Ambassador Kavalec at AmCham CEO Business Forum

InterContinental Athenee Hotel, Bucharest27 February 2024   Prime Minister Ciolacu, Distinguished Ministers, Dear CEOs and AmCham members, Ladies and Gentlemen,   Good morning everyone. Thank you for the invitation to join you here today. Let me begin by thanking the Prime Minister and members of his cabinet for being with us here today, and for your constant engagement and dialogue with the American business community.   To our gracious hosts, Cristian Sporis and Letitia Pupazeanu, thank you for bringing us together today for the CEO Forum.   I have fond memories of meeting you at the AmCham CEO Forum last year shortly after my arrival in Romania. Today’s event provides a great opportunity to reflect on the banner economic year that we have had together.   It is also an opportunity to try to deliver on the promise I made last year, which was to speak this year in Romanian. I hope my Romanian is up to the task!   Expanding the U.S. business presence and American investment in Romania remains a major priority for the U.S. Embassy and for my government.   I am glad to say that I have found that the Romanian government shares this goal as well. Indeed, we were honored to host a visit by the Prime Minister and his team to the United States in December, when he visited with several American companies. Meanwhile, over the last year, dozens of American officials and business executives visited Romania to learn about investment and trade opportunities, and to further strategic projects that will boost economic prosperity, promote national security, and enhance energy security in the region.   We are seeing many encouraging signs of progress. For example, our advocacy to reinvigorate Romania’s film incentive scheme contributed to the government’s decision to create a new film office and initial repayments for past projects. We expect that the film rebate program has the potential to generate over $1 billion for Romania’s economy.   Traveling across Romania last year, I saw U.S. companies in all corners of the country contributing to the economic resilience of their communities. For example, I recently visited Bacau to inaugurate the S-70 Black Hawk Authorized Maintenance Center at the Aerostar facilities. Romania now has the capacity to maintain, repair, and operate Black Hawk helicopters.   In Craiova, we celebrated a Ford Otosan Transit Courier launch, together with the Prime Minister. We learned about their 490 million euro investment to begin mass producing and exporting electric vehicles this year. We were also glad to learn the plant hired 1,300 new Romanian employees in 2023.   In Ploiesti, we saw Coca-Cola Romania’s new product line that produces bottles from recycled plastics. Coca-Cola Romania has also made substantial investments to enable recycling nationwide. They have also invested 29 million euro in production capacity development, local operations, and equipment acquisitions in 2021. These are great examples of the private sector delivering solutions to fight climate change and environmental degradation.   Moreover, you will find American companies, such as Hamilton, Emerson, Plexus, Microsoft, and Amazon driving innovation and advancing technological solutions from Banat to Transylvania to Moldova.   All these companies have significantly expanded their operations since their launch and have grown their staff with Romania’s high-skilled, multilingual workforce. In 2024, my team and I will continue to advocate for fair treatment for American businesses and investors. We will support Romania’s anti-corruption efforts and its push to ever-strengthen the rule of law in support of stability, predictability, and transparency for investors.   When investors know that their investments are safe, that their rights will be protected, and that legislative and regulatory changes are undertaken with consultations and advance notice, they can confidently enter the market and make investments that foster innovation and growth.   AmCham Romania is the prime example of the positive impact of foreign investment. AmCham businesses generate 65 billion euros in annual turnover, and have created over 250,000 jobs, with each job generating two other jobs in the value chain. As Romania strengthens its investment climate through consultations with the OECD, we will have more room to supercharge America’s 7.3 billion euro investments in Romania.   Thank you to those companies who participated in AmCham’s business mission to Chisinau earlier this month. We hope will lead to greater U.S. and Romanian investments in the Republic of Moldova as well, as they follow Romania’s lead in pursuing a European path.   As you know, the Embassy is working closely with the Government of Romania to take the steps needed to bring Romania into the Visa Waiver program. We need your help on this as well!   I urge every CEO and every leader in this room to encourage, and also if you can, pay for, their employees to take advantage of the U.S. Business Visa Facilitation Program. By renewing your visas this year, you are helping open the door to closer, and more productive ties between our great countries.   Looking ahead, let me mention two important opportunities in 2024.   From May 9th through May 10th, the Department of Commerce will host a Trade Winds event in Romania as part of its premier bilateral trade program.   We will hold the SelectUSA Summit near Washington from June 23rd to 26th. Last year, Romania led the largest EU delegation to SelectUSA Summit, and this year I look forward to joining an even larger delegation!   I hope you will take advantage of these opportunities to raise Romania’s visibility with American markets and businesses.   Finally, in closing, let me offer a more personal observation. When I left Romania in 2008, it had only just joined the EU. When I returned last year, after fifteen years away, everyone asked, what changes have you noticed?   I am sure you are aware that, since Romania joined the EU, per capita income increased from 44 percent to 76 percent of the EU average, GDP has tripled, and that the number of U.S. companies has doubled.   To be sure, there is more work to be done, especially with roads and infrastructure, but Romania’s progress is nothing short of remarkable. But more important, I see a country that has embraced its democratic values and its partnership with the U.S., the EU and NATO, and is making the most of these opportunities.   I also see a country that has opened its arms to Ukraine in its time of need, standing firm with its allies against Russian aggression.   In short, I see a country on the move, a country coming into its one within Europe and the world, and one which the United States is proud to have has a partner. Everyone here in this room has had a hand in supporting Romania’s democratic and economic transformation. So congratulations — and thank you for everything you do.   By  U.S. Mission Romania