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Romanian trade delegation

Tuesday 25 March, 2008

Gheorghe Gruia, Consul for economic affairs @ the Consulate General of Romania in Chicago, hosted a trade delegation in from Romania for the housewares trade show @ McCormick Place. Gheorghe made a presentation @ a breakfast reception: Romania has a population of 21.7 million people with 2.5 million in Bucharest. GDP has grown 4-8% the last few years in Romania & has received 31 billion Euros of foreign direct investment from the Netherlands, Germany, US, & Italy. Inflation has shrunk from 47% to 5% & unemployment has more than halved from 12% to 5%. Romania should be part of the Euro-zone by 2012. Illinois exported $25.5million of product/services to Romania in 2006. Romania has the lowest tax rates in the area & all sectors have been privatized & are available for investment. Economic advantages include a fast growing economy, low tax rates, & low inflation. Romania offers human resources, technology, IT, & engineering resources. Location is also an advantage with close proximity to the CIS & Middle East.

Here are the companies which paid a visit:

Acormed-environmental protection, water administration

Aquarius Exim-imports yarns, exports fabrics

Astra-security vaults

CIAC-building, construction

Cozia Forest-wood processing

Elpidex-wood garden furniture, log houses

Hobby House-forwarders & movers

Lumetal-recyclable scrap recovery

Prodin-natural fiber textile producer

Sigstrat-moulded plywood processing

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