Romanian Economic Forum, Bucharest, October 5
Date: 06-10-2009
The American Chamber of Commerce in Romania (AmCham Romania) in partnership with the, British Romanian Chamber of Commerce (BRCC), Foreign Investors’ Council (FIC) and the German Chamber of Commerce and Industry in Romania are organising an economic discussion forum on the future of the Romanian economy, proposed recovery solutions and how to further consolidate our joint activities as the foremost business organisations in Romania. The event was held on October 5, 2009 and focused on concrete ways to upturn the economy, based on the recommendations already outlined by the business community, and was at the same time a call for action aimed to foster a determination of the decision makers to adopt policies and measures beyond politically-driven interests. On this occasion, business community representatives took the opportunity to re-emphasize the importance of a constant and genuine consultation process to prevent implementing measures that on the long run negatively affect the economy as they are not rooted in a medium to long term strategy for Romania. US Ambassador Mark Gitenstein: Many talented youngsters believe that their future is outside Romania
US Ambassador to Bucharest, Mark Gitenstein declared on Monday at the Romanian Economic Forum that no country can dream of a long term development if their young generation cannot see their future in Romania and a friendly environment to invest their energies and entrepreneurial abilities. Ambassador Gitenstein said that the role of the Medium Sized Enterprises will become more and more important. Gitenstein also touched on the competition between Romania and neighboring countries to attract foreign investments. Romania will gain if it will create a better business environment.
President Traian Basescu: We scheduling an acceptable exchange rate below 5lei/euro but above 4 lei/euro
President Traian Basescu declared on Monday, at the Romanian Economic Forum that the Government, together with the National Central Bank are attempting to maintain an exchange rate between 4 lei/euro and 5 lei/euro, a value that would favor exports and not destroy the purchase power. Here are some of the most important declarations of the President:
• The objectives of the government is to diminish the effects of the crisis. The media presents angry people who blame us that we do not take the country out of the crisis
• About the IMF agreement: we attempted to consolidate the reserves of the central bank to maintain a stable euro-leu exchange rate. This exchange rate should favor exports and maintain the purchase power of the people
• The IMF agreement is meant to finance the deficit and pay pensions and salaries
• The most important target of the government is to diminish state costs. These are hard times which are hard to maintain
• The effects of the crisis lead to a normalization of the current account deficit
• An economic growth will most probably be witnessed in the second quarter of 2010
Foreign investors call on strategies agreed by all parties
Foreign investors of Romania need long-term strategies in this country, agreed by all the political parties, focusing mainly on agriculture, energy and the IT sector, said on Monday, chairman of the German-Romanian Chamber of Commerce, Radu Merica at the Romanian Economic Forum. 'Foreign investors of Romania need long term strategies agreed by all the political parties. We have to count on 5 to 7-year long strategies. Each government changes strategy. From now on we should consider a long-term strategy agreed by all the political parties,' said Radu Merica.
According to president of the Chamber of Commerce, the main priorities of the strategy should be agriculture, energy and IT. 'Big retail chains are members of the Romanian-German Chamber of Commerce. No one came to ask what businesspeople from Romania should do to get to the chains from abroad. In the energy field for instance, we might be energy exporters, while the IT is a sector in which many investments can be made,' said Merica.
'Within two years, Romania might turn from a cheap into a competitive country,' said chairman of the German-Romanian Chamber of Commerce, Radu Merica, at the Romanian Economic Forum. According to chairman of the Foreign Investors Council, Sachar Shaine, Romania is an opportunity for foreign investors because of the investments necessary in infrastructure. 'For the achievement of infrastructure works the investor goes through an auction, which includes challenges. We are not content with the process of challenges,' said Shaine.
Proposals for improvement of authorities' dialogue with business people
We are proposing the Romanian president to establish an advisory board on economic issues, according to the model of the structure called 'President's Economic Recovery Advisory Board,' established by President Barack Obama in order to have an efficient dialogue with the business community and to set the best policies for the economic development of the United States, said on Monday Sorin Mindrutescu, president of AmCham Romania at the Romanian Economic Forum.
Stressing that the White House advisory board headed by Paul Volker, former chief of the Federal Reserve, includes 17 personalities of the American business environment, a journalist included, Mindrutescu said that the similar structure of Bucharest might include members of the business community, bankers, personalities with no political implications.
The members of the Romanian presidency advisory board have to act in representative fields of the national economy and in order to ensure the continuity of the board's activity is should run for at least 18 months. In this way, the business climate might turn into a real partner of the political authorities, said Mindrutescu. Established in 1992, when it had 20 members, AmCham Romania has at present 300 members and it is the 105th structure which operates in 91 countries.
