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null UAE and Romania explore economic cooperation in the fields of food security, energy, technology & logistics

31 Jul 2022

UAE and Romania explore economic cooperation in the fields of food security, energy, technology & logistics


Trade exchange between the two countries totaled AED 800 in Q1 2022 with 41% YOY growth


H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, held a bilateral meeting with H.E. Bogdan Octavian, Ambassador of Romania to the UAE, during which, the two sides explored opportunities to enhance economic and trade cooperation between the two countries. The discussions focused on opportunities in food security, technology, energy, logistics, aviation and artificial intelligence that can contribute to driving the growth of trade and mutual investment flows. The meeting took place at the Ministry of Economy headquarters in Dubai.


H.E. Bin Touq stated that the UAE-Romania relations are witnessing remarkable growth in various economic, trade and investment fields, especially in light of the recent exchange of high-level official visits between the two countries, and the convening of the second session of the UAE-Romania Joint Committee. These developments have paved way for stronger cooperation in various fields in the next phase, also thanks to the keenness of the two countries’ leaderships  to reinforce existing ties and lead them to further growth and prosperity.


H.E. said: "The two countries have great investment potentials and capabilities and enjoy important geographical positions through which they can access major markets in Asia, Europe and Africa. This supports our aspirations to build new economic and trade partnerships that serve common goals in various vital sectors of shared interests and consolidate bilateral relations between the two countries."


The Minister of Economy pointed out that the volume of non-oil trade between the UAE and Romania amounted to nearly AED 800 million in Q1 2022, reflecting a 41% growth compared to the same period last year. In 2021, this exceeded AED 2 billion with a growth of 27% over 2020.


The UAE’s exports to Romania grew by 81% in 2021 compared to 2020 to reach AED 143 million, making the UAE the largest GCC exporter to Romania. Meanwhile, the country’s imports from the Romanian market totaled nearly AED 1.8 billion last year with a year-over-year (YOY) growth rate of 21%.


The UAE exports to Romania included several commodities, most notably metal and industrial hardware, building materials, perfumes and cosmetics, while wheat, wood products and building materials topped of the list of UAE’s imports from Romania.


During the meeting, the Minister of Economy briefed the Romanian ambassador on the trade and investment initiatives launched by the UAE within the framework of the Projects of the 50 and in line with the UAE Centennial 2071 goals to enhance the country’s contributions to the global economy. Furthermore, H.E. Bin Touq elaborated on the attractive investment incentives offered by the UAE’s economic environment to foreign investors and the comprehensive development of economic legislation that also includes the granting of 100% foreign ownership. The UAE also boasts a flexible tax policy that does not include income taxes and provides a simplified business set up process - all of which consolidate the country’s reputation as a dynamic global trade and investment hub, he noted.


Several UAE 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 UAE’s total investments in Romania amounted to around AED 660 million by the end of 2020, spread across the oil and natural gas sector, real estate, building and construction, agriculture, food and pharmaceutical industries, cosmetics, grain cultivation, transportation and logistics services.


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