FIC : Romania's competitiveness is affected by unpredictable legislative changes

Romania should focus on attracting investments that lead to an increase in added value throughout the economy, thus generating a ripple effect in the economy, says Daniel Anghel, chairman of the Council of Foreign Investors (FIC)."Romania ranks very well in many categories that investors analyze, but there are also some points of concern. Our country continues to rank last among the countries in our region (ECE) in terms of FDI (foreign direct investment, ed.n) per capita. We have significant gaps in terms of the level of investments, productivity, competitiveness and employment. Romania should focus on attracting investments that lead to an increase in added value throughout the economy, thus generating a ripple effect in the economy. Romania's competitiveness is also affected by unpredictable legislative changes, along with excessive bureaucracy and persistent inefficiencies in the public administration that needs digitization at a sustained pace. We appreciate the openness to dialogue and are convinced that this forum can facilitate extremely useful discussions both for the Government and for the business environment, with benefits for the economy and society," said Daniel Anghel, at the annual Forum of Chairmen of the Council of Foreign Investors (FIC).The event was attended by the Prime Minister of Romania, Marcel Ciolacu, as the guest of honor.The forum brought together 60 presidents and general directors of FIC member companies from different fields of activity, such as energy, construction, automotive, financial and banking, telecommunications, services, pharma, trade and production of goods, with the common objective of contributing alongside the Government to identify the strategic directions for the sustainable development of Romania.According to the quoted source, FIC member companies have been registered and paying taxes in Romania for more than 25 years, support approximately 190,000 jobs in Romania and have a cumulative turnover that represents 25% of Romania's GDP. Also, the investments made by them had, on average, the end of the 90s as a starting point, a fact that reveals their commitment to invest in Romania for the long term.During the event, the Government together with the management of the companies discussed topics such as the tax reform for 2025 - consultation and predictability, the commitment not to introduce additional taxes in 2024, the reduction of tax evasion and public spending, the PNRR reforms and the acceleration of the absorption of European funds, energy independence , the strategy for attracting FDI with high added value, human capital and health and last but not least, consultation on strategic objectives.FIC's technical working groups will continue to analyze the areas discussed, submit proposals and recommendations in line with good European practices and work together with relevant ministries."Investors' trust is based on dialogue with the authorities, advance consultation on legislative changes, stability and predictability of public policies. At the same time, the creation of clear strategies regarding priority investment areas and proactive dialogue with potential investors would support FDI in Romania," the press release also says.According to the quoted source, the FIC is with the Government to identify together, during regular meetings, sustainable measures for the development of the economy and, implicitly, the improvement of Romania's competitiveness in the region.The Council of Foreign Investors (FIC) is the association that brings together the most important investors with foreign capital in Romania, approximately 120 of the largest companies in the country with a cumulative turnover that represents a fifth of the gross domestic product and that have a significant contribution to the state budget.