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The British Minister of State of the Department for International Trade – Greg Hands is in Bucharest and announces new ways of support for trade with Romania.

The United Kingdom provides financial support of £ 4 billion, to help British exporters and Romanian importers improve bilateral trade. For the first time, these funds will be given in RON.

British-Romanian bilateral trade currently stands at £ 3.6 billion, and in the first five months of the year registered an increase of over 5%.

Minister Greg Hands met with the Romanian Minister for Business, Commerce and Entrepreneurship, Ilan Laufer, the Secretary of State of the Ministry of Energy, Andrei Maioreanu, and the Manager of Bucharest Municipality, Sorin Chiriţă.

The Minister of State for International Trade Greg Hands announces today, the 15th of September, that the British government is doubling the financial support offered to Romania to boost bilateral trade.

UK Export Finance, the British government agency for export, will increase the amount to £ 4 billion to help British exporters and Romanian importers increase trade. This financial support is provided in RON, and Romanian businessmen can access these funds when they choose to work with British suppliers.

The announcement comes after Greg Hands met with Romanian government officials and city hall representatives, as well as with Romanian and British businessmen. The British Minister and Ilan Laufer attended an event organized by the British Romanian Chamber of Commerce (BRCC) and had more than 80 business people present. The British Minister of State later met with the Secretary of State of the Ministry of Energy, Andrei Maioreanu, and with the Manager of Bucharest Municipality, Sorin Chiriţă.

Greg Hands is an old friend of Romania and has previously held the role of President of the Friendship Parliamentary Group for Romania – a position from which he promoted bilateral relations in the British Parliament. He was one of the main guests at an event organized by the European Bank for Reconstruction and Development (EBRD) in London where he highlighted the strengths and the potential of the Romanian economy.

Greg Hands, who recently had been attributed London-related responsibilities, talked to Sorin Chiriţă about how British people are using new technologies such as ‘big data’, autonomous cars and new transport infrastructures. All of these have the role to improve the lives of the inhabitants of growing cities, such as London. The Minister discussed how Bucharest could use this expertise in the context of the restoration of the Old Center and other urban development projects.

The British official said:

“As an old supporter of the Romanian-British relations, I am glad to be here in Bucharest and to talk with my Romanian colleagues about the strengthening of our trade relations.

Trade between our countries is worth £ 3.6 billion, with an increase of over 5% in the first five months of the year; this figure is also the result of the activity of over 5,000 British companies present in Romania. I am fully confident that this relationship will continue to thrive, bringing new opportunities for the business and consumer sectors. “

The CEO of the British Chamber of Commerce (BRCC), Charlie Crocker, said:

“BRCC’s main mission is to support the British-Romanian business environment for the benefit of our members. Hosting important ministerial visits, such as the one today, helps achieve this goal“.