News on the Romanian Economy

Romanian officials took part in a series of talks on the European economy held in Austria.

Mihai Pelin, 25.06.2013, 17:28

A delegation of Romanian officials, lead by Economy Minister Varujan Vosganian took part in a series of meetings on economic topics held in Austria. The delegation included Chamber of Deputies President Valeriu Zgonea and Energy Minister Constantin Nita. The most important event was the “Romania” Forum held on Monday in Vienna by the Federal Economic Chamber of Austria. As part of the Forum Romanian officials held talks with representatives of over 200 Austrian businesses, small and medium-sized enterprises in the main, which expressed an interest to invest in Romania.

Against this backdrop Chamber of Deputies President Valeriu Zgonea highlighted the good economic relations between Romania and Austria, particularly in the banking and energy sectors. “We are glad that about one third of Austrian investments in Central and South-eastern Europe have been made in Romania and that despite the global economic context, Austria has remained one of Romania’s main investors and trade partners”, Valeriu Zgonea said.

The Romanian official added that Austrian investment in Romania had exceeded 4.6 billion euros after 1990. Valeriu Zgonea also underscored the role played by Austrian banks in the Romanian economy and expressed hope they would further promote our country as a business destination for leading international investors. During his visit to Austria, Romanian Economy Minister Varujan Vosganian met with his Austrian counterpart Reinhold Mitterlehner, as well as with leading business people and representatives of Romanian companies.

At present some 150 companies with Romanian capital are registered in Austria in such fields as trade, tourism and consultancy. Although 2012 was an election year in Romania, packed with social and political “turbulence”, some well-established international companies, including Austrian ones, maintained their investments in Romania in the food and farming, iron and steel, chemical, light, pharmaceutical industries, as well as in transports, telecommunications, car making and marketing consultancy sectors.

The Romanian banking system is of particular importance, given that about one third of its assets are owned by Austrian banks. Besides, the largest Romanian energy company, Petrom, with a turnover of almost 5.3 billion euros last year, is owned by the Austrian Company OMV. According to official data, the value of two-way trade between Romania and Austria last year exceeded 3.3 billion euros.