UAE and Romania to enhance investment and trade partnership

Abu Dhabi, Nov 23, 2011 (WAM) - UAE Minister of Economy Sultan Al Mansoori received yesterday Romanian Minister of Economy, Trade and Business Environment Ion Ariton and the accompanying delegation in Abu Dhabi yesterday and discussed ways to strengthen economic cooperation between the two countries. The two sides discussed prospects for enhanced cooperation in economic, trade and investment fields and to increase trade exchange. Al Mansoori said that the UAE's ties with Romania are strong at all levels, and called for the need to leverage the existing relations to further strengthen trade and investment. He underlined the need to identify key sectors for co-operation and to explore growth opportunities through joint meetings of UAE and Romanian investors. He said that relations between the UAE and Romania witnessed significant growth in the past years in various fields. Several agreements have been signed to promote economic cooperation, trade and investment and air transport. The volume of trade between the two countries reached 271.5 million in 2010, growing at 35% compared with 2009. The two sides reviewed the investment opportunities in all sectors, and how to strengthen cooperation in joint investment projects, and to encourage the private sector in both countries to draw on the opportunities. Al Mansoori said the UAE has an advanced investment environment that serves as a platform for major international companies, and called upon Romanian companies to benefit from the attractive investment environment in the UAE to expand further in the Middle East and Asia. The Romanian Minister praised the strong ties between his country and the UAE in various sectors. He said several Romanian companies are keen to expand to the UAE, especially in sectors such as technology and alternative energy. The Minister highlighted the advantages of the Romanian investment environment and its strengths in power generation and mining, machine building, chemical industry, petrochemicals, light industry, construction, agriculture and food. - Emirates News Agency, WAM