The Romanian Chamber of Commerce and Industry (CCIR) signed, on Tuesday, August 30, a Memorandum of Understanding with the Korea Importers Association (KOIMA), in order to strengthen business relations and develop economic cooperation between the two states, according to a press release.
The memorandum was signed within the Romania – Republic of Korea Business Forum, held at the CCIR Business Center.
“The memorandum contributes to the development of stronger business relations between Romania and the Republic of Korea, as well as the guidelines of an advantageous economic cooperation for both parties”, the press release states.
CCIR and KOIMA will exchange information related to economic and business practices and also regarding the relevant laws and regulations applicable in Romania and the Republic of Korea. Also, business forums and other economic events will be organized to boost bilateral trade.
“As president of the CCIR, I considered the Republic of Korea to be a significant partner of Romania in terms of commercial exchanges. If we take into account the official figures, the volume of commercial exchanges between the two states is slightly over one billion euros. In reality, however, we estimate that between 5 and 7 billion euros represent goods imported from the Republic of Korea and here I am referring to the famous Korean brands in the telecommunications industry, consumer goods and durable goods that we all know. Many of these goods are manufactured In the European Union, Romania still does not have a production line. Thus, for the CCIR it is a priority to develop economic relations with the Republic of Korea with a very well defined goal, that of attracting Korean brands to invest in production lines in the country ours”, declared the president of CCIR, Mihai Daraban.
For his part, the President of Koima, Kim Byung-Kwan, stated that after more than two years in which commercial activity was much reduced due to the pandemic, he chose Romania as the first destination for establishing new economic contacts.
“We consider that we are in the right place, at the right time. The signing of this memorandum between CCIR and KOIMA definitely represents the revitalization of economic relations between Romania and the Republic of Korea. We have full confidence in the potential of the Romanian business environment to develop sustainable businesses in the country ours and, at the same time, we are concerned with expanding Romania’s export base in order to balance the bilateral trade balance. We will make a joint effort to develop a better trade network, with better consumers and better suppliers,” emphasized the president of KOIMA, Kim Byung-Kwan.