The Chamber of Commerce and Industry of Romania (CCIR) signed a Memorandum of Understanding with the Luxembourg Chamber of Commerce on October 1, 2024. The signing took place during the Romania – Luxembourg Business Forum in Bucharest, which spanned three days.

The memorandum aims to strengthen business relations and enhance economic ties between Romania and Luxembourg. It outlines guidelines for facilitating bilateral trade between the two countries.

“After yesterday we celebrated 160 years of continuous existence of the chamber system in Romania, we are very pleased to open today this very important forum for both states. Bilateral trade shows a rather small annual value, namely around 147 million euros, compared to the level of 2023. However, if we take into account the volume of service exchanges, it amounts to almost one billion euros. Also, the total value of Luxembourg investments in Romania was, in June 2024, 5.97 billion euros. There are 1,140 companies with Luxembourg capital in Romania, with a total value of subscribed capital of 1.85 billion euros. These figures must be taken into account, especially if we take into account the size of the Grand Duchy of Luxembourg, and the document we signed today can be a new stage in the development of bilateral commercial relations,” said the president of CCIR, Mr. Mihai Daraban.

“I am happy to announce the re-signing of the Memorandum of Understanding because the first such document was signed in 2002, which demonstrates that there is a long-standing partnership between the two chambers. This agreement symbolizes our commitment to continue cooperation with CCIR, an organization with whose help we can lay foundations for sustainable economic development for both Luxembourg and Romania. Together, we are not only building businesses but laying foundations for a solid economic partnership that will withstand future challenges,” said Mr. Fernand Ernster, president of the Luxembourg Chamber of Commerce.