Israel and Romania Sign Business Cooperation Agreement

Despite the numerous challenges it faces on a daily basis and despite efforts to boycott it, Israel has been building business ties with numerous countries around the world.

PM Netanyahu meets with his Romanian counterpart, PM Victor Ponta, in Jerusalem last year. (Flash90)

The Israel Chamber of Commerce, headed by its president, Uriel Lynn, signed an agreement for business cooperation with his counterpart, Mihai Daraban, head of the Chamber of Commerce and Industry of Romania, during a recent visit by an Israeli business delegation to the country.

The agreement aims to promote trade relations between the business sectors of both countries through various activities directed at both Israeli and Romanian businesspeople. Additionally, the agreement emphasizes the intention of both chambers to work together towards promoting both countries’ business sectors, encouraging investments, and developing and increasing bilateral trade. The two chambers will keep an open channel of information in order to facilitate the involvement of entrepreneurs and companies in different projects and joint business collaborations.

“The economy of Romania is growing,” Lynn said. “The geographic distance is short and there is room for much more cooperation in many fields, including cyber-security, agriculture in all its forms, national security, logistics and shipping.”

Attending the signing were Israel’s Ambassador to Romania Dan Ben Eliezer and Israel’s Foreign Trade Administration’s trade representative Matan Safran.

According to Safran, “Romania is an economic target country for Israel. Beyond the close relations the states share, there is a fruitful system of trade and investments between the two countries. The volume of trade stood at $400 million in 2014 and is on the rise. Israeli investments in Romania are estimated at €150 million [close to $167 million] per year; several investors who were ‘sitting on the fence’ following last decade’s financial crisis have now shown renewed interest.”

Safran added that during the visit, and in light of the signing of a memorandum of understanding to increase cooperation, the Israeli trade mission sponsored a roundtable including representatives of 10 leading Israeli companies active in the Romanian market to maximize trade potential between the two countries. “This roundtable enabled the companies to showcase their activities, to ask questions and to utilize the platform created between the two organizations. The trade mission applauds the visit and will aspire to hold a similar meeting with additional companies in the future,” Safran said.

Among the representatives at the roundtable were officials from Bank Leumi, Tuborg Romania, New Kopel Sixt, Gilinox and others.

(With files from the Government Press Office)