Publicat pe 12/10/2022

Bucharest, October 12, 2022: The President of the Chamber of Commerce and Industry of Romania (CCIR), Mr. Mihai Daraban, on Wednesday, October 12, had a meeting with E.S. mrs. Elisabeth Cardoso, ambassador of the Grand Duchy of Luxembourg for Romania, the agenda of discussions including topics related to the ways of developing economic and commercial relations between the business communities between the two states.

“One of the reference economic sectors for the Grand Duchy of Luxembourg is IT&C, a field in which joint projects can exist, as Romania has many experts. Unfortunately, this sector is not sufficiently institutionalized and consequently is not exploited to its real potential. Eurostat ranks Romania last in terms of research and innovation. Consequently, the Romanian economy cannot have a positive trade balance as long as we do not deliver products with high added value. That’s why Romania urgently needs to attract foreign investments, as well as the granting of European incentives”, said the president of the CCIR, Mr. Mihai Daraban.

“The Grand Duchy of Luxembourg is a small state with a less developed industry, the country’s economy being mainly supported by SMEs. One of the reference economic sectors is IT&C, a field in which there can be intense collaboration with Romania. Also, the space industry is a strong point of the Luxembourg economy, being an area in which more and more companies are active that build solutions for the commercial exploration and use of space resources. One of the current challenges is the digitization and economic security of Luxembourg companies,” said E.S. mrs. Elisabeth Cardoso, ambassador of the Grand Duchy of Luxembourg for Romania, Mrs. Elizabeth Cardoso.

Background

According to ONRC data, the total value of Romania-Luxembourg trade was almost 671.9 million euros at the end of 2020. As of August 2022, a number of 1088 Luxembourgish companies were active in Romania, with a total value of the subscribed capital of over 2.2 billion euros.