Next year, the BRCC will celebrate 20 years supporting British & Romanian businesses and investments in to and in Romania and the UK. As part of our development plans we have expanded our coverage over the last 12 months to include offices in Cluj, (where the UK have a strong presence in Technology and Education sectors),
Timisoara where the number of people travelling daily to and from the UK is now greater than the number flying from Timisoara to Bucharest.
and London and we will continue this program in the coming years in cities and regions that are showing exciting economic opportunities for further bilateral growth.
As the CEO of the BRCC and previously a business entrepreneur working and living in Romania for 27 years I am excited to see the bilateral relationships stronger today than they have ever been in the past
Through foreign investments and active businesses in Romania, the UK and BRCC members represent one of the most profitable contributors to the Romanian state budget
UK exports to Romania (products): 1.10 bln GBP
Romania exports to UK (products): 1.69 bln GBP
Trade from the UK has also been increasing steadily with a predicted 14% growth this year.
The BRCC is part of the CEN network (see slide 2) and a strong delivery partner with DIT and the Embassy in the region, supporting and promoting Romanian opportunities to UK companies focusing on the SME and important emerging sectors, such as Technology, Services and Retail.
The UK and Romania have a rich history of cooperation in security, defence and commerce. With over 400 k Romanians now working, studying and contributing significantly to the UK economy. We can see this by the number of flights and carriers flying to and from the UK including an expansion of the regional routes.
In turn this has led to an increasing interest from British companies looking to extend their markets and operations, in Romania. At the Chamber in the 1st 6 months of this year the BRCC have handled more enquiries from the UK than at any time over the last 4 years.
Equally our team are receiving almost daily enquiries from Romania companies looking to the UK to invest and sell their products and services.
The importance of the relationship between the UK and Romania, has been reinforced by recent trips this year from the Lord Mayor of London accompanied by a large fintech delegation that went back to London with an exciting new perspective of the opportunities in Romania for companies from this fast growing sector in the City.
A recent visit from our Minister of State for Trade, Greg Hands to Romania in which he stressed the importance of the bilateral relationships at an event hosted by the BRCC. Even stating that.
“…The potential opportunities are huge, it is not in anyone’s interest to erect any barriers to trade….”
He also indicated that important areas of opportunity from the UK included medical, infrastructure, financial services and energy especially in renewables
The Minister also claimed that the UK would be doubling export finance to the CEE to 4 billion GBP, reinforcing the importance of the region and Romania for British business and trade.
At the same time event Ilan Loefer Romanian Minister of state for Business development and SME’s stated that the future belongs to SME’s.
Where ever we are today in Europe none of us can escape the subject of BREXIT.
The BRCC with COBCO have recently taken part in a pan European survey with our members and European companies. The extensive report, highlighted 3 important areas for those directly involved in this process to consider moving forward.
- Inter connectivity of business today means that the impact has far greater and far reaching effect on multiple players, industries and markets
- UK as a spring board for many European companies to global markets
- Uncertainty has wider reaching effects on all businesses on investments, jobs and global competiveness, Businesses are planning 2-3 years, timing on the details is therefore of greater importance
Last week we had the opportunity along with the Romanian Chamber of Commerce to present these points of concern to Minister Robin Walker UK Undersecretary of State at the department for Exiting Europe, on his visit to Romania.
We saw a strong alignment with the Romanian Chambers of Commerce on these points and believe that business is all share the same view and wish to see a positive outcome from the negotiations.
The BRCC have also been strengthening relationships and collaboration with the Regional branches of the Romanian Chambers of Commerce and Industry.
In the meantime our bilateral position goes from strength to strength and we believe the future is positive with opportunities for an ever stronger collaboration.