Service export might push growth above 7%

Romania’s economic growth could be substantially accelerated if governmental policies were defined in view of a strong promotion of the export of services, i.e. transport, tourism or insurance sold by Romanians to non-residents. The GDP growth pace (now at about 5% a year i.e.) could increase by at least 2.5% if that sector were supported with adequate measures, said Roberto Cordon, trainer of WTO’s International Trade Center during a seminar on “Promoting service export” organised by the Economy and Trade Ministry and the Organisation for Economic Co-operation and Development. Exports of services include the transport services provided by Romanian legal entities for beneficiaries abroad, the incoming tourism, the insurance sold by Romanian companies to foreign companies and any other services provided by Romanian citizens or companies to non-residents. WTO’s expert feels Romania has two major advantages that would allow for a strong development of its service export: the still cheap labour and the excellent education system. ZF