Supporting a strong Spanish business community
His main goal during his current posting is consolidating the “already excellent relations existing between Romania and Spain and increasing the volume of our trade exchange and mutual investment, as well as supporting the more than 3,500 Spanish companies present in Romania.”
According to the Spanish Ambassador, the bilateral trade volume between Spain and Romania reached its historical peak in 2008, with a total of 1.8 billion Euro. “This was the result of Spanish exports to Romania, which amounted to 1.04 billion Euro, and of Spanish imports from Romania, which totaled 756 million Euro. Spanish exports to Romania almost tripled between 2004 and 2008, whereas Romanian exports to Spain almost doubled during the same period. As a result, our trade our trade deficit with Romania turned into a surplus between 2006 and 2008,” said the Ambassador.
In 2008, Spain had a trade surplus of 293 million Euro in its bilateral trade with Romania. The main Spanish exports to Romania consisted of automobiles, auto parts and components, machinery and equipment goods, electrical equipment, tiles, iron and steel products, meat, fish and garments, while Romanian exports to Spain consisted primarily of automobiles, auto parts and components, electrical equipment, machinery, iron and steel, and furniture. “As for the first half of 2009, bilateral exchanges have significantly reduced as a consequence of the economic crisis and the reduction in internal demand. Thus, Spanish exports reached 324 million Euro, which is 34 per cent less than in the same period of 2008, whereas Romanian exports to Spain accounted for 341.4 million Euro,” explained the Spanish Ambassador.
Focusing on the growing local potential in Romania, Spanish investors accounted for three per cent of the total FDI in Romania over the last 17 years. This year, Spanish direct investment in Romania amounted to 728 million Euro, ranking them ninth among foreign investors in the country. “The sectors in which investment has been focused are real estate, housing development, construction, infrastructure, engineering, automotive, venture capital, renewable energies, and the food industry, as well as services such as consulting and banking,” he explained. The Ambassador admitted that the international financial crisis is affecting the Spanish investors in Romania, due mainly to the limited access to credit and the effect this has had on the possibility to develop new projects. However, these aspects will not deter Spanish investors from developing new plans here, as they are “betting on a long term basis and are just slowing the pace of their investments until the economic and financial crisis eases. Besides, there are still companies that foresee good opportunities in Romania thanks to its low labour costs, strategic position and the knowledge they have of the country through the important Romanian population living in Spain.”
As far as the crisis is concerned, the Spanish Ambassador believes Spain and Romania are in quite different situations, considering their respective stages of economic development. “If we talk about Spain, the economic recovery will much depend on reallocating part of the resources that have been deployed in the construction sector to the innovative industries with high added value – a process which will take time. As for Romania, it’s important that the country seizes the opportunities that are being brought by EU membership and that it modernizes its infrastructure, industries and agricultural sector, also reinforcing its administration and institutions.”
The Ambassador believes that EU structural funds are a golden opportunity to raise Romanian investment in infrastructure and to modernize its productive capacity in strategic sectors such as industry, agriculture, and services, with no extra budgetary burden. “This could allow the country to increase its growth potential and, at the same time, maintain its macroeconomic stability, which is necessary to fulfill the goal of joining the Eurozone,” he concluded.
According to the Spanish Ambassador, the bilateral trade volume between Spain and Romania reached its historical peak in 2008, with a total of 1.8 billion Euro. “This was the result of Spanish exports to Romania, which amounted to 1.04 billion Euro, and of Spanish imports from Romania, which totaled 756 million Euro. Spanish exports to Romania almost tripled between 2004 and 2008, whereas Romanian exports to Spain almost doubled during the same period. As a result, our trade our trade deficit with Romania turned into a surplus between 2006 and 2008,” said the Ambassador.
In 2008, Spain had a trade surplus of 293 million Euro in its bilateral trade with Romania. The main Spanish exports to Romania consisted of automobiles, auto parts and components, machinery and equipment goods, electrical equipment, tiles, iron and steel products, meat, fish and garments, while Romanian exports to Spain consisted primarily of automobiles, auto parts and components, electrical equipment, machinery, iron and steel, and furniture. “As for the first half of 2009, bilateral exchanges have significantly reduced as a consequence of the economic crisis and the reduction in internal demand. Thus, Spanish exports reached 324 million Euro, which is 34 per cent less than in the same period of 2008, whereas Romanian exports to Spain accounted for 341.4 million Euro,” explained the Spanish Ambassador.
Focusing on the growing local potential in Romania, Spanish investors accounted for three per cent of the total FDI in Romania over the last 17 years. This year, Spanish direct investment in Romania amounted to 728 million Euro, ranking them ninth among foreign investors in the country. “The sectors in which investment has been focused are real estate, housing development, construction, infrastructure, engineering, automotive, venture capital, renewable energies, and the food industry, as well as services such as consulting and banking,” he explained. The Ambassador admitted that the international financial crisis is affecting the Spanish investors in Romania, due mainly to the limited access to credit and the effect this has had on the possibility to develop new projects. However, these aspects will not deter Spanish investors from developing new plans here, as they are “betting on a long term basis and are just slowing the pace of their investments until the economic and financial crisis eases. Besides, there are still companies that foresee good opportunities in Romania thanks to its low labour costs, strategic position and the knowledge they have of the country through the important Romanian population living in Spain.”
As far as the crisis is concerned, the Spanish Ambassador believes Spain and Romania are in quite different situations, considering their respective stages of economic development. “If we talk about Spain, the economic recovery will much depend on reallocating part of the resources that have been deployed in the construction sector to the innovative industries with high added value – a process which will take time. As for Romania, it’s important that the country seizes the opportunities that are being brought by EU membership and that it modernizes its infrastructure, industries and agricultural sector, also reinforcing its administration and institutions.”
The Ambassador believes that EU structural funds are a golden opportunity to raise Romanian investment in infrastructure and to modernize its productive capacity in strategic sectors such as industry, agriculture, and services, with no extra budgetary burden. “This could allow the country to increase its growth potential and, at the same time, maintain its macroeconomic stability, which is necessary to fulfill the goal of joining the Eurozone,” he concluded.
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