FIC: Romania can become one of top 10 EU countries in 20 years, but that requires daily work

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Romania’s place is among first ten economies of the European Union (EU) and we can get there in 20 years’ time if we take certain measures to be implemented day in, day out, Eric Stab (photo), Chairman of the Foreign Investors Council (FIC), told a news conference on Tuesday.

“We are convinced that Romania can become one of the first ten economies of the European Union over the next 20 years. That’s where Romania belongs. We have conducted macroeconomic analyses and we believe that is doable, provided that certain things are done as they should be, regularly instead of by fits and starts, every day for the next 20 years,” Stab said.

In his opinion, there are three main areas that need to be focused on in order for this goal to be achieved: infrastructure, human capital and the efficiency of the public and private sectors.

He also pointed out that, as far as human capital is concerned, well-qualified and well-educated workforce is needed, but to reversing the migration trend in Romania will be hard to do.

The FIC launched the 2017 edition of its White Papers on Tuesday, a document that the council has published once every two years since 1997. This year’s 11th edition highlights how Romania can develop a sophisticated economy and how it can get real convergence with Western European economies.

FIC members are responsible for about 20 percent of total business turnover in Romania (180 billion lei) and employ about 4 percent of the total workforce (180,000 persons).