Speakers at a seminar here on Monday unanimously agreed that Pakistan and Romania have yet to exploit immense potential of bilateral trade, despite the gradual increase in trade volume in recent years, which stood at $31 million in 2004, remains much below potential. The seminar on 'Trade and Investment Opportunities in Romania' was organised jointly by the Embassy of Romania and Pakistan-Romania Business Forum (PRBF). Speakers said that Romania offers vast investment and business opportunities because of its ideal location, being gateway to potential European Union (EU) market.
Romanian Ambassador to Pakistan Dr Emil Ghitulescu underlined the need to explore potential avenues between the two countries to enhance bilateral trade much above the existing volume. Ambitious plans are needed on the part of both governments to co-operate in all fields, particularly in the economic field.
He said that both countries could benefit from each other's experiences in the textile field, in which both excel. Pakistan, being producer of cotton and value-added textile products, and Romania also having raw materials, would benefit a lot if they went up with joint ventures as well as exchange of information.
He said that accession of Romania to EU in 2007 would open doors of economic stability and prosperity in south-eastern European country. Pakistan would also be in a beneficial position to penetrate the large EU market through trade with Romania.
Dr Emil expressed hope that vigorous efforts, underway for enhancing trade, would bear fruits and existing trade volume scenario would be much better in the days to come.
Constantim Zvanca, Economic Counsellor of Romania in Pakistan, said that in the last few years it proved to be the fastest growing economy in Central Europe, with gradual increase in GDP, which stood at 8.5 percent in 2004. Strong domestic demand, gross capital formation and household consumption had great contribution in GDP growth with about 70 percent of private sector contribution, reflecting positive outcome of new investment and technologies inflow in Romania.
On relations between Romania and Pakistan he said that both countries have traditionally been marked by cordiality and co-operation. Pakistan is an important economic partner of Romania in Asia and a solid market of Romanian goods and important supplier of many products to that country.
He said that despite the fact that bilateral trade volume increased by 27 percent in 2004, compared with previous year, the actual level of commercial exchange was not in accordance with existing possibilities. "Our goal is to find ways and means to increase these figures and develop trade and bilateral co-operation," he added.
President of Karachi Chamber of Commerce & Industry (KCCI), Khalid Feroze, said that the MoU signed between KCCI and businessmen of Romania during 'Expo 2005' would go a long way in further cementing the bilateral trade relations between the two countries.
Honorary Consul General of Romania, Ahsan M Zubairi, and President, PRBF, Salim Kapadia also spoke.