WTC Mumbai signs MoU with India-Romania Chamber of Commerce
“I am confident that the opening of the Honorary Consulate Office of Romania in Mumbai will mark a new beginning in the commercial ties of both the countries. This Consulate Office will enhance
commercial cooperation between Romania and the western region of India, including Goa, Madhya Pradesh, Maharashtra and Gujarat. During my tenure, I will ensure frequent visit of Romanian business
delegation to India to promote trade, investment and joint ventures. I hope the current bilateral trade volume will double in the next few years with the opening of this Consulate office.
I assure all possible support to Indian industry looking to enter Romanian market or exploring investment in our country,” said H.E. Mrs. Daniela Sezonov Tane, Ambassador of Romania to India at
an interactive meeting on ‘Doing Business with Romania’ at WTC Mumbai. The event was organized by MVIRDC WTC Mumbai and All India Association of Industries (AIAI).
The Ambassador invited Indian companies to invest in Romania by availing the various grants and cash back incentives offered by the government. She mentioned, “Romania has Euro 90 billion corpus to provide cash back incentives to new investors till 2027. Apart from this, the government has announced National Strategic Plan to promote investment in R&D, agriculture, IT and other specific sectors.”
The Ambassador pointed out that Romania is strategically located at the cross-road of CIS countries, western Europe and Asia and hence it can be an advantageous destination for Indian companies. Romania has the most cost competitive business environment, including low cost of energy, natural gas, reasonable cost of living and abundant availability of skilled labour.
Speaking on this occasion, Mr. Bogdan Hossu, President, Romania-India Chamber of Commerce informed, “Romanian government offers cash back worth 60% of investment for private companies investing upto Euro 100 million. For investment more than Euro 100 million and upto Euro 1 billion, a cash back of around 25% will be offered. Companies employing more than 100 workers in IT sector will be eligible for cash back of 60% against total cost incurred on employees for the first two years. Companies investing in clean energy such as solar, hydro, biomass etc. will be eligible for Euro 20 million cash back.”
Speaking about the investment attractiveness of Romania, Mr. Hossu pointed out that the country’s inward FDI grew four times in the last two years despite the geopolitical tension in the region.
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai remarked, “I congratulate the Embassy of Romaina for opening a Honorary Consulate office in Mumbai, which is the commercial capital of India. India was one of the first few countries to establish diplomatic relations with Romania 75 years ago. But the current bilateral trade volume is hardly USD 1.3 billion, which is below the true potential. Both the countries need to identify complimentary sectors to promote trade, investment and joint ventures. India and Romania can work together in new age sectors such as artificial intelligence, clean energy, green hydrogen etc.”
Dr. Kalantri mentioned that amidst the global recessionary outlook, India is one of the fastest growing economies with expected GDP growth of 6.5% in 2023-24. Romania can participate in India’s vision of growing its economy to USD 30 trillion by 2047.
Dr. Kalantri suggested Indian industry to consider Romania as the hub for their entry into the European market. He also called for greater cooperation in tourism, film shooting and other service sectors.
Delivering vote of thanks for the event, Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai suggested Indian companies to participate in trade fairs and exhibitions in Romania. Ms. Naik suggested the Romanian Embassy to launch India-Romania Business network to facilitate B2B meetings, including virtual meetings between business communities in both the countries.
During the meeting, WTC Mumbai and All India Association of Industries (AIAI) signed MoUs with Indo-Romanian Chamber of Commerce to facilitate trade, investment and other forms of commercial collaboration between both the countries.
The event was also addressed by Mr. Ionut Viziru, Economic Counselor, Romanian Embassy in India.
Mr. Sandeep Rokade, Superintendent Industries Officer, MAITRI, Government of Maharashtra gave a presentation of on the incentives given by the state government to new investments in the state.
The event ended with several B2B meetings and it was attended by members of trade and industry.