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August 13, 2022

Company to export products of indebted companies

The government decided on Wednesday to set up a company handling the intermediation of wholesale trade on emerging markets, a company that the Economy Ministry would own and that would sell abroad the products of indebted state-owned companies. The decision was adopted through an emergency ordinance. The ordinance drafted by the Economy Ministry points out that postponing this measure would lead to “a delay in rendering the activity of state-owned companies efficient and to a hike in the value of their arrears, with a negative impact on state budget.” The company will be set up within three day’s time. The document points out that the measure is also needed as a consequence of the fact that Russia joined the World Trade Organization, a situation that “opens new business opportunities for Romanian traders.” Another reason is represented by the extremely difficult financial situation some state-owned companies find themselves in, situation generated by large debts.

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