The total value of Luxembourg investments in Romania in June 2024 amounted to 5.97 billion euros, as there are 1140 companies with Luxembourg capital, announced the president of the Romanian Chamber of Commerce and Industry (CCIR), Mihai Daraban.The CCIR signed a Memorandum of Understanding with the Luxembourg Chamber of Commerce on Tuesday, October 1, the event taking place on the sidelines of the three-day Romania-Luxembourg Business Forum, held in Bucharest, informs a press release of the institution sent on Wednesday.The document provides for the strengthening of business relations and the development of the economic component between the two countries and sets out the guidelines that the business environments in Romania and the Grand Duchy of Luxembourg can follow to facilitate bilateral trade."Bilateral trade exchanges indicate a rather small annual value, namely about 147 million euros, reported at the level of 2023. However, if we take into account the volume of trade in services, it amounts to almost one billion euros. Moreover, the total value of Luxembourg investments in Romania amounted to 5.97 billion euros in June 2024. There are 1140 companies with Luxembourg capital in Romania, with a total amount of subscribed capital of 1.85 billion euros. These figures must be taken into account, especially if we consider the size of the Grand Duchy of Luxembourg, and the document we have signed today can be a new step in the development of bilateral trade relations," said Mihai Daraban, in the cited press release.The president of the Luxembourg Chamber of Commerce, Fernand Ernster, pointed out that the first Memorandum between the two countries was signed in 2002.I am happy to announce the resigning of the Memorandum of Understanding because the first document of this kind was signed in 2002, and this shows that there is a long-lasting partnership between the two chambers. This agreement symbolizes our commitment to continue our cooperation with the CCIR, an organization with the help of which we can lay the foundations for sustainable economic development for both Luxembourg and Romania. Together, we are not only building business, but we are also laying the foundations for a solid economic partnership that will withstand future challenges, Fernand Ernster said. (Photo:https://ccir.ro/)
Cristian Măcelaru will conduct the opening concert of the anniversary edition of the George Enescu International Festival, one of the world’s most prestigious classical music events, taking place from August 24 to September 21. The Romanian conductor will lead the George Enescu Philharmonic Orchestra and Choir at the inaugural performance at Sala Palatului in Bucharest, […]
Bucharest's Știrbei Palace is set to become Romania's first high-end retail destination, with Hagag Development Europe announcing its reopening for the second half of 2025. The building on Calea Victoriei will host some of the world's most prestigious brands, the developer said. Fashion houses such as Dior, Saint Laurent, Celine, Valentino Garavani, and Hermes will […]
Interim president Ilie Bolojan said on social media that Romania is a committed and reliable ally, after US president Donald Trump halted all military aid to Ukraine on Tuesday, February 4. Trump’s decision comes after a series of meetings at the White House with top national security officials in the aftermath of the disastrous public […]
Guest writer Henry Páll Wulff shares an ample overview of the top challenges Romania is facing and the potential solutions that local policymakers should consider. A captivating read, this opinion article shows what Romania can learn from countries such as France, Germany, Denmark, Finland, Canada, Costa Rica, and Bhutan. As Romania embarks on a new […]
US company Goodyear, one of the world's largest tire manufacturers, has appointed Romanian Octavian Velcan as the head of its Turkish subsidiary, one of Turkey's largest exporters. The Turkish branch of Goodyear operates deliveries nearing USD 2 billion, according to data analyzed by Profit.ro. ...
A study conducted by the Bucharest Community Foundation, through the Bucurestiul Pregatit/Bucharest Ready program, shows that 82% of residents believe that the Romanian capital is not ready for a major earthquake, making it a prime concern among city residents. Meanwhile, 59% of Bucharest residents consider earthquakes a major threat, ranking them as the second biggest […]
