Pakistan-Romania Business Forum a revitalizing factor for bilateral trade relations
Pakistan and Romania enjoy strong bilateral ties since the establishment of diplomatic relations between both countries back in 1964. The two countries have longstanding collaboration in political, economic, cultural and scientific fields with bilateral trade valued at around $100 million per year.
Romania is a middle sized European country. It has a mounting economy and is among the fastest growing economies in the European Union (EU) for two consecutive years along with being the seventh largest market in the EU. The country has expertise in mining, agricultural products, pharmaceuticals, cement production, alternate energy resources, information technology (IT), and manufacturing of helicopters as well as defence industry. Though Pakistan is already bent upon developing cooperation in all these sectors with Romania yet there exists a need to go beyond the current efforts. Both the countries should have joint economic ventures and development projects.
Multiple cooperation initiatives have been undertaken to promote mutual economic ties for the benefits of both countries such as the Honorary Consulates, Business Councils, Friends of Romania Group and now Pakistan-Romania Business Forum. Romania also seems interested to establish a Pak-Romania Joint Chamber of Commerce and Industry.
Pakistani companies are widely encouraged to invest in Romania. Pakistan-Romania Business Forum can play an active role in facilitation of trade and investment between the two countries. Pakistan should also explore Romania’s large reserves of oil and metals such as gold and silver. There is a need for regular exchange of economic information through business symposium between the two countries.
The advent of business forum between both countries is one of the greatest initiatives ever for enhancing bilateral ties. As previously witnessed, Pakistan Romania-Business Council has provided various linkages for the exchange of business related information between the two countries.
Ambassador of Romania, H.E. Nicolae GOIA recently paid an official visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). While meeting the members of FPCCI, he said that his country greatly values the relations between Pakistan and Romania. He said that being a key member of European Union, Romania was in a vantage position to help Pakistani products gain an easy access to European markets. He added that Romania helped Pakistan in getting GSP plus status and underlined Romanian efforts to help materialize the benefits of this status.
The underlined historical tradition of the Pakistan-Romania bilateral relations and the precedents set by both the countries to cooperate at all levels, are few of the evident facts with regards to promotion and consolidation of the bilateral cooperation in the political, economic, trade, cultural and other fields. Pakistani entrepreneurs can get the benefit of exporting their products to the European Union nations through the support of Romania while enjoying the incentivised trade policies under the GSP plus status.
Pakistani products including rice, sports goods, surgical instruments, pharmaceuticals, leather & textile products could be exported to Romania. Romanian businessmen should look into the opportunities to develop business relation in the identified areas. The business communities of Pakistan and Romania are playing a vital role for the promotion of bilateral trade and greater mutual interaction is still needed to achieve the ultimate objectives.
Pakistan-Romania Business Council is actually working as a bridge between business communities of both the countries for exploring new avenues of commercial and economic cooperation. As an important member state of EU, Romania unconditionally supported Pakistan’s bid for GSP plus. This support to Pakistan would continue extending in the same way as the relations are growing with every passing second.
The completion of the bilateral legal framework through signing of intergovernmental agreements on economic cooperation back in September 2011 was an applauded step. The same way, defence cooperation pacts in February 2013, were few of the very important initiatives to further engrave benefits out of it. The launch of Pakistan-Romania business forum, with the assistance of businessmen from both the countries has actually paved the way for further cooperation.
Cooperation in education sector has evinced good interest which is contributing very well through Romanian and Pakistani universities. The Rector of COMSATS Institute of Information and Technology has visited Romania, and over 200 Pakistani students are currently studying there. An important role in promoting cultural ties is performed by the Pakistan Romania Friendship Association (PRFA), whose activities are highly supportive. Through social and cultural activities, PRFA will continue to be an effective platform to bring Romania and Pakistan closer to spearhead cultural activities in the future.
Pakistan has emerged as a country of massive potential, enormous vitality and innovation with a sophisticated business class, robust capital market, vast natural resources and a hard working population. The Government is vigorously pursuing a socio-economic reforms agenda to achieve prosperity while protecting the poor.
Romania has a strategic location within the EU, being an open gate for EU towards Commonwealth of Independent States(CIS), Asia, Middle East and Northern Africa. The possibility to participate in major projects in the Black Sea extended area in the Central & Eastern European Region, Romania has an important role in assuring the energy security for Europe including the major transit pipelines, energy production and product supply. The joint business council of both countries has worked together on this particular phenomenon that is giving immense benefits.
The basic mission of the business forum is the aspiration and desire to stimulate the growth of our economics, to create appropriate conditions for the placing of business in a global economy and in general, to promote growth in production capacity through internationalization.
The Pak-Romania business council under the auspices of FPCCI is the most powerful forum where benefits are mutual with emergence of new opportunities. The joint forum would also remain helpful for seeking more opportunities.
Moreover, the participation of Romania in the CPEC can also bring Pakistan and Romania close together by creating more business and trade opportunities. Romania is exploring the prospects of benefitting with accordance to the CPEC project. Pakistan is ready to invite Romanian companies to invest and participate in this venture. It has expressed keen desire to augment relations with Pakistan in the fields of sports, agriculture and culture.
In January 2017, Pakistan and Romania agreed to bolster high level exchanges to strengthen the already existing bilateral ties. There exists a wide scope for cooperation in many fields and both countries can learn and benefit from sharing of experiences and best practices in the them. Currently the trade volume between the two countries may not be up to the mark therefore we have to put in some extra effort to achieve immediate and durable results. The forum would certainly be a helpful venture to bridge the gaps which still exist despite active cooperation and strong bilateral relations between Romania and Pakistan.