Naidu calls for augmenting Romanian investment in India

Projecting India as an attractive investment destination and its booming economy, expected to touch $5 trillion mark by 2025, Vice President M. Venkaiah Naidu on Thursday invited Romanian investors to be part of the growth story.

Addressing the India-Romania Business Forum Meeting here, Naidu called for further scaling up of the already robust annual bilateral trade that has risen to $810 million in 2017-18.

"Our annual bilateral trade has risen to $810 million in 2017-18, a 40 per cent increase over last year ($575 million). This is a huge development in our bilateral economic relations. We need to sustain this momentum to scale it up even higher," he said.

He said that India's recent economic transformation presents fresh opportunities in multiple sectors for Romanian investors and added that with a growth rate over 8 per cent, India is one of the fastest growing large economies in the world.

India has managed a positive swing in stock market indices, foreign exchange reserves, and public investment in infrastructure and welfare measures. Government investment in infrastructure development has increased exponentially and it is already visible in the improved railways, roads, airports and shipping infrastructure in our country, he said.

Naidu said India is the most attractive FDI destinations in the world with one of the best regulated financial systems. He also said that with demonetisation and successful implementation of the GST, India has emerged as a transparent, modern and unified market.

He also enumerated the benefits derived from the Narendra Modi-led government's flagship programmes such as the Jan Dhan Yojana and asserted that there exists greater ease of doing business and harmonsied tax rates.

"Our economies have significant complementarities which can be leveraged for mutually beneficial cooperation.

"I had meaningful discussions with Prime Minister Madam Dancila, on taking forward India-Romania multifaceted relations, with special emphasis on our economic ties. We are both convinced that there is immense potential to take the relationship to a higher level," he added.

--IANS

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