China (Xiangshan) – Romania Investment Forum

Economical missions

by Invest Romania

China (Xiangshan) – Romania Investment Forum

The Ministry of Economy, Trading and Business Environment Relationships through InvestRomania, a component of the Trading and Investment Promotion Department co-organized in Bucharest the event “China (Xiangshan) – Romania Investment Forum”, dedicated to promoting the challenging advantages of Romania and of the country offer before the investors and authorities of Xiangshan Province (China).

The event took place on the occasion of the official visit of Shi Jianding, Vice-President of the Xiangshan Province Government, accompanied by high officials and by a significant number of Chinese companies. The Forum had as main objective attracting investment projects from Xiangshan region, by presenting before the Chinese business community the country offer of Romania and of the sectors with high investment potential. Also, the event created the necessary premises to establish some direct contacts between local and Chinese companies, which is expected to lead to setting up of some medium and long term partnerships. The companies present at this forum had as fields of interest the textile industry, plastics, auto components and IT hardware.

Given this forum, a memorandum was signed in order to start up an investment project with a value of 30 million USD between Ningbo HuaXiang Electronic Co. Ltd., China (NBHX) and Hib Rolem Trim, Romania, a German-Romanian company working in the field of auto components. The project assumes the building and equipping of a new production hall with a surface of 15,000 sq. m and the creation of 265 new jobs. The project shall start up in quarter I of 2017 and shall be finalized in quarter II of 2019. Within the new investment there shall be manufactured spare parts and accessories (ornaments) for the auto industry, representing ornamental products for vehicle interiors, such as: dashboard ornaments, central consoles and door ornaments for vehicle manufacturer Daimler (Mercedes), classes A and B. The products shall be found on the vehicles sold in Europe.

To be mentioned that one year ago, a letter of intent was signed between the two parties in order to give course to investments, within the event “China (Ningbo) – Romania Investment Forum”. The investment with a value of approximately 10 mil. EURO was already performed, respectively the project was initiated in July 2015 and is forecasted to be finalized in December 2016. It’s about the transfer of a production line in Romania (interior ornaments for manufacturer BMW), for which a new production area with a surface of 10,000 sq. m was contracted and approximately 200 new jobs were created.

“The Romanian-Chinese Forum today continues the series of bilateral events at governmental level which aim at intensifying trading and economic exchange between the two countries. China is Romania’s main trading partner from the Asian zone from the commercial exchange point of view. We enjoy the presence of an important Chinese delegation and of a high number of Romanian companies, which stands as proof to an enormous potential of economic cooperation between Romanian companies and companies from this region in China. Romania is a hub in the IT and auto / auto components industry, fields of interest for the Chinese investors present at this event, and represent a plus to qualified labour and the entry point on the European market. My conviction is that following this event, other business partnerships shall be concluded, which brings me real joy because the investors already present in our country, that still keep choosing us for opening new production facilities represent, by the power of example, the best means of promoting Romania”, said Manuel Costescu, State Secretary for Trading and Investment Promotion.