Loading ...Offsetting the trade balance deficit, strengthening the Romanian presence in Russian economy, working out and supporting joint projects on third markets are Romania's main goals in the relation with Russia, Romanian Foreign Minister Cristian Diaconescu on Friday, Feb. 27, told a joint press conference held with his Russian counterpart Sergey Lavrov. "I highlighted three goals to pursue in our relation with the Russian Federation – offsetting the trade balance deficit; strengthening the Romanian presence in Russian economy; working out and supporting joint projects on third markets,' said Minister Diaconescu.
He underscored that the Russian Federation is an important eastern neighbor wherewith Romania seeks a pragmatic and future-oriented relation and that the authorities in Bucharest are open to developing such relations. Diaconescu added that security issues were also approached during his visit to Moscow and that he reasserted the importance of the dialogue in the EU – NATO – Russia format.
"At this moment there are enough areas of the Romanian-Russian dialogue that can be better explored, especially as international agreements and treaties are being enforced,' he mentioned. As for regional cooperation, Diaconescu said that the two states will focus on the Black Sea region. "We want to work together to continue and enliven dialogue at all levels. Based on these talks, I consider that important premises are in place for this to happen and I am confident that Romania-Russia relations will evolve positively,' concluded Diaconescu.
In his turn, Russian Foreign Minister Sergey Lavrov expressed his country's interest in developing economic ties with Romania, which could be the "engine for the development of bilateral relations as a whole." He also mentioned that a meeting of the Romania-Russia intergovernmental committee on economic cooperation might also be called. "We want to work together in order to continue dialogue at all levels and we consider that solid premises exist for this dialogue to carry on," Lavrov mentioned in his turn.
There is a strong imbalance in Romania-Russia relations, as Russian exports to Romania amount to some two billion euros, whereas Romania's exports to Russia trail around 100 million euros. According to governmental statistics, energy imports account for some 90 percent of the total value of imports from Russia.
At the end of 2006, crude and oil products accounted for 48.1 percent of the total energy imports, and natural gas for 39.1 percent thereof Romania exports to Russia auto components – a Renault plant is operating in Moscow, assembling Logan vehicles from the kits delivered from Romania; machines, devices, electrical equipment and spare parts; plastics and textiles; chemical products and produce of connected industries; common metals; furniture; glass and glassware.
Indirect Russian investments or those by companies with Russian capital in Romania stand at approximately 1.5 billion US dollars, which is a very small figure compared to Russia's potential. Steel and oil are the most important Romanian industries Russian investors placed their capital in. Among Russian high-profile companies that invested in Romania are LukOil, Ruskii Aliuminii (Alor Oradea, west); OMZ (Upet, Targoviste, south), TMK-SINATRA Handel (Artrom Slatina, south); Mecel (COS Tagoviste and the Campia Turzii Wire Industry), Temerso (Republica SA, Bucharest), Tehnosteel (Tepro Iasi, east).
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