International

President Murmu addressed India-Romania business forum, laid emphasis on implementation of India-EU FTA

By Samira Vishwas

Bucharest, 24 July. President Draupadi Murmu addressed the India-Romania Business Forum in the Romanian capital Bucharest on Friday. The event was attended by President of Romania Nicosor Dan, members of the Government of Romania, business leaders from India and Romania and representatives of industry associations from both the countries.

Romania is a gateway to the larger European market with an important location for investment

President Murmu in his address said that Romania, located at a key connectivity point with Europe, remains a natural and important partner of India due to its strategic location, highly skilled human resources, advanced industrial capacity and strong integration with the European Union. Romania is not only an important destination for investment but also a gateway to the greater European market.

He said that the participation of a large number of Indian business delegations at the Forum reflects the growing confidence of Indian industries in the opportunities that exist in Romania and their desire to build lasting partnerships with Romanian businesses.

Trade and economic cooperation is the main basis of contemporary partnership between India and European Union.

The President said that trade and economic cooperation are the main pillars of the contemporary partnership between India and the European Union. With a combined market of nearly two billion people and a combined economy of nearly $25 trillion, the India-EU Free Trade Agreement (FTA) is one of the most important economic partnerships in the world. It aims to deepen trade integration, accelerate investment flows and build strong and diverse supply chains.

Prompt and effective implementation of the FTA will be of utmost importance

He stressed that prompt and effective implementation of the FTA will be of utmost importance. This will create a credible business environment, strengthen integration of value chains and create new opportunities for micro, small and medium enterprises (MSMEs), startups and innovators on both sides.

India one of the fastest growing major economies in the world

President Murmu said that today India is one of the fastest growing major economies in the world. Today India is one of the fastest growing major economies in the world. Our resolve of ‘Developed India 2047’ is to establish India as a developed nation by the time we complete 100 years of independence. This visit is providing vast opportunities for international partnership, investment and technology cooperation.

The President said that India is continuously taking steps towards creating a transparent, credible and investor-friendly business environment by simplifying the tax regime and through initiatives such as Production Linked Incentives (PLI).

There is great scope for cooperation in the field of energy security and green transition.

He said that there is a lot of scope for cooperation between India and Romania in the field of energy security and green transition. Given Romania’s capabilities in the chemical and fertilizer industry, the two countries can work together in this area as well. India’s globally recognized digital public infrastructure, rapidly growing start-up ecosystem and leadership in information technology can work together with Romania’s strengths in software engineering, cyber-security, research and advanced technology.

He further said, ‘There are also opportunities for cooperation for our companies in the transportation and logistics sector, which includes ports, railways, highways, logistics parks and multi-modal transport. We can also further strengthen cooperation in the fields of pharmaceuticals, healthcare, agriculture and food processing.

Business communities of both countries will take advantage of new opportunities

President Murmu expressed confidence that the business communities of India and Romania will take advantage of these new opportunities and convert them into successful commercial partnerships. He urged Romanian companies to actively participate in India’s development journey. He said our businesses can build stronger supply chains, create jobs, drive innovation and drive long-term prosperity for our people.

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