Economy minister: Romania, ready to become a strategic partner for India in Central and Eastern Europe

Romania is ready to become a strategic partner for India in Central and Eastern Europe, as it has the necessary infrastructure, skills and is also a member of the largest common market in the world - the European Union, Minister of Economy Radu Mituta said, as the Ministry of Economy, Digital Transformation, Entrepreneurship and Tourism hosted on Wednesday the 19th session of the Joint Romania-India Intergovernmental Committee on Economic Cooperation. The event marked over 75 years of diplomatic relations and more than a decade of extensive partnership between the two states. The Romanian delegation was led by Minister Radu Miruta, while Union Minister of State for Commerce and Industry Jitin Prasada headed the Indian business delegation."Romania is ready to become a strategic partner of India in Central and Eastern Europe - and India comes with a spectacular growth rate and a huge market. If we put these resources together, both economies stand to gain," said Radu Miruta as cited in a statement from the Ministry of Economy.Within the joint committee, both sides reaffirmed their commitment to strengthening the bilateral partnership and to opening new opportunities for cooperation in areas of shared interest.During the discussions, the prospects for cooperation in areas such as energy, IT&C, industrial policies, defense, infrastructure, agriculture and the food industry, tourism, mineral resources and SMEs were examined."The sides also welcomed the adoption of the EU-India Strategic Agenda 2025, which includes prosperity, sustainability, strengthening supply chains and global economic security among its priorities. Moreover, India's relationship with the European Union is essential, given that the European Union is India's second largest trading partner, with trade in goods worth EUR 120 billion in 2024, or 11.5% of India's total trade," the statement said.According to data from the Romanian Investment and Foreign Trade Agency cited by the Ministry of Economy, the European Union's share in the foreign direct investments in India reached EUR 140.1 billion in 2023, up from EUR 82.3 billion in 2019. Conversely, India's investments in the European Union amounted to EUR 10.2 billion.On a bilateral level, Romania's trade with India recorded in 2023 a 15-year peak, placing India second in the ranking of Romania's trading partners in Asia, ahead of Japan and South Korea. However, 2024 saw a 39% decrease in bilateral trade, which totaled $1.059 billion, while exports stood at $291.64 million (-16.1%), and imports were $768.07 million (-44.7%). Romania's trade deficit, on this relationship, amounted to $476.43 million (down 54.4% compared to 2023).The main product categories exported by Romania to India in H1 2025 were machinery, equipment and mechanical devices (59.4%), basic metals and metal products (9.4%), instruments and optical equipment (9.3%), mineral products (7.5%), plastic and rubber products (6.3%), textiles (3.8%), wood and wood products (1.2%), stone articles (0.6%), vehicles & transport equipment (1%), and chemical products (0.9%).The most significant items in the export portfolio are bearings (20.5%), electrical switchboards and panels (11.9%), petroleum oils, bitumen materials other than crude (7.5%), telephony and data transmission equipment (6.3%), and instruments for physical or chemical analyses (5.6%).The next session of the Romania-India Joint Intergovernmental Committee will take place in New Delhi in 2026. (Photo:https://economie.gov.ro/)