Romania and Luxembourg are on a path to strengthen their economic relations, with a particular focus on technology, finance, and sustainable development. On 6 February 2024, industry leaders and diplomats gathered at the Luxembourg Chamber of Commerce for a country seminar. This event, organized jointly by RomLux, the accredited bilateral chamber of commerce, and the Luxembourg Chamber of Commerce. The event aimed at preparing the upcoming trade mission to Romania in September 2024.
Described as the third fastest-growing economy in the EU in 2024, Romania presents global investors and entrepreneurs with a rich tapestry of opportunities. Cindy Tereba, Director of International Affairs at the Luxembourg Chamber of Commerce, opened the seminar with a note on the economic synergy between the two nations. “Romania’s vibrant IT sector, presents unparalleled opportunities for Luxembourg’s high-tech and finance sectors,” Tereba noted, emphasizing the mutual benefits of investment and collaboration.
Her Excellency Livia Rusu, Ambassador of Romania to Luxembourg, echoed this sentiment, highlighting the strategic importance of Romania as a regional hub for software development and IT outsourcing. “Our skilled workforce and competitive costs make Romania an attractive destination for Luxembourgish companies looking to innovate and expand,” Ambassador Rusu remarked.
Razvan Radu, President of RomLux, and key speakers like Doru Claudian Frunzulică, Vice President of the Romanian Agency for Investment and Foreign Trade (A.R.I.C.E.), and Jenny Hällen Hedberg, Head of International Relations at Luxinnovation, delved into the specifics of what makes Romania attractive for collaborative ventures. From cutting-edge research in space and energy to the agri-food sector and beyond, Romania is positioning itself as a leader in sustainable and technological advancements. Razvan Radu mentioned: “Our aim is to enhance competitiveness and forge sustainable partnerships. We hope the event served as a catalyst for pushing more Luxembourg SMEs to start doing business with Romania.”
Romania has emerged as a leading technology and IT hub in Eastern Europe. Its strong pool of talent in software development, cybersecurity, and IT services, coupled with competitive costs, makes it a preferred location for outsourcing and tech startups. The country also hosts several major automotive manufacturers and suppliers, benefiting from a strong tradition in engineering. The sector offers significant opportunities for investment and growth, particularly in electric vehicle production and component manufacturing.
Luxembourg, known for its advanced digital infrastructure and as a global financial hub, offers Romanian companies a gateway to international markets and capital. The seminar outlined areas of cooperation that extend beyond technology and innovation, touching on the EU’s green transition goals and investments in environmental projects. As both countries align on environmental sustainability, there are increasing partnerships in renewable energy and green technology, underscoring a shared commitment to the future.
The seminar also highlighted the cultural and educational exchanges that enrich this bilateral relationship. With a Romanian community in Luxembourg today accounting for over 1.2% of country’s population the business and social ties between these nations are getting stronger and stronger .
The upcoming trade mission to Romania is scheduled to take place between 23 and 26 September in Bucharest. To join the mission and learn more about the Romanian market and business opportunities follow this link: 👉 https://lnkd.in/dJv9z7qH
