Total Romanian exports of goods and services to Moldova in 2022 exceeded €2.1 billion, up 61% compared to 2021.
This was stated by the Deputy Governor of the National Bank of Romania, Leonardo Badea, at the annual joint conference of the National Bank of Romania and the Academy of Economic Studies, held in Bucharest with the participation of a delegation of the National Bank of Moldova and the Academy of Economic Studies of Moldova. He noted the strengthening of existing economic cooperation between the countries, stressing that Moldova and Romania are united by a rich cultural heritage, a common language and a long history of mutual support and cooperation, and these common roots provide a solid foundation for the economic partnership of the parties, which has advanced significantly over the years. "In recent years, there has been a significant increase in bilateral trade between Romania and Moldova. Romania is now one of Moldova's most important trading partners, with total exports of goods and services exceeding €2.1 billion in 2022, an increase of about 61%, compared to 2021, and more than 134%, compared to 2020. More than 3,800 companies registered in Romania were exporting to Moldova in 2022. At the same time, imports of goods and services from Moldova to Romania exceeded the €1 billion threshold last year, increasing by about 64% compared to 2021 and by more than 94% compared to 2020," said the Romanian National Bank Deputy Governor. According to him, the key sectors of trade cooperation between the parties are agriculture, industrial production and energy. Romania is the main destination for the export of Moldovan agricultural products: wine, fruits and vegetables. At the same time, Romania exports machinery, equipment and various consumer goods to Moldova. According to the latest data, about 3,800 companies with Moldovan or mixed capital are registered in the National Trade Register Office in Romania, of which more than 1,000 were operating in 2022. They stood out with a return on equity above the average for the economy as a whole, a contribution to gross value added of about 1.3 billion Romanian lei (RON) and a turnover of about 3.3 billion RON, with total assets of 2.7 billion RON and about 5,000 employees. "In addition to trade, an important aspect of our economic cooperation is investment. Romanian companies have actively invested in Moldova, contributing to the development of sectors such as banking, telecommunications and manufacturing. I believe that these investments play an important role in modernizing Moldova's economy and creating new jobs and opportunities for its citizens," Leonardo Badea said. According to him, Romania's international investment position with Moldova included assets of about €545 million at the end of 2022, more than 68% of which were direct investments, which have also grown significantly, increasing by about 26%, compared to 2020. He cited the Iasi-Ungheni gas pipeline, which connects the gas networks of Romania and Moldova, as one of the most striking examples of investment cooperation between the parties. The Deputy Governor of the National Bank of Romania emphasized that, in addition, the governments of Moldova and Romania have worked together on various initiatives aimed at developing entrepreneurship and supporting small and medium-sized enterprises (SMEs) in both countries. These efforts include the creation of business incubators, financial assistance, training programs and the organization of trade missions and joint exhibitions. He also noted the €150 million loan Romania provided to Moldova in two tranches in 2016-2017, which had already been fully repaid by the end of last year. "In the financial sector we also have good cooperation relations, both at the level of market entities and at the institutional level. Romanian and Moldovan banks often enter into partnerships and correspondent relationships to facilitate trade finance, cross-border transactions and other services for businesses and individuals in both countries. Although only 1 Moldovan company is currently listed on the Bucharest Stock Exchange, this example shows the potential of cross-border listings and the benefits they can bring to both Moldova and Romania," the Romanian National Bank Deputy Governor said. According to him, NBR constantly supports the European way of Moldova towards modernization, openness and growth in all aspects related to the functioning of the financial system in general, credit institutions in particular, sharing experience and knowledge with colleagues from the National Bank of Moldova on issues of monetary policy, regulation, authorization, supervision, financial stability and risk management. Leonardo Badea noted that there is a solid foundation for strengthening and further developing the economic cooperation between the two countries. He cited further diversification of commercial offerings and investment portfolios as an important area. "We should focus on strengthening our cooperation in areas such as innovation, research and development and environmental sustainability. By combining resources, knowledge and institutional expertise, we can capitalize on cutting-edge technologies, drive economic growth and improve the standard of living for our citizens. Another challenge is the continued development and modernization of infrastructure in our countries so that the transit of goods and people can be done faster, at lower cost and in better safety conditions. Looking to the future, it is important to continue deepening our economic cooperation in the face of an increasingly complex and competitive global landscape of increasing geopolitical tensions and obstacles to free trade. To this end, we need to maintain an open dialogue between institutions, businesses and consumer communities, working together to identify new opportunities and address the challenges ahead," said the Deputy Governor of the National Bank of Romania. // 26.04.2023 - InfoMarket.
