MUMBAI, Nov 19: Romanian President Emil Constantinescu has offered a red carpet welcome to Indian businessmen to participate in the country’s privatisation programme and invest in his country which is undergoing an economic transformation. During his first visit to India to improve bilateral economic relations between India and Romania, he said, “In Romania, reform process started ten months ago despite the heavy social cost involved. The most important capital that Romania has to offer is trust.”
He was accompanied by a business delegation from the Chamber of Commerce and Industry of Romania (CCIR).
He said Romania is a pillar of stability as the exchange rate and inflation are under control. “While trade deficit has come down to US $ 230 million, the foreign exchange reserves has doubled to US $ 7.5 billion because huge amounts of money held abroad have been repatriated. We have started with the privatisation process. Of the 3660 companies have been privatised, 1360 companies were privatised in the first half of 1997. Many companies are now up for sale,” he said while addressing the members of Confederation of Indian Industry (CII) at the Hotel Oberoi here on Wednesday.
“Attracting foreign capital is a priority,” he said, adding that laws on privatisation of banks, land acquisition and profit repatriation will be introduced soon. The president, on the concluding day of his visit, hoped India will become a long partner of Romania as his country, emerging from turbulent times, heads towards a new destiny. “In our vision, India can play an important role,” he said.
Constantinescu said Romania is now an associate member of the European Union and once discussions for accession to the union fructify, joint ventures in Romania would reap benefits from access to West European markets. “We are putting up infrastructure to make Romania a corridor for the stretch from the Caspian sea to West Europe,” the Romanian President said.
Constantinescu said the 10-month old economic reforms have yielded positive results. “India can play a pivotal role in our relationship with South East Asian region,” he said.
Later, CII and the CCIR signed three memoranda of understanding for creation of bilateral Romanian-Indian working group and an organised framework for development of commercial and investment relationships, besides providing mutual facilities for participation in industrial exhibitions organised by them.