CCIB: Romanian-Canadian economic relations below real potential

The level of Romanian- Canadian commercial exchanges as well as mutual investments are under the real potential of the two economies, considers the chairman of the Chamber of Commerce and Industry of Bucharest (CCIB), Iuliu Stocklosa.He met on Thursday, at the CCIB Palace in Bucharest, Gabriel Rotaru, general consul and Stefana Rotaru, consul at the General Consulate of Romania (CGR) in Vancouver – Canada.According to a press release of the institution, sent on Friday, Iuliu Stocklosa presented the place and role of CCIB in the Romanian Chamber system, talking about the activities and programmes meant to support the promotion of the interests of member companies, and on a larger scale of the business environment in Bucharest both on a domestic and international level."Although the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada, in force since September 2017, has contributed to the strengthening and development of bilateral Romanian-Canadian economic relations, both the level of trade and mutual investment are, in our opinion, below the real potential of the two economies", said Iuliu Stocklosa, quoted in the press release, supporting the need to intensify and concerted efforts to be more present on the Canadian market with Romanian goods and services using and supporting the Romanian diplomatic representations, embassies and consulates general, existing on the territory of this country. In his turn, the general consul, Gabriel Rotaru referred to the CGR Vancouver preoccupation for diplomatic representation of Romania in all domains, including economic collaboration, in the consular district which covers the provinces in Western Canada, Alberta, British Columbia, Saskatchewan, in the first two existing bilateral Chambers of Commerce Canada-Romania, where there are companies set up by the representatives of Romanian diaspora potentially interested in the collaboration with CCIB.   The idea of organising an economic mission from the area covered by CGR Vancouver to Romania, CCIB having the availability of offering the space for the promotion events.According to CCIB, Romanian-Canadian trade in the first 4 months of this year shows an increase compared to the same period in 2023 by almost 6% and a volume of $ 74 million, due to the increase in imports by 95%, reaching a volume of $ 30 million, while Romanian exports, with a total of $ 44 million, decreased by 19%.   Positive remains the existence of a favorable balance of trade balance in Romania. In terms of Canadian investments in Romania, on May 31 this year, Canada ranked 28th among investing countries, with a subscribed capital of about 144 million dollars, representing 0.22% of total foreign inventions in our country and a total of 2,380 companies with Canadian capital.