Kamal Nath calls for increasing Indo-Romanian bilateral trade

Union Commerce and Industry Minister Kamal Nath on Tuesday called for increasing the bilateral trade between India and Romania, considering the untapped opportunities for exploiting the potential for growth.

New Delhi, Mar 4 : Union Commerce and Industry Minister Kamal Nath on Tuesday called for increasing the bilateral trade between India and Romania, considering the untapped opportunities for exploiting the potential for growth.

Indo-Romanian trade, which stagnated over the last decade, is now on the upswing, said Nath after his meeting with Romanian Economy and Finance Minister Varujan Vosganian.

Bilateral trade has grown from 68 million dollars in 2000 to 430 million dollars during 2006-07, said Nath adding that India has a vibrant SME sector and engagement by SMEs on both sides would strengthen the foundations of the trade relationship.

Commenting on the Foreign Direct Investments (FDI), he said FDI policies have been further liberalised and many new sectors have been opened to FDI recently and on automatic route upto 100 per cent in most sectors.

Nath told the Romanian Minister that infrastructure sector in India is an opportunity for investment and has the promise of sustained high levels of returns.

The major export items to Romania are: iron ore, drugs, pharmaceuticals and fine chemicals, machinery and instruments, processed minerals and plastic and linoleum products.

The major import items from Romania are: iron and steel, machinery except electric and electronic, transport equipments, wheat and Metalifers ores and metal scrap.

ANI