The development model based in the first place on foreign capital has reached its limits, and the Romanian economy is witnessing a great moment of change in the business model, Businessmen’s Association of Romania (AOAR) Chairman Florin Pogonaru told a second edition of the ‘Your Money Expo’ financial exhibition.
‘From a business environment point of view, I believe Romania’s economy is currently witnessing a great moment of change. I believe the development model based in the first place on foreign capital has reached its limits. It is very good, it was very good, but let’s admit that we have reached certain limits. Now, we must focus on what we can do, on our strength, including on mobilising local capital,’ Pogonaru said.
He believes that the Romanian capital is being wasted at present.
‘We must admit that we cannot continue to count on foreign capital only, and to admit that what is happening now with the waste of Romanian capital, be it under the pension funds management, be it the retail capital which is not mobilised, is a very bad thing. Sometimes I am under the impression we are witnessing a moment of change as the Great Ice Age, in respect to the development model in Romania. We see on the one hand people aware of this and trying to adapt through such events [Your Money Expo], but on the other hand we see continuous harassment between dinosaurs and cowboys in the capital market that doesn’t help anyone and that isn’t meant under any circumstance to increase the credibility of the business environment,’ Pogonaru said.
‘Your Money Expo 2016’ is the second edition of the financial expo organised by the Bucharest Stock Exchange in cooperation with brokerage houses, asset managers, pension funds, life insurance and listed companies.
The event, which took place May 27- 28, was meant to provide valuable information about savings and investment, money management, capital markets and a spectrum of retail financial services.