The UAE and Romania are discussing enhancing economic cooperation opportunities in the areas of food security, energy, technology and logistical transport

800 million dirhams, the volume of trade exchange between the two countries during the first quarter of 2022, with a growth of 41%

The UAE and Romania are discussing enhancing economic cooperation opportunities in the areas of food security, energy, technology and logistical transport

>> Bin Touq: The two countries have great investment potential that enhances building new economic and trade partnerships that serve common interests and consolidate bilateral relations.

The UAE is the largest exporter to Romania at the level of the Gulf Cooperation Council countries, with a value of 143 million dirhams during 2021

A review of the various commercial and investment initiatives, the fifty projects of the UAE, and the most prominent developments of the economic legislative system

660 million dirhams, the size of the cumulative balance of direct Emirati investments in Romania by the end of 2020, based on the sectors of the food and pharmaceutical industries, real estate and seaports

His Excellency Abdullah bin Touq Al Marri, Minister of Economy, discussed with His Excellency Ocavian Bogdan, Ambassador of the Republic of Romania to the United Arab Emirates, enhancing opportunities for joint economic and trade cooperation between the two countries in the fields of food security, technology, energy, logistical transport, aviation and artificial intelligence, which contributes to opening horizons New supports the growth of trade and mutual investment. This came during a bilateral meeting held today at the headquarters of the Ministry of Economy in Dubai.

His Excellency bin Touq stressed that the bilateral relations between the UAE and the Republic of Romania are witnessing remarkable growth in various economic, commercial and investment fields, especially in the context of the recent exchange of high-level official visits between the two countries, and the convening of the second session of the UAE-Romanian Joint Committee, which resulted in Setting important paths for cooperation in various fields during the next phase, in addition to the keenness of the wise leadership in the two countries to strengthen these relations and support them for further growth and prosperity.

His Excellency said: “The two countries have great investment potentials and capabilities and an important geographical location through which they can access major markets in Asia, Europe and Africa, in a way that enhances building new economic and trade partnerships that serve common interests in vital sectors of common interest and consolidate bilateral relations between the two countries.”

His Excellency pointed out that the volume of intra-non-oil trade between the UAE and Romania amounted to about 800 million dirhams during the first quarter of 2022, achieving a growth of 41%, compared to the same period last year, while the volume of this trade during 2021 is more than two billion dirhams. A growth of 27% over the year 2020.

UAE exports to Romania grew by 81% during 2021, compared to 2020, to reach 143 million dirhams, and the UAE became the largest exporter to Romania at the level of the Gulf Cooperation Council countries, in contrast, UAE imports from the Romanian market amounted to about 1.8 billion dirhams during Last year, a growth rate of 21%, compared to 2020.

UAE exports to Romania included many commodities and products, most notably metal and industrial hardware, building materials, perfumes and cosmetics, while wheat, wood products and building materials came at the top of the list of UAE imports from Romania.

During his meeting, His Excellency briefed the Romanian ambassador on the commercial and investment initiatives launched by the UAE within the framework of the projects of the 50th and centenary of the UAE 2071 to enhance what it offers on the map of the global economy, and the attractive investment incentives provided by the leading economic environment in the country, and the comprehensive development of the system of economic legislation and allowing foreign ownership of companies by 100%, a flexible tax policy that does not include income taxes, and facilitating the procedures for establishing a business, thus consolidating the UAE’s position as a global center for trade and investment.

Many Emirati companies have established successful investments in Romania, most notably DP World, Emirates International Investments, International Petroleum Investment Company (IPIC), Gulf Pharmaceutical Industries (Julphar), and Al Dhahirah. The cumulative balance of direct Emirati investments in Romania amounted to about 660 million dirhams by the end of 2020, and Emirati investments focused on the oil and natural gas sectors, real estate, building and construction, agriculture, food and pharmaceutical industries, cosmetics, grain cultivation, transportation and logistics services.

Source: Ministry of Economy