H.E. Mr Rahul Shrivastava, Ambassador of India says: “Bilateral trade between India and Romania is in the range of USD 600-800 mln”
H.E. Mr Rahul Shrivastava, Ambassador of India
“What is your vision and possibilities about the future of economic relations between our Countries?
Bilateral trade between India and Romania is in the range of USD 600-800 mln. As two rapidly growing economies with complementarities, there is great potential in taking this figure to more than USD 1 billion in a couple of years. To achieve this we are creating more awareness amongst Indian and Romanian companies about commercial opportunities in both countries.
Apart from the usual areas of commercial cooperation, we want to tap new areas to strengthen India-Romania bilateral ties. One example is defence collaboration. Recently, we had an online webinar between Indian and Romanian defence companies, which has generated interest on both sides to explore business opportunities in this sector.
The number of Indians is about 10000. This number has increased rapidly from about 2000 a couple of years ago and will continue to increase due to manpower shortage in Romania. Having direct flight connectivity between India and Romania makes commercial sense since apart from Indian workers, there is also a large number of workers from south and south-east Asian countries. We are also in discussions with the Romanian government to conclude some agreements to streamline manpower cooperation between our countries.
Indian investment in Romania is in the range of USD 1-1.5 bln. Romanian investment in India is about USD 30-50 mln. India is an attractive investment destination. India’s ranking on the World Bank’s Doing Business Report (DBR) of 190 countries, has improved from 142nd position in 2014 to 63rd position in 2020. It has earned a place among the world’s top 10 improvers for the third year in a row. Invest India, the national investment promotion and facilitation agency under the Commerce & Industry Ministry of India, was the winner of the 2020 United Nations Investment Promotion Award. As Romanian economy grows and more Romanian companies develop the appetite to invest abroad, we would like Romanian investments in India to increase to .
What kind of activities or projects from your Country can be interest for investments in Romania?
According to various estimates, Indian investment in Romania is in the range of USD 1-1.5 bln. Major Indian IT and pharmaceutical companies are present in Romania. There are large Indian investments in manufacturing and service industries of Romania. The Romanian construction industry is growing. Apart from an attractive area for investments, this has also seen increase in manpower cooperation with an increasing number of Indian workers working in Romanian construction and other industries. We see Romania as a gateway for Indian companies to the European Union due to Romania’s favourable geographical location, availability of skilled workers, good infrastructure such as high-speed internet and relatively lower operating costs. Indian digital innovation, financial services and fintech companies are amongst the best in the world. Since this area is developing in Romania, this could be another area of collaboration. Hospitality, tourism and healthcare are other areas of interest.
What are the Romanian products of interest for your market today and what may be for the future?
Main items of import from Romania to India include nuclear reactors, boilers & machinery, mineral fuels & oils, compounds of precious metals, vehicles other than railway or tramway rolling stock, electrical machinery, equipment & parts, iron & steel, optical instruments, photographic & cinematographic equipment, wood & wood products, charcoal, cast iron products and rubber products. All these products can be exported in more quantities to India. In addition, other products such as Romanian wine, alcoholic and non-alcoholic beverages, sunflower oil and corn products also can be exported in larger quantities.
What kind of productions from your Country do you consider to suitable for the Romanian market for today and tomorrow?
Main India exports to Romania include vehicles other than railway or tramway, electrical machinery and equipment, nuclear reactors, boilers, electrical machinery & equipment, iron & steel products, plastic & plastic products, rubber & rubber products, organic chemicals, ceramic products, pharmaceutical products and agricultural products.
Since the capacities to export above products from India and consumption of these products in Romania are growing, all above products can be imported in larger quantities. In addition, specific products which have been identified for focus are agro products, agro machinery, nutraceuticals, nature-based medicines and food supplements, medical devices, IT and software, auto motives and parts thereof and engineering goods.
India has a strong textile industry. Although textile products from India are available in Romania, more can be exported. Gems & jewellery is one of the largest exports of India. Indian craftsmen in this sector are very skilled because the expertise has been passed over several generations. This is a low volume and high value item. This is another untapped areas as far as Indian exports to Romania are concerned. Besides, heavy engineering and capital goods, fruits, tea, coffee, rice, spice & herbs, handicraft and furniture items can be exported from India to Romania in much bigger volumes.
Can you provide names of companies from your country and their contact details interested in the Romanian market?
On average, the Embassy get about 150 commercial queries every month from Indian companies wanting to do business with Romanian companies. We post some of these queries on LinkedIn page of Embassy of India, Bucharest https://www.linkedin.com/company/india-in-romania/. The Embassy publishes a weekly commercial newsletter, which can be subscribed to free of charge at: https://forms.gle/9RgCYUnetFbweJFdA
Anyone interested in getting contact details of Indian companies, which have shown interest in the Romanian market can send an email to the Commercial Department of the Embassy: firstname.lastname@example.org & email@example.com.
As an Ambassador you have visited places in Romania, can you give us some examples of support from companies of your Country, but also for City Halls?
Whenever I visit Romanian regions, I meet the local administration, local chamber or local company representatives. When we receive commercial queries from Indian companies, we seek their assistance to put local Romanian companies in touch with the Indian companies. We sometimes arrange online business events with participation of the Romanian local administration.
What is your advice for Romanian producers and what kind of activities can be developed in Romania in the future, interesting for bilateral cooperation?”
Romanian businesses are primarily focussed on the neighbourhood and European market. India is a fast growing large economy and a huge market. Consumption spending in India would grow from the present USD 1.5 trillion to USD 6 trillion by 2030. Romanian companies should join the race now to tap the economic potential in India.