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India, Romania to boost trade ties

January 31, 2004 16:38 IST

India and Romania on Saturday sought closer trade links in the fields of pharma, information technology and engineering goods, to take bilateral economic relationship at par with political ties between New Delhi and Bucharest.

Showcasing the success story woven by L N Mittal's Ispat group in the East European country, Romanian President Ion Iliescu said the country is in the last leg of privatisation and expressed his government's commitment to economic liberalisation.

There are about 180 companies in Romania which have Indian participation, he said, adding there was enough scope for entrepreneurs from India to invest in the country, clocking five per cent annual growth rate -- higher than any other nation in the region.

Speaking at the Confederation of Indian Industry-Federation of Indian Chambers of Commerce and Industry function in New Delhi, Minister of State for External Affairs Vinod Khanna described Iliescu's trip as a "landmark visit" and said industries from both the countries should strive to take the business relations at par with bilateral political relationship which has a strong historical bond.

The two countries have failed to use full potential in the field of trade which currently stands at a low $73 million, the minister said.

He said Romania's strategic location serves as a great advantage and Indian business community should make full use of the country as a bridgehead to Central Eurpoean countries, particularly in view of Bucharest joining the European Union in 2007.

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