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March 4, 2021

EconMin Borc: Most exports belong to multinationals; we unwillingly favour foreign capital

The Romanian capital needs support in the good sense of the word, because we often neglect this fact and treat it like the same as do the foreign one, favoring the latter unwillingly, Deputy Prime Minister and Minister of Economy Costin Borc said on Tuesday in a conference of the Chamber of Commerce and Industry of Romania (CCIR).
‘The Ministry of Economy wants to be a partner of the CCIR for increasing foreign investments and exports. The network of commercial attachés unfortunately deals more with promoting state companies. We want to turn this network into one that draws foreign investments. Most of Romania’s exports are exports of multinationals to other subsidiaries or parent groups. We never make the difference between foreign investments and companies on Romanian capital. This difference should never be made. Romanian capital needs support in the good sense of the word, to ensure for it a playing field. We often times neglect this fact and the Romanian the same as we do with the foreign capital. But in fact, we unwillingly favor the foreign capital, because they have access to cheaper funding, because they have developed know-how. It is very hard for a Romanian company, which is at the first generation, to compete with a company that has sometimes hundreds of years of history,’ said Deputy PM Costin Borc.
The CCIR has organized the meeting of the ICC Romania National Committee that brings together the elite of Romania’s business milieu, companies and organizations in all areas of economic activity.
‘We are working, at the Government, on the professionalization of state enterprises. We have already presented a draft economic strategy of Romania, a longer-term project, with the advantage of an independent Government. I mean, first of all, supporting production anywhere in Romania. Not only on the big platforms that we have, but also around small towns or in rural areas. This will only be possible if we create infrastructure accessibility, starting from the road up to the IT one. We must not forget the need for education and a quality medical network,’ said Minister Borc.
The ICC was founded in 1919, when World War I ended, by a group of industrials, financiers and traders who called themselves ‘the merchants of peace’; the initiative belonged to French Minister of Commerce Etienne Clementel, who eventually became ICC’s first president. It has its headquarters in Paris, and regional offices in 130 countries. More than 6.5 companies worldwide are ICC members.

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