Former Romanian President Traian Basescu. Photo: Wikimedia Commons.

The Israeli and Romanian chambers of commerce signed an agreement on Monday aimed at the promotion and enhancement of business ties between the two countries.

The agreement also encourages increased investment by both countries, as well as a network to organize different projects and joint-business ventures.

The volume of trade between Israel and the Central European country reached $400 million in 2014, and Israeli investments in Romania are up to 150 million euros ($167 million), according to the Israeli Foreign Trade Administration’s trade representative, Matan Safran.

“Several investors who were ‘sitting on the fence’ following last decade’s financial crisis have now shown renewed interest,” said Safran.

The closeness of Israeli-Romanian relations was highlighted in 2010 when an Israeli CH-53 Sikorsky helicopter crashed in the Carpathian mountains — a region some analysts say bears a resemblance to parts of Iran — killing six IAF servicemen.

According to the Jerusalem Post, Romania became a training ground for Israeli pilots following the crisis in Turkish-Israeli relations surrounding the 2010 Israeli naval interception of the Turkish Mavi Marmara, which was attempting to break the Gaza blockade.

Defense trade between Israel and Romania was about 11 million euros ($12 million) in 2012.

Monday’s memorandum came after an economic forum in Bucharest in March, attended by members of Israel’s Foreign Ministry, the Israeli Embassy,  the Israeli Foreign Ministry, the Association of Producers from Israel, and the Globe Gateway Company for foreign trade services, where officials marked their intention to improve various trade in cyber technology, telecommunications, and IT — one of Romania’s strongest industries — as well as cooperation in national security and emergency response.

Israeli Ambassador to Romania Dan Ben-Eliezer told the economic forum in Israel that “Israel and Romania have had long-lasting and friendly relations supported by a large community of Israelis originating from Romania and by our strong community here. The collaboration between our countries is fruitful and encompasses different economic sectors.”