New Delhi, November 5 (IANS). India’s Minister of State for Commerce and Industry Jitin Prasad said that India is currently one of the fastest growing large economies in the world. He invited Romanian companies to be part of India’s growing manufacturing and innovation industry. For this he mentioned Make in India and PLI (Production Linked Incentive) schemes.
Minister Prasad led the Indian business delegation to the India-Romania Business Summit held in Brasov. The event was held in partnership with Brasov Chamber of Commerce and Industry, Embassy of India in Bucharest and DPIIT.
The objective of this meeting was to increase investment and industrial cooperation between the two countries. It was attended by companies from sectors such as automobile, aerospace, defence, renewable energy, engineering services and information technology.
In the meeting, information about India’s recent policy reforms, steps related to ease of doing business and incentives being given by the states in the industry sectors were shared. On this occasion, several MoUs for mutual cooperation between Indian and Romanian companies were signed and new technical partnerships and joint ventures were discussed.
According to the ministry, the conference held in Brasov is an important step towards strengthening India’s trade and investment ties with Central and Eastern Europe. Both countries expressed their desire to move forward together in sustainable manufacturing, green energy and high-tech sectors in the long run.
Earlier, Minister Prasad held a bilateral meeting with Romania’s Foreign Minister Oana-Silvia Sou in Bucharest. Both sides discussed expanding trade, attracting investments and strengthening secure supply chains. According to a statement from the Commerce Ministry, both sides agreed to work towards finalizing a fair, balanced and mutually beneficial India-EU Free Trade Agreement (FTA) within this year, in line with the political direction set for the ongoing negotiations.
According to the Commerce Ministry, India’s exports to Romania stood at over $1.03 billion in FY 2024–25, while the total trade between the two countries reached about $2.98 billion.
–IANS
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