Romania has offered cash back incentives from its 90-billion-euro corpus to Indian companies to invest in the country till 2027. Apart from this, the government has announced a National Strategic Plan to promote investment in R&D, agriculture, IT and other specific sectors” said H.E. Mrs. Daniela Sezonov Tane, Ambassador of Romania to India at the interactive meeting on ‘Doing Business with Romania’ organized by MVIRDC WTC Mumbai and All India Association of Industries (AIAI).
Speaking on this occasion, Mr. Bogdan Hossu, President, Romania-India Chamber of Commerce informed, “Romanian government offers cash back worth 60% of the investment for private companies investing up to Euro 100 million. For investment more than Euro 100 million and up to Euro 1 billion, a cash back of around 25% will be offered. Companies employing more than 100 workers in the IT sector will be eligible for cash back of 60% against total cost incurred on employees for the first two years. Companies investing in clean energy such as solar, hydro, biomass etc. will be eligible for Euro 20 million cash back.”
Speaking about the investment attractiveness of Romania, Mr. Hossu pointed out that the country’s inward FDI grew four times in the last two years despite the geopolitical tension in the region.
During the meeting, World Trade Center Mumbai and All India Association of Industries signed MoUs with Indo-Romanian Chamber of Commerce to facilitate trade, investment and other forms of commercial collaboration between both the countries.
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, WTC Mumbai remarked, “I congratulate the Embassy of Romania for opening a Honorary Consulate office in Mumbai, which is the commercial capital of India. India was one of the first few countries to establish diplomatic relations with Romania 75 years ago. But the current bilateral trade volume is hardly USD 1.3 billion, which is below the true potential. Both countries need to identify complimentary sectors to promote trade, investment and joint ventures. India and Romania can work together in new age sectors such as artificial intelligence, clean energy, green hydrogen etc.”
The Romanian ambassador too expressed hope that the current bilateral trade volume will double in the next few years with the opening of this Consulate office, and assured all possible support to Indian industry looking to enter the Romanian market or exploring investment in her country.
Dr. Kalantri mentioned that amidst the global recessionary outlook, India is one of the fastest growing economies with expected a GDP growth of 6.5% in 2023-24. Romania can participate in India’s vision of growing its economy to USD 30 trillion by 2047.
Calling for greater cooperation in tourism, film shooting and other service sectors, Dr. Kalantri suggested the Indian industry to consider Romania as the hub for their entry into the European market.
In Photo: Mr. Bogdan Hossu, President, Romania-India Chamber of Commerce (3rd from left) exchanging MoU with Ms. Rupa Naik, Executive Director, WTC Mumbai (2nd from left). Also seen in the photograph are Dr. Vijay Kalantri, Chairman, WTC Mumbai (extreme left) and H.E. Mrs. Daniela Sezonov Tane, Ambassador of Romania to India (extreme right).