Bucharest (Romania), Jul 24: President Droupadi Murmu on Friday asked Romanian companies to participate actively in India’s growth story, citing significant untapped potential in economic partnership between the two countries.
Addressing the India–Romania Business Forum, she said India is today one of the world’s fastest-growing major economies.
“Our economic growth is driven by sound macroeconomic fundamentals, a vibrant entrepreneurial ecosystem, a large and skilled workforce, and sustained commitment to reforms,” Murmu said.
India is undergoing a remarkable transformation, emerging as a global leader in technology, innovation, and sustainable development and experiencing significant success in sectors like renewable energy, digital technology, information technology, telecom, auto and auto-components, pharma and biotechnology, space and fintech, the President said.
Romania, with its strategic location at the crossroads of Europe, highly skilled human resources, advanced industrial capabilities and strong integration with the European Union, remains a natural and valuable partner for India, she said.
Romania serves not only as an important destination for investment but also as a gateway to the wider European market, Murmu said.
“There is significant untapped potential in our economic partnership. Bilateral trade has expanded steadily over the years, but it remains well below its true potential,” the President said.
Indian companies are exploring Romania as a strategic entry point to the European market, while Romanian businesses can explore new opportunities in India, she said.
“I am confident that our business communities will seize these emerging opportunities and transform them into successful commercial partnerships. I also encourage Romanian companies to participate actively in India’s growth story,” Murmu said.
She said our businesses can build resilient supply chains, generate employment, promote innovation and create sustainable prosperity for our peoples.
Terming the conclusion of the India-EU Free Trade Agreement (FTA) an important milestone in India-EU strategic partnership, the President said that trade and economic cooperation are central to the contemporary partnership.
With a combined market of nearly two billion people and an economic size of around 25 trillion dollars, the India-EU FTA is among the most significant economic partnerships in the world and aims at deepening trade integration, strengthening investment flows, and building resilient and diversified supply chains, Murmu said.
“India and the EU are also negotiating for the conclusion of the India-EU Investment Protection Agreement (IPA) and the Geographical Indications (GI) Agreement, which will further strengthen trade and economic partnership between the two sides,” she said.
Murmu said the early and effective implementation of the FTA will be crucial.
“It will provide a predictable environment for businesses, enhance value chain integration, and create new opportunities for MSMEs, startups, and innovators on both sides,” the President said.
Besides the India-EU FTA, India–EU Trade and Technology Council has emerged as a key platform for advancing cooperation in critical areas such as artificial intelligence, semiconductors, telecommunications, clean energy, and digital innovation, she said.
Murmu said defence industrial cooperation is an important sector of our partnership and both sides can strengthen their defence capabilities with joint projects.
India’s rapidly expanding defence manufacturing ecosystem in line with the vision of Aatmanirbhar Bharat offers opportunities for joint production, co-development, technology partnerships, maintenance, repair and overhaul (MRO), and collaboration in defence research and innovation, the President said.
Murmu said there is also immense scope for collaboration in the energy security and green transition.
“India has emerged as a global leader in renewable energy, solar power, green hydrogen and sustainable biofuels. Romania’s ambitious clean energy transition and expertise in nuclear energy, hydro-power and offshore wind create natural opportunities in this sector,” she said.
Murmu said there is also scope for cooperation in the chemical & fertilisers industry, given Romania’s capabilities in these sectors.
“Our companies can explore opportunities for long-term partnerships in fertiliser manufacturing, supply chains, joint investments aimed at supporting sustainable agriculture and ensuring food security,” the President said.
Murmu said India’s globally recognised Digital Public Infrastructure, thriving start-up ecosystem and leadership in information technology can complement Romania’s strengths in software engineering, cyber-security, research and advanced technologies.
There are opportunities for our companies to collaborate in transportation and logistics sectors including ports, railways, highways, logistics parks and multi-modal transport, she said, adding that the countries can also deepen cooperation in pharmaceuticals, healthcare, agriculture and food processing.
“I am confident that today’s interactions will lead to new partnerships, greater investments and lasting business relationships that will elevate India–Romania economic cooperation to new heights,” the President said.
Murmu arrived here on Thursday on a state visit to Romania, the first by any Indian head of state in over three decades.
Earlier during the day, President Murmu held wide-ranging discussions on bilateral relations with Ilie Bolojan, Prime Minister of Romania, at Victoria Palace in Bucharest.
Victoria Palace (Palatul Victoria) is the seat of the government of Romania and the official office of the Romanian Prime Minister. (PTI)
