Germany is Romania's most important trading partner (Ministry of Economy, Entrepreneurship and Tourism)

Germany is Romania's most important trading partner, with bilateral trade worth 40.68 billion euros in 2022, up 17 percent, informs a press release of the Ministry of Economy, Entrepreneurship and Tourism (MEAT).

The relevant minister, Stefan-Radu Oprea, met on Wednesday with the ambassador of the Federal Republic of Germany in Bucharest, Peer Olav Gebauer.

The dialogue focused on boosting bilateral economic cooperation, aimed both at attracting German investments in Romania and encouraging national companies wishing to initiate and develop projects in Germany.

During the meeting, issues related to the identification of optimal formats for the numerous working sessions and bilateral institutional meetings to be held in the coming period between the two countries were discussed.

"At present, Germany is Romania's most important trading partner, the very good trade relations between Romania and Germany also being demonstrated by the 17 percent increase in the value of bilateral trade in 2022, compared to the previous year, reaching 40.68 billion euros. In the same period, Germany was the first destination for Romanian exports, with a share of 20 percent of Romania's total exports. At the same time, Germany is Romania's second largest source of foreign direct investment, with over 25,000 investing companies, mostly in high-tech industrial sectors," the press release states.

On the next agenda are the Romanian-German Business Forum in Berlin (28-29 September), the Romania-Bavaria Joint Governmental Committee (14-15 September) and the Romania-Baden Wurttemberg Joint Governmental Committee.

At the same time, the Romanian minister stressed that the defence industry is a priority, which is why efforts are currently being made to draft legislation to support the transfer of technology to Romanian defence companies and to facilitate collaboration with foreign investors.

At the end of the meeting, Ambassador Peer Gebauer thanked Romania for its cooperation in the Security Corridors, which ensure the transit of Ukrainian cereals, essential for global food security. In this context, minister Oprea mentioned that continuous efforts are being made to expand the capacity of the Port of Constanta, as the flow of goods has been steadily increasing since the outbreak of the conflict in Ukraine.