Romania, South Korea can increase trade exchanges to 2 bln dollars

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The all-in trade exchanges between Romania and the Republic of Korea (South Korea - editor's note) can increase up to 1.5 - 2 billion dollars in the upcoming two or three years, taking into account the two markets' potential, Managing Director with the Economy Ministry Radu Zaharia said on Tuesday in the opening of the Romania - South Korea Business Forum.

"The direct contacts between the representatives of the two business milieus, the economic missions organized with the support of the Economy Ministry are some of the ways to increase the volume of trade exchanges, as both economies have a significant economic potential. According to statistics, the Romanian-South Korean trade exchanges stood at 962 million dollars in October 2013, with 520 million dollars accounting for Romania's exports. Considering these results, South Korea is Romania's second largest export market in Asia, after China, outclassing Japan and India," Radu Zaharia said.

Romania's exports mainly include cars and equipment, base metals and articles thereof, plastic materials, wood and wood pulp, optical and photographic instruments. In recent years, Romania has also expanded the export of other goods such as IT products, electronic components, rolling stock, wood furniture, glassware, food products (wines). Romania has primarily imported cars, electronic products and telecommunications devices, base metals and articles thereof.

Romania's Chamber of Commerce and Industry organized the Romania — South Korea Business Forum in Bucharest on Tuesday, in the context of the visit to Romania of a Korean economic delegation chaired by South Korea's Vice Minister for Industry and Technology Kim Jae-hong.

"With 204 companies operating in Romania and an invested share capital worth 104 million euros, South Korea ranks 26th in the ranking of the foreign investors in Romania. The volume of the Romanian — South Korean trade exchanges of 725.18 million euros in October 2013 is low compared to the potential of the two markets. The representatives of the two countries' business milieus can boost their cooperation in sectoral domains such as energy, the IT&C industry, electronic components and semiconductors, constructions, civil engineering, the automotive industry, naval constructions, the defence industry, agriculture, tourism, science and technology," said Dumitru Dan, president of the Ilfov Trade and Industry Chamber.

The Romania — South Korea Trade and Industry Chamber was founded in Bucharest in 2008.AGERPRES

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