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June 22, 2021
BUSINESS

U.S. charge d’affaires at Investors Day: “Romania needs to continue progress in key areas”

U.S. charge d’affaires, Dean Thompson, says Romania is a country of opportunities, rich in both natural and human resources, but to take advantage of these opportunities it needs to continue progress in key areas.“At each Investors Days, my predecessors have noted Romania’s progress in the past years.  I, too, will continue this tradition and note some highlights since 2013.  From capital market regulation improvement to its progress towards energy security, Romania continues to work on bettering the business climate”.

U.S. charge d’affaires hailed Romania’s  progress in restructuring its SOEs.  “We look forward to seeing more progress over the coming year, as it works together with key international institutions.  The success of professional management at Transelectrica and the ongoing and promising insolvency reorganization of Hidroelectrica, which is estimated to post the highest profit in its history this year, shows that professional managers can make a difference.,” he said.

In Mr. Thompson’s opinion, expressed on the occasion of the Investors Day last Thursday, one of the challenges it has to face is the demographic one.”The key word is investment: investment in a public health system that ensures widespread access to good healthcare for a healthy, productive workforce and healthy children who are ready and able to learn from the day they enter school; investment in education, to provide these children with the skills that the labor market needs; investment in infrastructure, to make it easier for the companies that decide to establish a production base here to ship their goods and create jobs; the investment of time, effort and commitment to create the stable, transparent and predictable business climate needed to foster private investment, foreign and domestic, and investment in justice and rule of law.  Besides education, no investment returns more to GDP than effective investment in justice programs. Contract enforcement, transparency and a level playing field, – these are the foundation of a good business and investment climate, pointed out the American diplomat.

He stressed the role played by the rule of law institutions-including the criminal justice system-for generating economic development.”While national resources and built capital are important; the vast majority of wealth comes from intangible capital of institutions – education, governance, property rights, justice systems etc.  Of these intangible capital resources – rule of law institutions – including the criminal justice system were the most important institutions for generating economic development.  Vice President Biden, Assistant Secretary Nuland, Mark Gitenstein, Duane Butcher and I don’t talk about this issue because it’s interesting, we talk about it because it’s critical to Romania and its future.”

U.S. Embassy to Bucharest launches “Entrepreneur of the Month” initiative starting January

“Romania should also look for ways to revitalize and encourage entrepreneurship.  Ensuring the protection of intellectual property, encouraging business development and valuing the ability to risk, fail, learn from mistakes and try again would all greatly benefit Romanian society as a whole.  Employment is driven by small and medium sized enterprises.  In my country, for example, nearly all job creation over the past 30 years has been spawned by companies in business for less than five years.  Unleashing the creative power of individuals is one of the most formidable weapons in the fight against economic stagnation.Today I’m pleased to say that my embassy will do its part – by announcing the Embassy’s “Entrepreneur of the Month” initiative, our way of recognizing Romania’s amazing entrepreneurs. Working with our partners, we will identify one exceptional entrepreneur every month starting January.  Our aim is to highlight entrepreneurs in all sectors of Romania’s economy, from Tourism to Agriculture to Health.  We will also reach across all regions in this beautiful country for this project, from ecotourism projects in the Carpathians to high tech manufacturers in Iasi,” said the U.S. diplomat.

Speaking of Romania’s future, the U.S. charge d’affaires said that Romania’s youth need the prospect of well-paying jobs that will incentivize them to stay here rather than take their skills abroad.  “They need the confidence that the taxes they pay are spent wisely, and that they and their offspring can live in a corruption-free country where decisions are made transparently, predictably, and based on stable and sound economic reasoning.  Romania’s youth know that the country will only realize its full economic potential with the inclusion of all citizens.  Therefore, the Government of Romania must show that it views economic and social inclusion, anchored in the rule of law and transparent decision making, as the foundation for deepening democracy and building sustainable economic growth.  Social and economic inclusion is necessary to capitalize on successful reforms – this is a critical link in continuing to improve the business climate and making any improvements permanent,” Dean Thompson also told on Thursday on the occasion of the Investors Day.

He also recalled that Romania and the United States are allies who have a strong, deep, strategic partnership and said that the U.S. encourage Romania to progress towards steady enforcement of the rule of law, and to fight corruption.  “We will continue to support Romania to ensure transparency, consultations, predictability and sound and stable governance, the key ingredients that foreign and Romanian investors, private and state-owned, need in order to invest and prosper.  And, we will continue to encourage Romania’s efforts as it faces up to its demographic challenges. We will do it because, as vice-president Biden said, “It’s no longer just what we can do for Romania, it’s what we can do together,” Dean Thompson concluded.

 

 

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