Romania has proposed a joint business forum with India, with particular emphasis on the energy sector.
Talking to FE , the visiting minister of economy and finance, Varujan Vosganian said, ?We have a lot of state owned companies. Also, there are several private companies in the sector. Therefore, I proposed to the government during my meetings that there should be a joint forum,as it would further strengthen our relationship in the oil and gas sector.?
Varujan added that Romania regards India as one of the most attractive investment destinations. He also said that the deep cultural ties between the two countries could contribute to strengthen economic relations. He also offered the participation of Romanian companies in building oil and gas storages, pipelines and other infrastructure, fields in which Romania has special expertise.
Referring to the contribution of Romania in the development of the Indian oil and gas sector, the visiting minister said that India?s high GDP growth rate and its vast natural resources make it a favoured Asian country, for Romania.
As part of the 60 years of bilateral relations between the two countries, the visiting minister added, ?To further enhance our relations in all sectors, I have proposed to both the minister of oil and gas and the minister of commerce and industry that a Trade India Center be set up in Bucharest. This center will promote trade between the two countries.?
Areas like oil and gas, exploration, production of pipelines, gas storage and co-operation in the Indian railway system are some of the sectors that Romania has identified for investments, he said. Romania also offers operations in third market, and we are looking forward to transnational projects with India, he added.
India, on the other hand has expressed interest in various sectors including food, agriculture, and pharmaceuticals.
Varujan also pointed out that Romanian companies can set up manufacturing, as well as maintenance services for wagons procured from Romania, here in India. ?Wagon and boggy building in Romania is subsidised and the market there is not big. We are keen to evolve our capacity to build these here, ?Varujan said, adding that ?While Romania has great expertise in nuclear energy, hydro power and turbo units, for us, India is more advanced in the equipments used in these fields, therefore, we are keen to import specific equipment from India.?
Indo-Romanian trade, which stagnated over the last decade, is now on the upswing. Bilateral trade has grown from $68 million in 2000 to $430 million during 2006-07, and with India having a vibrant SME sector, engagement by SMEs on both sides would strengthen the foundations of the trade relationship, government officials said.
Bilateral cooperation has also covered petrochemicals, power and metallurgy projects in India. Romania has been involved in major Indian projects such as the thermal power plant at Singareni, the Mangalore pelletizing plant, the Durgapur agglomeration plant and the Hyderabad tractor plant.