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Romania – Republic of Korea Economic Cooperation in Industry

Romania – Republic of Korea Economic Cooperation in Industry. Romania – Republic of Korea F riendly Relations. 2006: Romania is very honoured to receive the visit of His Excellency Roh Moo-hyun, the President of Republic of Korea.

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Romania – Republic of Korea Economic Cooperation in Industry

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  1. Romania – Republic of Korea Economic Cooperation in Industry

  2. Romania – Republic of Korea Friendly Relations 2006: • Romania is very honoured to receive the visit of His Excellency Roh Moo-hyun, the President of Republic of Korea. • Korea – Romania Friendship Club was created in July, having as objectives: • Stronger bilateral economic and technical cooperation; • Deeper involvement of Korean companies in investment projects in Romania; • Identifying new trade opportunities; • Promoting the cultural and tourist potential. 2005: • The Celebration of 15 years from the establishment of our diplomatic relations and direct business contacts. • The state visit of His Excellency Traian Băsescu, the President of Romania, in the Republic of Korea. Romania - September 2006

  3. Romania – Republic of Korea EconomicRelations Bilateral Trade Volume: • Total bilateral trade in 2005: USD 617 million (+36% against the year before) • Bilateral trade in the 1st semester 2006 (according to Romanian statistics): • Total bilateral trade: USD 318 million, of which • Export to Korea: USD 15 million • Imports from Korea: USD 303 million Bilateral Trade Structure: Romania - September 2006

  4. The Promotion of Bilateral EconomicRelations • Increasing the volume and diversifying the structure of Romanian exports to Korea, for: • Software products; • Electronic components; • Rolling stock; • Wooden furniture; • Glass and ceramic wares; • Wines. • Encouraging the Romanian and Korean companies to participate to international fairs and exhibitions held in both countries. • Korea – Romania Economic Cooperation Committee – the 5th Joint Meeting today. • Committee for Industrial Cooperation – the 3rd session to be held in 2007. Romania - September 2006

  5. Korean Investments in Romania • Republic of Korea ranks on the 26th position among the foreign investors in Romania: • 96 companies with Korean capital; • USD 400 million invested capital. • The main Korean investments in Romania: • Daewoo Motors Co. – automotives • Samsung Corp. – metallurgy • Daewoo Shipbuilding & Marine Engineering Co. – shipbuilding • LG Information & Communication Co. – telecommunications • Dosan Heavy Industries – machine building • Dongyang E&P – electronic industry • Joongbo Corp. – chemicals Romania - September 2006

  6. Bilateral Cooperation Projects under Implementation • Building of a thermo power station of 50 MW by Petrobrazi and Hyundai Engineering and Construction Corp. • Building the Units no. 3 and 4 of Cernavodă Nuclear Power Plant by Korea Hydro & Nuclear Power Co. and National Company Nuclearelectrica. • Expanding the production capacity to OţelinoxTârgovişte by Samsung Corp. • Fuel oil desulphurization to Arpechim Piteşti by LG international and SK Engineering Co. Romania - September 2006

  7. Advantages and Opportunities in Romania • Romanian accession to EU on January 1st, 2007 creates business opportunities otherwise non existing. The Korean companies may and should benefit of these new opportunities. • A large domestic market, the 8th largest out of the EU 27 member states • 16% flat income and profit tax, one of the lowest levels in SouthEast Europe; • Access to over 200 million consumers in a 1000 kilometres radius. • Ideally located for goods transiting between Caspian Sea, Black Sea and Western Europe. • A skilled labour force, well trained particularly in technology and engineering Romania - September 2006

  8. Thank You! Ministry of Economy and Commerce / Department of Foreign Trade General Directorate for Bilateral Relations 152 Ion Campineanu Street, Sector 1, Code 010036, Bucharest, Romania +40-(0)21-40.10.504 +40-(0)21-40.10.594 www.dce.gov.ro

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