The Republic of Korea is one of Romania's important commercial and economic partner in South-Eastern Asia. The dynamics of commercial exchanges in 2023, especially exports, indicates a growing interest of Romanian companies in this market, said Iuliu Stocklosa, the president of Bucharest Chamber of Trade and Industry (CCIB). According to a CCIB press release, issued on Tuesday, Stocklosa met Min Seok Ko, Romania's honorary consul in Incheon, Korea, on his first visit in Romania, following his recent appointment in this position. “With a population of over 3 million inhabitants, the metropolitan city of Incheon is located in the north-western part of the country, neighboring Gyeonggi province and the capital city of Seoul. It is known as the main entrance point in the Republic of Korea because of Incheon international airport (the largest in the country) and Incheon port (the second largest after Busan). Incheon Free Zone has developed continuously lately, the big Korean companies (Samsung, LG, SK, etc) deciding to open production facilities in that area”, the press release shows. The honorary consul Ko said the aim of the visit was to prospect the Romanian market, being interested in identifying business opportunities especially in tourism, IC&C, electronic equipment, textiles, fod and wine. He intends to return to Romania in October or November with an economic mission including eight companies from Incheon area. On November 30, 2023, bilateral commercial exchanges reached 1.1 billion dollars, 2.5% over the level recorded in the same period of 2022. Romanian deliveries recorded 0.51 billion dollars (+27.3%), while imports from South Korea amounted to 590 million dollars (- 12.2%). According to the National Office of Trade Registrar (ONRC), on December 31, 2023, 288 companies with South Korean capital were registered with a social capital of 123.6 million dollars, 0.19% of all foreign investments, situating South Korea 30th among states investing in Romania.
The Ministry of Development proposed to the government to analyse the opportunity to develop an investment program dedicated to the economic recovery of small towns with a population of under 25,000 in non-metropolitan areas. The financial support for the development of these towns has been so far fragmented, and competition with large cities for funds proved […]
Prime minister Ilie Bolojan said on November 6 that he hopes that the ruling coalition will manage to legislate by the end of this month the rest of the second package of budgetary measures, namely the public administration streamlining law and the law on magistrates' pensions. Unless the law on the public administration is legislated, […]
Japanese group Makita announced that it will reduce production of power tools in China for the US market due to the unpredictability of US tariffs and move this production to factories in Romania and Thailand, according to Nikkei Asia, as reported by Economica.net. The Japanese group reported business of almost EUR 640 million locally...
The Competition Council has outlined a series of concerns related to the transaction through which the Schwarz group, which operates the Kaufland and Lidl store chains in Romania, intends to take over the La Cocoș stores, according to a press release quoted by
Romania’s flag carrier, Tarom, has requested the government to disburse a new tranche of restructuring state aid approved in 2024 to address the current liquidity deficit, Profit.ro reported. The company argued that, because of late payment penalties...
Retail sales volume contracted by 2.3% q/q in Q3, resulting in a 0.3% y/y decline in Romania (the second negative reading since the Covid-19 pandemic), visibly dragged down by the real wages that contracted by 3.7% y/y in July-August (latest data available) after +2.2% y/y in Q2, +4.6% y/y in Q1 and around 9%-10% y/y […]
