Spain ranking eight among the foreign investors in Romania.
The Basque economy is said to contribute 6.5 percent toward the formation of Spain's national Gross Domestic Product (GDP) and 10.5 percent toward Spain's industrial GDP, with local experts making up 9,.2 percent of Spain's total exports.