Romania and Italy will negotiate the signing of a Memorandum of Agreement to intensify cooperation on third markets, Ștefan-Radu Oprea, Minister for the Business, Commerce and Entrepreneurship Environment, and Marco Giungi, Italy’s Ambassador in Bucharest, established in a meeting held on Monday.
Discussions also referred to other topics of cooperation – public-private partnerships, experience sharing in automation, digitization and, in general, everything under Industry 4.0. In the coming period, joint working groups will analyze the best ways to capitalize on collaborative opportunities.
The Italian delegation also included the President of CONFIDUSTRIA Romania, the President of the Italian-Romanian Chamber of Commerce, and the Director of the Italian Foreign Trade Institute in Bucharest and other representatives of the Italian associative environment.
The excellent relations between Romania and Italy are facilitated by the existence of over 45,000 Italian capital companies in Romania and, on the other hand, 24,000 companies and more than 49,000 individual enterprises also set up by Romanian citizens are registered in Italy.
The Romanian Minister emphasized Romania’s economic strengths and expressed the desire to further increase Italian investments. At the same time, he thanked the Italian authorities for their efforts to join the Schengen Area and the OECD and stressed the additional cooperation opportunities generated by Romania‘s Presidency of the EU Council in the first half of 2019.
Italy is one of Romania’s strategic partners, the second trading partner and the first investment partner in terms of the number of companies registered in Romania.
On 31 August 2018, according to the National Trade Register Office, the number of Romanian companies with Italian capital amounted to 46,661 (a share of 21.27%), with a total invested capital (direct investment) of 2.55 billion Euros (5th place, a share of 5.7%). Of these, more than 23,400 firms are active.
In 2017, the bilateral trade amounted to 14.6 billion Euros – the highest value recorded in the history of Romanian-Italian relations, increasing by 7.62% as compared to 2016 – out of which 7.03 billion Euros (5.44% increase) exports and 7.58 billion Euros (9.73% increase) imports. The balance of trade, favorable to the Italian side, was – 549 million Euros.
On 30 June 2018, the bilateral trade amounted to 7.8 billion Euros (a 6.27% increase as against the same period of 2017), of which 3.95 billion Euros (a 10.8% increase) exports, and 3.86 billion Euros (a 1.9% increase) imports; the share in Romania’s total trade was 10.5% (2nd place in the partner countries ranking for both export and import). The balance of trade is favorable to Romania, with a surplus of 79.62 million Euros.
Ministry for Business Environment,
Commerce and Entrepreneurship Press Office