4 Mar 2024 18:48

Over 300 Ukrainian companies enter Romanian market in 2023

MOSCOW. March 4 (Interfax) - More than 775 Ukrainian companies have entered the Romanian market since the start of the crisis in February 2022, with over 300 Ukrainian companies starting operations in Romania in 2023 alone, President of Romania's Chamber of Commerce and Industry Mihai Daraban told Ukrainian media.

"The Chamber of Commerce and Industry of Romania has supported the relocation of Ukrainian companies. We believe that, depending on the field of operations, relocating will be a timely solution for Ukrainian businesses, because there are sectors in the Romanian economy that can accommodate new companies," Daraban said.

The bulk of the more than 300 Ukrainian companies that began operating on the Romanian market in 2023 represents the IT sector (121 companies), which is followed by popular services (47 companies) and companies that specialize in the construction of residential and non-residential buildings (33). This list also includes companies that are engaged in trade, trucking and business and management consulting services.

According to the Ukrainian State Customs Service data, Ukrainian-Romanian has more than doubled since 2022. Romanian imports to Ukraine reached $1.6 billion in 2023, up from $800 million in 2021 and $1.5 billion in 2022. Romania imported 1.1 million tonnes of goods to Ukraine in 2023 (500,000 tonnes in 2021 and 1.1 million in 2022). Ukrainian exports to Romania stood at $3.8 billion in 2023 compared to $1.5 billion in 2021 and $3.9 billion in 2022, or 11.7 million tonnes of goods in 2023, 3.4 million tonnes in 2021 and 11 million tonnes in 2022.

Romanian companies are interested in the development of such Ukraine's sectors as green energy, IT, defense, transport, the production of construction materials, value-added technologies, and aeronautics, Daraban said.

The ongoing situation has exacerbated problems Romanian companies have been encountering on the Ukrainian market, he said.

"It is important to do more to ensure the transparency of the economic environment's dynamics in Ukraine, providing the international business community with more detailed information on customs and tax laws, the regulatory framework and the general legal framework in Ukraine. In addition, placing a stronger focus on normal competitiveness, predictability and foreign investment protection tools in Ukraine may boost Romanian businesses' interest in the Ukrainian market," Daraban said.

The Chamber of Commerce and Industry of Romania, established in 1868, consists of a network of 42 territorial chambers of commerce and industry, including bilateral chambers of commerce and professional associations. Its efforts are aimed at fostering a stable business climate conducive to the private sector's development and the consolidation of a sustainable and transparent market.