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Ministry of Economy: Romania is ready for substantial foreign investment
Romania is ready for substantial foreign investment and the Government continues to come up with economic policies that support the private sector, State Secretary with the Ministry of Economy, Trade and Relations with the Business Environment Manuel Costescu told a business conference on Tuesday.
"In essence, Romania is ready to attract substantial investment. We have important investors here, such as Continental, Bosch, and more recently Airbus. To Romania, research and development (R&D) is extremely important and it's developing day by day. The Government is trying to support the private sector and the foreign investors' initiatives through various means, such as tax incentives. We're also talking about facilities for the IT&C sector. I can also mention cutting through red tape, which is a problem we're facing," Costescu said.
The Romanian official also said highly skilled labor and Romania's having the lowest taxes in the EU are good reasons for investors to start up local businesses.
"Why invest in Romania? First, we're talking about highly skilled labor and the competitive edge over the neighboring countries. Currently, Romania has 70 industrial parks with very good infrastructure that provide opportunities to grow one's business. Moreover, Romania has the lowest taxes in the EU," Costescu explained.
The "Foreign Investor's Guide" recently launched by Romania's Government is a very useful tool for potential investors in Romania, Norway's ambassador in Bucharest Tove Bruvik Westberg told a business networking conference on Tuesday.
She pointed out that by using the guide, any investor would be successful on the local Romanian market.
"The Foreign Investor's Guide 2016" was launched on August 10 at a Cabinet meeting and is to be publicly launched by the InvestRomania Department at the Ministry of Economy tasked with promoting Romania as an investment destination as well as informing and attracting potential investors.
According to the Government, the guide has been designed to contains all information foreign investors might need, be they owners of already established businesses in Romania, or potential investors who can turn Romania's competitive advantages into growth levers.
"The Foreign Investor's Guide is an important part of the Government's strategy to promote Romania as a destination for foreign investments, and also a component of debureaucratisation and transparency in relation with the business environment," a Government press release reads. The English language guide is available on www.investromania.gov.ro and contains insights into the investment climate, economy, business ecosystem, financing availability, employment and labor law, fiscal policy and tips for living in Romania.
InvestRomania is also to launch in the coming months an integrated platform to connect potential investors with local suppliers in order to support local companies in key industries (automotive, IT&C, bio-economy, avionics, agriculture, creative industries).