The Supreme Council for National Defense (CSAT) approved on Thursday the 2024 - 2033 Romanian Army Equipment Plan, re-examining the programs in the context of Russia's war of aggression against Ukraine, the Presidential Administration informed."The major change in the regional security situation generated by the Russian Federation's aggressive stance determined the re-examination, reprioritization and reconfiguration of equipment procurement programs for the development of the military capabilities required for countering the new threats, including by stepping up the purchase of the necessary war ammunition, and for gradually building up stocks," the Presidential Administration specified.Thus, as budget allocations for Defense are maintained at 2.5 percent of GDP, the Romanian Army will focus its strategic efforts on strengthening the defense capacity at national level and in an allied format "in order to effectively deter and combat all types of classic, asymmetric, hybrid or other threats.""This will be achieved by equipping the force structure with high-performance military technology and equipment, compatible and interoperable with those of the forces of the other NATO and EU member states, so as to ensure both the fulfillment of deterrence and defense missions, as well as their long-term viability through the level of efficiency and technological development," the release goes on to read.At the same time, in order to protect the essential security interests and ensure supply security, CSAT is directly interested in Romania "having on its national territory industrial facilities capable of ensuring both the production of modern military hardware for the peacetime equipment of its forces and of maintaining the purchased equipment in operational condition, as well as the manufacture or development of new equipment that will contribute to the multiplication of military capabilities in crisis or war situations."
Moldovan carrier Flyone will add a route between Bucharest and Munich starting in October. The flights to Munich will be operated on Mondays, Wednesdays, and Fridays. This adds to the flights it has connecting the Romanian capital to Tel Aviv, Brussels, and Verona. With these routes, the airline is responding to the constant demand from […]
The Romanian government has sent the European Commission a portfolio of projects for the development of the defense industry and the increase of military mobility. The proposals are meant to secure funding through the EU’s Security Action for Europe, or SAFE, initiative. According to the government’s press release, “approximately 70% of the projects...
Romanian electricity distributor and supplier Electrica listed the largest issue of green, corporate, and non-financial bonds on the Romanian capital market, reaching a total value of EUR 500 million, on July 30. The bonds, with the stock symbol EL30E, are registered, non-convertible, unsecured, denominated in euro, have a nominal value of EUR 1,000 each, and […]
Dracula Film Festival, the event dedicated to horror and fantasy film, has opened the call for entries in its four competition sections. The festival runs four competition: Dracula Trophy, an international feature film competition; Little Dracula, an international short film competition; Vladutz, a Romanian short film competition; and Dracula Digital, a competition dedicated to young […]
Investment firm Mozaik Investments has acquired a majority stake in Genesis College, a large private educational institution in Bucharest. After receiving all approvals, Mozaik will provide growth capital to accelerate the development of the educational network through investments in new campuses and the expansion of schooling capacity, as well as the development of the International […]
The Romanian investment fund market has surpassed the threshold of one million investors. Moreover, the net assets of the 248 open-ended and closed-ended funds reached RON 51.8 billion (EUR 10.2 billion) in June, according to data from the Romanian Fund Managers Association, or AAF. Specifically, 1,007,481 people in Romania had money in the local and […]
