Romanian exports
Romanias exports last year hit an all-time high. Yet what should our country do to maintain this upward trend?
Roxana Vasile, 20.06.2014, 13:38
Romanian authorities want to turn exports into an engine of economic growth. To that end, the Economy Ministry has launched a strategy for the 2014-2020 period. The main priority is to maintain exports on an upward trend after in 2013 exports stood at some 50 billion euros. In 2013 agriculture contributed significantly to economic growth and continues to show great growth potential. The state is now looking for new sectors of the economy to help increase exports.
Although the demand machinery, electric equipment and foodstuffs have gone up on external markets, there are still many sectors of the Romanian economy with untapped potential. This is the conclusion of a forum of experts that met on Thursday in Bucharest. Experts say one such sector is IT, whose development is largely reliant on investments in education, so that young, promising people can be turned into well-trained professionals. At the same time, Romania is seeking new ways to sell electricity. Here is Economy Minister Constantin Nita:
Constantin Nita: “We have great potential, which unfortunately goes to waste. We need to finalize works to connect our power grid with those of the neighboring countries, which requires investment over the next 2-3 years, so that we may export energy in large quantities. The possibilities are there, but we need to find solutions to sell electricity”.
Romania’s exports target both EU and non-EU member states. Their growth depends fully on our country’s relation with community states. Several sectors of the European market have shrunk, while the market itself continues to be highly restrictive. Whereas German, French or Italian companies are regularly given important contracts in Romania, this never works the other way round.
This is the reason why Prime Minister Victor Ponta believes that Romanian exports should focus more on China and other Asian states. Romania should boost economic relations while its ambassadors abroad should showcase the performances of Romanian businesses. The banking sector has also expressed and interest in supporting export companies, although this requires stability, predictability, less red tape and, of course, proper funding.
