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Foreign Investors Council: NATO and EU memberships, accession to the Schengen Zone and to the OECD remain key elements for the foreign investors in Romania
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2 months agoon
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Diana ZaimNATO and EU memberships, accession to the Schengen Zone and to the OECD remain key elements for the investors, according to the official press release.
According to the latest analysis of the Foreign Investors Council on the taxes paid by FIC member companies and their employees in Romania in 2023, the investments of FIC companies amounted to 17 billion lei, representing 43% of the public capital expenditure according to the execution of the consolidated budget for 2023.
The contributions of the 110 FIC member companies to the general consolidated budget were estimated at 82 billion lei, which represents over 18% of the current revenues collected by the state last year. The total number of FIC member employees exceeds 190,000 people. Employees of the FIC companies analyzed earned an average net salary of 8,655 lei per month, with 89% more than the average net salary in the economy of 4,584 lei.
The attracted foreign investments have contributed significantly to the modernisation of the national economy and its integration into both the European economy and international export and production chains; they brought technology and know-how to the internal market, thus contributing also to the development of local companies and to productivity growth, as well as corporate governance, through which they promoted the importance of fairness, transparency and accountability in companies; they directly contributed to the economic growth registered by Romania through the investments made available and through the salaries paid directly to employees and indirectly through the supply chain.
The evolution of foreign investments stock as a percentage of GDP began at a near-non-existent value in 1990 and increased significantly in the coming decades. An essential element in attracting foreign investments is Romania’s accession to international structures. Both NATO membership and later EU membership were events that stimulated FDI growth in Central and Eastern European states.
The years of joining the international structures are by far the years that have brought a strong investment boost to Romania. The private sector (formed by foreign investors, entrepreneurs and households) is the main contributor to Romania’s development, the average ratio between investments in Romania and GDP being 23.7% over the last decade, above the EU average.
From an economic point of view, Romania is at a critical point with the highest levels of twin deficits in recent history, except in times of crisis. The economic situation of the country must be the priority of the authorities in the coming period. Balanced measures are needed to ensure a sustainable economic recovery that is reflected in the well-being of society. In the coming years there will be even more need for the private sector to continue to invest in order to maintain the growth rate of the Romanian economy from previous years, in particular as public sector investment will decrease due to the need to reduce the budget deficit.
Companies need a firm, long-term commitment from the authorities to ensure a stable and predictable climate in order to choose the investment destination, but also to continue the investments present in the country.
About FIC
The Foreign Investors Council (FIC) is the association that brings together the most important investors with foreign capital from Romania, approximately 110 of the largest companies in the country with a cumulative turnover representing approximately one-fifth of the gross domestic product and having a significant contribution to the state budget. In more than 25 years since the organization was set up, FIC member companies have always sustained the importance of dialogue between the business community and the authorities.
Diana Zaim este foto jurnalist, câștigătoare a Premiul Publicului la European Youth Event 2020, cel mai mare eveniment pentru tineri organizat de Parlamentul European. Absolventă a secției germană-portugheză în cadrul Universității din București, Diana urmează în prezent programul de master ”Relații Internaționale și Integrare Europeană” în cadrul SNSPA. Pasionată de promovarea valorilor europene, Diana este parte a comunității Model European Union, cea mai amplă simulare la nivel european a procesului decizional din cadrul Uniunii Europene.
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Finance Minister Tánczos Barna attends ECOFIN meeting to get Romania’s Medium-Term Fiscal Plan approved
Published
1 day agoon
January 21, 2025By
Diana ZaimFinance Minister Tanczos Barna is attending his first ECOFIN Council meeting, which will address a number of key topics for EU economic and financial policy, with a focus on competitiveness, regulation, economic governance and support for economic recovery. Member states are also expected to endorse the Council’s recommendations on Romania’s medium-term budgetary and structural plan.
“It is a huge opportunity for Romania that, as a result of the negotiations, we have a 7-year budget deficit adjustment period instead of 4 years. This smooth reduction of the deficit, at a slow speed that does not produce imbalances, allows the implementation of a massive investment budget. We need to provide predictability in the fiscal system, manage public finances efficiently, keep the running costs of the State and its institutions under control, and have a leaner State that works for the citizens. At the same time, by approving the Fiscal Plan, we eliminate the risk of suspending european funds. Thus, we will continue to invest in highways and roads, hospitals, schools, water and sewage systems and we will be able to maintain an economic growth trajectory“, wrote the Minister of Finance shortly after the ECOFIN meeting.
