The UK Government is doubling financial and insurance-based support to boost business links with Romania, International Trade Minister Greg Hands announced today.
UK Export Finance, the UK government’s export credit agency, will increase support to £4 billion to help British exporters and Romanian buyers do more business together. Financial support will also be offered in the Romanian Leu for the first time, meaning Romanian businesses can access local financial support when they choose UK suppliers.
The announcement comes as Mr Hands met with Romanian Government officials and City Hall representatives as well as Romanian and British business leaders during a visit to Bucharest. Mr. Hands and Mr. Ilan Laufer, Romanian Minister for Business Environment, Trade and Entrepreneurship addressed more than 80 business leaders at an event hosted by the British Romanian Chamber of Commerce (BRCC). The UK Minister subsequently met with the Romanian Secretary of State in the Ministry of Energy Andrei Maioreanu and with the City Manager of Bucharest, Mr. Sorin Chirita.
Greg Hands has long been a supporter of Romania, having previously been Chairman of the All Party Parliamentary Group on Romania – promoting UK-Romania relations in the British parliament. He recently spoke at an event organised by the European Bank for Reconstruction and Development (EBRD) in London, which showcased Romania’s strengths and economic potential.
With his added role as Minister for London, Greg Hands shared with Sorin Chirita how the UK is using new technologies, such as big data, driverless cars and new transport infrastructure to improve life in its growing cities, like London. With the restoration of Bucharest’s historic centre, and new development throughout the city, the Minister discussed how Bucharest could benefit from this expertise.
International Trade Minister Greg Hands said: “As a longstanding supporter of UK-Romanian relations, I am delighted to be here in Bucharest, working closely with my Romanian colleagues to further strengthen our trading ties. Trade between our nations stands at £3.6bn and grew by over 5% in the first five months of this year, which is a testament to the work of over 5,000 British companies in Romania. I am confident that this fruitful relationship will continue to prosper, bringing new opportunities to Romanian and British businesses and consumers.”
The CEO of the British Romanian Chamber of Commerce (BRCC), Charlie Crocker, noted: “We, the Chamber, are committed to strengthening the bilateral business environment between the UK and Romania for our members. By hosting important ministerial visits, this goal is better achieved.”