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Bucharest
October 31, 2020
BUSINESS

CCRG: Uncertain fiscal policy driving off investors

German businessmen are disturbed by “overnight” fiscal changes, Marko Walde, head of the Romanian-German Chamber of Commerce (CCRG), stated. In an interview for ‘Financiarul’ daily Marko Walde said that in the absence of industrial upgrading financed from EU funds German producers will leave Romania heading towards cheaper countries. He pointed out that the German economy is represented in 85 per cent of SMEs and the CCRG’s activity supports small companies in order for them to come to Romania. According to him, Romania’s strong points are its large market of over 21 million people and its growing potential. “There are over 16 cities with more than 150,000 people and this represents an advantage over Hungary, Slovakia or Bulgaria. Today’s level, especially the one seen in some provinces, is very low, that is why the potential is very high. New streets, new apartments, sewerage systems and business infrastructure will have to be built in these cities too. Likewise, there are also young men well trained from a professional point of view, especially considering their foreign language skills and, in contrast to Western Europe, salary expenditures are fairly low,” Walde pointed out. Nevertheless, the deficient infrastructure, the bureaucracy and the laws appearing overnight without anyone knowing how to apply them are driving off investors. “The best example is the overnight VAT hike. This manner of discussing and finding solutions is very strange and we’ve lost a lot of confidence,” Marko Walde pointed out.

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