CCIB head points to chronic trade balance deficit as one of Romania's major economic problems

One of Romania's major economic problems is the chronic trade balance deficit, which stands at 30 billion euros over the first 10 months of last year, and which cannot be offset by the surplus in the service trade balance, president of the Bucharest Chamber of Commerce and Industry (CCIB) Iuliu Stocklosa told a specialist conference on Thursday."Supporting exporters by all means and in the long term, particularly those with a high degree of processing, respectively with high added value, must be a strategic priority. One of Romania's major economic problems is the chronic trade balance deficit, at 30 billion euros in the first 10 months [of 2024], a deficit that cannot be offset by the surplus in the service trade balance. The constant growth of exports of goods contributes not only to the improvement of the deficit of these balances, taking off the pressure on the exchange rate, but also to the organic growth of the GDP," said the CCIB president.He specified that the institution he is heading has developed very good relations with members of the diplomatic corps accredited to Romania, with Romanian diplomats abroad, with the staff working within the economic trade promotion offices, with the 115 partner chamber organizations around the world, and with the members of the Export Council, a body at the meetings of which CCIB has permanent guest status."Thanks to this complex system of relations established over time, the CCIB supports companies interested in expanding into foreign markets with useful and efficient tools and actions. We focus on supporting the internationalization of Romanian companies' businesses, paying increased attention to the extra-EU space," Iuliu Stocklosa said.He explained that the Chamber of Commerce places particular focus on North Africa, with an emphasis on the Maghreb area, but also on the Middle East, the Caucasus and Central Asia, as all these regions offer significant economic cooperation and investment opportunities, especially in the energy, automotive, chemical, petrochemical, construction materials, agriculture, tourism, IT&C industries.In order to support Romanian business people and exporters, CCIB systematically organizes various events, such as the Business Opportunities Day, offering entrepreneurs the opportunity to meet in an organized setting with ambassadors or economic attachés of partner countries, but also with decision-makers from the Ministry of Economy, Digital Transformation, Entrepreneurship and Tourism, the Foreign Affairs Ministry and the Romanian Investment and Foreign Trade Agency, enabling their access to valuable and useful information regarding foreign trade trends, the bilateral legal framework and potential markets, participation in project tenders, business and investment opportunities and exporter incentives.The CCIB president mentioned that the development of economic and cooperation relations with the Balkan countries and with those represented by the Danube Chambers of Commerce Federation, of which he is a founding member, should not be neglected either. He also stressed that investments in those areas must be stimulated that offer surefire opportunities from private funds, but also from projects financed through various European programs, especially through the NRRP. Carefully managed, European funds can be a chance for Romania to resolve its systemic vulnerabilities and to move from an economic growth based on consumption to one based on investments and the development of business infrastructure, Stocklosa advised."In addition, the NRRP offers the chance to correct the competitiveness gap between Romanian companies and those in Western Europe, thanks to the funds made available for digitalization, re-engineering, automation, robotization, but also through measures dedicated to research/development and innovation," he said.The CCIB president also stated that Bucharest accounts for 19% of national exports, while its imports stand around 35%, so that solutions are needed to correct this negative trade balance.Club Antreprenor and the Pozitiv Newspaper organized on Thursday the 4th edition of the Trade Diplomacy and Exporters Forum, an authentic and constructive debate on exports and exporter companies, which looked both at specific opportunities and challenges.   (Photo:https://ccib.ro/comunicate-de-presa/)