Medium-term plans are the foundation of the new economic governance framework. Integrating budgetary, reform and investment objectives into a single medium-term plan creates a coherent and streamlined process.
- Romania’s medium-term plan assessed positively by the European Commission. The European executive considers that Romania’s plan meets the requirements of the new framework, setting a credible budgetary path to ensure that our country’s debt is placed on a sustainable downward trajectory or maintained at prudent levels.
- The European Commission has assessed that the measures included by our country in the medium-term plan met the criteria to justify an extension of the budget deficit adjustment period from four to seven years.
European Union economy and finance ministers meet in Brussels on Tuesday, January 21, for the Economic and Financial Affairs Council (ECOFIN), under the Polish presidency of the EU Council.
The Council is expected to adopt recommendations regarding medium-term fiscal-structural plans in the context of the implementation of the economic governance framework.
The Council is also expected to adopt recommendations for member states that are currently under an excessive deficit procedure to take effective action to correct their deficit within a given time period.
ENGLISH
Stop the Harassment of Journalists! – Calea Europeană calls on Romanian institutions to protect press freedom: Without it, democracy cannot exist
Published
1 month agoon
December 20, 2024Calea Europeană expresses solidarity with journalists attacked by representatives of extremist forces in the Romanian Parliament and calls on Romanian state institutions to safeguard press freedom, emphasizing their duty to uphold democratic values and the rule of law in a country that is a member of the European Union and NATO.
The acts of aggression against journalists, including colleagues from Antena 3 CNN and Euronews Romania, represent a direct attack on press freedom, one of the fundamental pillars of democracy. In the context of Romania’s EU and NATO membership, such incidents not only undermine democratic values but also harm the country’s international reputation.
Press freedom is a right enshrined in Romania’s Constitution and an essential principle of the rule of law that must be prioritized for protection. Extremist actions occurring in a space dedicated to democracy, such as Parliament, raise serious concerns about tolerance for radical discourse and the dangers it poses to society. In this regard, Calea Europeană urges Romanian state institutions to implement strict measures to prevent similar incidents and to hold perpetrators accountable.
In the spirit of democratic values, Calea Europeană reaffirms the importance of a free and independent press, which is essential for the functioning of genuine democracy.
Without press freedom, there is no democracy!
ENGLISH
European project self-Learn offers two valuable digital tools for future initiatives in adult education
Published
2 months agoon
November 30, 2024The National Institute for Scientific Research on Labour and Social Protection (INCSMPS) as a partner in the self-Learn project, a project co-funded by the European Union, is preparing for its finalization. Working together with partners from European countries such as Spain, France, Italy, Slovakia, Finland and beyond, the project coordinator being from Turkey, they have developed a digital learning tool, available both on the website and on the smartphone.
Therefore, the project has produced a freely available Android and iOS app that will help interested users to improve their literacy, numeracy and digital skills in a very flexible way. The self-Learn app is designed and created with a multicultural partnership to ensure its transparency and authenticity with the support of the European Commission through Erasmus+.
Self-Learn’s mobile accessibility is a game-changer for adult learners, especially those juggling work, family or other commitments that prevent them from attending traditional classes. By putting learning directly in their hands, Self-Learn tools allow adults to engage at their own pace and at their own convenience, removing many of the traditional barriers to education. Starting with a diagnostic test, learners can identify their current skill level and follow personalized learning pathways designed to meet their specific needs. This process not only addresses individual learners, but also allows educators to better understand their challenges and strengths, enabling more targeted teaching approaches.
In addition, Self-Learn incorporates family involvement, a feature that is often neglected in adult education. Self-Learn provides resources for family members to support the learner, fostering a more inclusive learning environment that extends beyond the individual and promotes a culture of lifelong learning at home.
The project’s impact extends beyond individual adult learners. By equipping them with essential skills, it contributes to wider societal goals, including reducing unemployment, increasing social inclusion, and boosting economic productivity.
In addition, the Self-Learn project has the potential for scalability. Although it currently focuses on low-skilled adults, the platform’s flexible design means that it can be adapted for a wide range of educational contexts, including young adults, migrants and people re-entering the labour market. This flexibility makes it a valuable resource for future projects in adult education, enabling educators to guide learners on their journey towards acquiring essential skills, helping them to thrive in an evolving, technology-driven world.
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