Qatari and Romanian officials convened in a virtual business meeting to bolster economic relations.

Trade relations between Qatar and Romania have witnessed a 32% upsurge, soaring from QAR 371mn in 2021 to QAR 490mn in 2022, according to officials.

The comments were made at the virtual Qatari-Romanian Business Meeting, spearheaded by the Qatar Chamber (QC) to explore enhancements to commercial and economic partnerships involving the private sectors of both nations, local outlet Gulf Times reported.

Despite the spike in numbers, Qatar’s Ambassador to Romania Osama Yousef Al Qaradawi said private sectors in both nations have the potential to further increase trade levels.

The ambassador encouraged the exploration of investment opportunities and the establishment of joint ventures.

Businessmen from sectors like food, agriculture, IT, industry, and renewable energy participated in the meeting from both countries.

Romania, a European Union member state situated in the south-eastern part of Europe, boasts a strategic location near several large markets, including the EU, CIS states, and the Middle East.

The country is also home to a third of the Danube River and the largest Black Sea harbour in Constanta, giving it a competitive edge in the transportation of Asian goods.

Bucharest, Romania’s capital and largest city, has been the leading destination for Foreign Direct Investment (FDI) for over a decade. Other regions, particularly the Western part, are also seeing considerable investment.

Romania’s economy, characterised by a high Human Development Index and a skilled labour force, is a high-income mixed economy.

It ranks as a top destination in Central and Eastern Europe for FDI, with significant growth in sectors such as IT and motor vehicle production.

The country’s GDP saw a 6.5% year-on-year increase in the first quarter of 2022, marking the fourth consecutive quarter of growth.