Commerce extérieur
Go International
Trade Mission to Romania (30 September - 3 October 2024)
The Chamber of Commerce successfully concluded its trade mission to Romania from 30 September to 3 October 2024.
This mission aimed to strengthen bilateral economic relations and unlock new opportunities in key sectors such as cybersecurity, fintech, logistics, space, and IT/data management. The event offered a range of insightful activities, including panel discussions, site visits, and networking sessions, providing Luxembourgish companies with a valuable platform to explore and expand their presence in the Romanian market.
Activities and Key Highlights
The mission began with the Romania-Luxembourg Business Forum on 1 October in Bucharest. Fernand Ernster, President of the Luxembourg Chamber of Commerce, emphasized the growing partnership between the two nations, particularly in sectors like cybersecurity and space technology, and highlighted Luxembourg as a key gateway to Europe, focusing on how companies can leverage this advantage. His Romanian counterpart, Mihai Daraban, underscored the importance of maintaining strong ties.
The signing of 2 Memoranda of Understanding (MoU) marked a major step in fostering economic cooperation. The re-signing of the MoU between the Luxembourg Chamber of Commerce and the Romanian Chamber of Commerce and Industry breathed fresh air into this partnership for the future. The MoU between LuxInnovation and the West Regional Innovation Agency, Timisoara, has set the stage for future collaboration in the field of innovation.
The forum featured a series of keynote speeches and panel discussions, with Marius Cara from the European Investment Bank offering valuable insights on investment strategies in Romania, helping Luxembourgish companies better understand how to navigate and invest in this dynamic market.
Sectoral Focus and Networking Opportunities
The mission was tailored to address key sectors, including space, cybersecurity, logistics, fintech, and industry, through a variety of targeted activities:
- Panel Discussions: These included topics such as "The Future of Innovation and Competitiveness in Europe," which explored how Luxembourg and Romania can collaborate on emerging technologies like AI, IoT, and cybersecurity.
- Site Visits and Parallel Programs: Participants engaged in targeted activities, such as visits to Romania's leading logistics centers, the SES Network Operations Center, the DNSC National Cybersecurity Directorate, and the INCAS National Institute for Aerospace Research. These visits provided delegates with firsthand experience of Romania’s infrastructure and technological capabilities.
- Matchmaking and Networking Events:
A matchmaking session enabled over 64 B2B meetings between Luxembourg and Romanian companies, offering participants a unique opportunity to connect with high-level representatives from Romanian institutions and businesses. Additionally, attendees took part in a networking event at WIN Gallery, co-hosted by the Luxembourg Chamber of Commerce and RomLux, providing an informal setting to engage with each other as well as with Romanian entrepreneurs and innovators.
Economic Insights and Bilateral Relations
Romania, one of the fastest-growing economies in Eastern Europe, offers numerous opportunities for Luxembourgish businesses. The country has experienced significant growth in sectors such as IT, logistics, and manufacturing, with a GDP growth rate well above the EU average. Romania's favorable investment climate, driven by a rapidly expanding tech ecosystem and its strategic geographic location, makes it an ideal partner for Luxembourg companies seeking to expand their operations in Eastern Europe.
Conclusion
This trade mission to Romania has successfully opened new pathways for collaboration, supported by MoUs and several networking opportunities. The mission has not only highlighted the strengths of both economies but also laid the groundwork for future partnerships in key sectors. Luxembourg companies are encouraged to explore these opportunities to enhance their reach and make the most of the strong diplomatic and economic ties fostered through this successful mission.
