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Memorandum of Understanding between Romania and the UAE in the field of trade
The Chamber of Commerce and Industry of Romania (CCIR) signed, on Friday, a Memorandum of Understanding with the Federation of Chambers of Commerce of the United Arab Emirates, on the sidelines of the third session of the Joint Committee of the Government of Romania and the Government of the Emirates, the institution announced in a press release sent on Friday.
The MoU provides for the consolidation of business relations and the development of the economic component between the two states and establishes the guidelines the business environments in Romania and the United Arab Emirates can follow to facilitate bilateral trade.
"The Memorandum of Understanding, signed today (Friday, ed. n.) with the UAE Federation of Chambers of Commerce, represents the continuation of the collaboration between the two organizations that began in Abu Dhabi, in February of this year. At the same time, we also benefit from a favourable political context , there are a number of very important economic projects on the agenda of the Romanian Government, carried out in partnership with the UAE, but it is very important to involve the Romanian business environment as much as possible. The figures from the end of last year indicate a value of trade with the UAE of only 487 million euros, obviously far below the economic potential of the two states. There is, therefore, the need to expand the operations of Romanian entrepreneurs in the Emirati space, simultaneously with the attraction of major investments in our country, the Memorandum of Understanding between the two organizations being a first step in this direction," the deputy general secretary of CCIR, Bogdan Visan, said.
For his part, the general secretary of the Federation of Chambers of Commerce of the United Arab Emirates, Humaid M. Ben Salem, mentioned that the United Arab Emirates considers Romania a very important commercial partner.
As far as the relationship with CCIR is concerned, it goes beyond the borders of the two states, together succeeding, over time, to promote, at the world level, a set of initiatives with the aim of strengthening the relations of the business communities which, in the end, offer a higher degree of political stability. I am convinced that the Memorandum of Understanding that we signed today will open up new business opportunities for business circles in Romania and the UAE, Humaid M. Ben Salem said.
The third session of the Joint Co-operation Committee between the Government of Romania and the Government of the United Arab Emirates took place in Bucharest
Romania developing strategic projects with the United Arab Emirates (UAE) will contribute to the economic development of both countries, Romanian Prime Minister Marcel Ciolacu said on Friday at the third session of the Joint Co-operation Committee between the two national governments.
He added that one week previously he was on a working visit to the UAE, where he had discussions at the top, as well as contacts with representatives of companies interested in strategically expanding their activities in Romania or investing in the country.
"The message I sent to Abu Dhabi was that Romania is interested in further attracting Emirati investments as well as in growing and diversifying bilateral trade. I am glad to see that the projects discussed during the working visit are also on the agenda of today's meeting of the committee because the intention of the government I lead is clear - by developing joint strategic projects we will contribute to the economic development of our countries. We already have joint projects," said Ciolacu.
He added that there are already a number of joint projects, including the completion by DP WORLD of the construction of facilities dedicated to RORO services in Constanta Port, which official opening is scheduled for mid-May.
"It is an example of success that we want multiplied, both in the port of Constanta and in other sectors. (...) In the current geostrategic context, with the reconfiguration of transport routes, its relevance has increased considerably, and its expansion has become a necessity. Secondly, we want successful projects also in other areas, such as energy, agriculture, infrastructure, IT, tourism, because our countries have a huge potential that is insufficiently tapped. (...) I am glad to see that we have also taken steps forward in the field of energy. (...) In agriculture, our co-operation has become even more important today, amid the war in Ukraine. I hope that together we will be able to increase its level in terms of exporting cereals, but also meat products, sheep, cattle and chickens and dairy products."
The third session of the Joint Co-operation Committee between the Government of Romania and the Government of the United Arab Emirates took place on Friday in Bucharest.
Part of the meeting was the signing of a memorandum of understanding between the Chamber of Commerce and Industry of Romania and the Federation of Chambers of Commerce of the United Arab Emirates
The first session of the committee took place in April 2018, when the UAE minister of state for economic and trade affairs came to Bucharest.
The second such meeting was held in June 2022 in the UAE.