UAE, Romania to improve investment cooperation

During the World Government Summit (WGS) 2023, Abdullah Bin Touq Al Marri, Minister of Economy, and Mircea Abrudean, Head of the Chancellery of the Romanian Prime Minister, met to discuss trade and economic cooperation between the UAE and Romania. Both sides agreed to forge new economic and trade partnerships in priority sectors such as food security, transportation, logistics, and technology.

The meeting was an opportunity for Bin Touq to highlight the prominent developments in the UAE economy, which make it an ideal global destination for business and investments.

The UAE and Romania have solid relations, and both countries aspire to strengthen economic cooperation to drive sustainable economic development. Bin Touq stressed the need for cooperation and strengthening of existing trade and economic ties in various strategic sectors.

The UAE is keen to solidify cooperation with global partners through innovative initiatives. Bin Touq invited Romanian companies to take advantage of the benefits and incentives offered by the UAE economy to achieve growth and expansion in the UAE and other MENA markets.

The trade and economic relations between the UAE and Romania continue to grow, with the volume of non-oil trade between the two countries reaching US$1.01 billion in 2022, up 82 per cent from 2021. The UAE’s total non-oil exports to Romania reached US$66 million in 2022, with a 79 percent YoY growth, while re-exports totalling US$120 million with a 297 percent growth.

Romanian foreign direct investment (FDI) in the UAE stood at US$34 million by the beginning of 2021, while the UAE’s investments in Romania reached US$180 million in the same year, focussing mainly on medicine, beauty products, technology, agriculture, food security, ports, and logistics.

The World Government Summit is a leading platform dedicated to shaping the future of governments. Since its launch in 2013, the Summit has made significant strides in coordinating the efforts to enhance joint government action to find solutions for future challenges through establishing effective partnerships.

This year, the Summit is hosting over 10,000 participants, including presidents, senior government officials, experts, and businessmen, to build the future of governments through 220 interactive panel discussions.