The value of imports from Romania to the UK increased by 27% in the first 8 months of 2022

Deniza Cristian 24/11/2022 | 14:13

The value of imports from Romania to the UK registered a significant increase of 27% in the first 8 months of 2022, while exports to Romania registered an increase of almost 9%. In terms of investments, almost 5000 companies with foreign capital have been established in Romania since the beginning of the year, almost a third more compared to the same period in 2021.

 

In the first seven months of this year, the volume of investments increased by 44 %, registering a historical maximum of 5.5 billion Euro.

Romania has become the most important distribution partner for agricultural products in Ukraine

”We are living through a critical period both in terms of the availability and distribution of food products. Romania has become a strategic regional actor due to its agricultural production capacity, with Romania ranking 4th or 5th among the top European agricultural producers. Its proximity to Ukraine and access to the Black Sea were determining factors in settling as the best distribution partner for agricultural products for its neighbor country”, claimed Bogdan Mihăilescu, Representative of the Romanian Embassy in the United Kingdom, during the ’New Horizons for UK – Romania Trade and Investment’, from November 17th, organized in London.

Romania, the second most independent state in Europe, in terms of energy

According to data provided by the European Commission, Romania’s energy dependence is significantly lower than in the rest of the EU member states. Romania holds the second position in the top of the most independent countries in terms of energy, reaching only 28% degree of energy dependence, compared to the European Union’s average of 57%. These data highlighted the fact that Romania is the second most independent country, in terms of energy in Europe, compared to Italy (73%) or Germany (64%).

Moreover, Romania is to receive 1.4 Bn. Euros to increase the degree of energy independence, through the National Recovery and Resilience Program (PNRR).

”The value of foreign direct investment (FDI) was strongly affected by the developments recorded in the last  3 years, whether we’re talking about Brexit, COVID-19 pandemic, or the war in Ukraine. Romania has shown a surprisingly robust level of foreign direct investment, with a record level of investments reported this year, even more surprising considering the geopolitical context we are going through”, Bogdan Mihăilescu, Representative of the Romanian Embassy in the United Kingdom.

’Recently we have seen a great interest in direct investments in Romania and we can actually talk about the highest total amount of investments since 2008, of around 9 Bn. Euro’, Mihai Precup, Secretary of State at the Romanian Ministry of Finance.

The ’New Horizons for UK – Romania Trade and Investment” event organized in London, on November the 17th, brought together top representatives of the business environment and public authorities from Romania and the United Kingdom: Colin Lovering (Chairman of the Board of Directors of the Romanian-British Chamber of Commerce), Bogdan Mihăilescu (Representative of the Romanian Embassy in the United Kingdom), Simona Pulbere (Romanian Parliament), Mihai Precup (Secretary of State at the Ministry of Finance), Bogdan Pletea (Senior Advisor at the World Business Council) and Peter Latos (Senior Advisor, Ernst & Young International) are just some of those who were present at the event.

”Even if Brexit represented an undesirable event, both for the Romanian business environment and for that of Great Britain, the two countries have made considerable efforts to maintain commercial and cultural relations between them at least at the level before the exit of the Great Britain from the European Union”, claimed Colin Lovering, Chairman of the Board of Directors of Romanian-British Chamber of Commerce during the event “New Horizons for UK – Romania Trade and Investment, which brought together the most relevant stakeholders from both countries.”

BR Magazine | Latest Issue

Download PDF or read online: November 2022 Issue | Business Review Magazine

The November 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Samsung Remains Top Consumer Tech Provider on Romanian Market.” Read
Deniza Cristian | 29/11/2022 | 10:17

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