(MENAFN - Khaleej Times) The third uae-romania joint economic committee meeting concluded at bucharest with the two countries pledging to strengthen cooperation in the tourism education research health industry sme?s renewable energy civil aviation agriculture and food security sectors.
led by sultan bin saeed al mansouri minister of economy the uae delegation held talks over a two day period with the romanian economy minister constantin nita and senior government officials.
in his opening speech al mansouri said: “bilateral trade ties between the uae and romania have grown significantly in the recent past. the uae believes there is ample scope to expand the relationship. although non-oil bilateral trade volume between the two countries has almost doubled between 2012 and 2013 from 249 million up to 445 million we think these numbers do not live up to our ambitions for a stronger economic relationship between our countries especially when we consider the vast trade potential in both the uae and romania.”
“with more concerted efforts we can take greater advantage of the available opportunities and increase our bilateral trade volume to more than 1 billion in the medium term” he said.
the minister of economy highlighted the economic indicators for the uae underlining growth by nearly 231 times since the formation of the federation in 1971 that has positioned it as the second largest arab economy at present.
the romanian minister of economy for his part expressed keen intent in developing economic ties with the uae across all sectors that serve the interests of the two nations. he pointed out that romania can serve as an important trading partner for the uae as its gateway to europe given its location attractive investment environment infrastructure and skilled workforce.
the romanian minister also offered an overview of romania’s economic performance noting that it registered the highest growth rate in the eu during 2013 at 3.5 per cent. the first quarter of 2014 saw the romanian economy grow a further 3.8 per cent with a low inflation rate of 1.9 per cent. romania additionally achieved the highest volume of exports in 23 years reaching €50 billion in 2013. nearly 76 per cent of romania’s exports to the eu are industrial products.