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Romania expects foreign trade volume to top €100 billion in 2008

Romania's foreign trade could for the first time exceed €100 billion ($136.23 billion) in 2008, a trade official said on Monday.

Iuliu Winkler, state secretary with the Trade Ministry, made the projection at a meeting sponsored by the United Nations Development Program (UNDP) to promote investment and trade in the Black Sea region. Romania's trade with states in the Black Sea basin remains at quite a low level, according to the official. A feasible target in the medium term for Romanian companies in the region could be €42 billion ($57.22 billion), he said.

Winkler stressed that Romania has great potential in the Black Sea region and that the obstacles hindering regional trade should be identified and eliminated. Among the fields with great potential are energy and air, naval and road communications in the Black Sea region, the official said. “Romania could become a main player in the region in electronic communications, IT exports and naval constructions. The share of service sector is on the rise in the new EU states, and this will influence other Black Sea states,” said the official.

According to the UNDP, the Black Sea projects of economic development amount to $10 billion, but the potential is four times higher. (