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July 2, 2022

Romanian economy needs German investments

  •  Romanian and German presidents met company representatives from the two countries

In a speech given at a Romanian-German economic summit, the Romanian President emphasised that Romania plans to adopt a new economic development model centred on innovation and competitiveness. At the same time, President Iohannis said: “Through my presence at today’s event, alongside President Joachim Gauck, I want to reiterate our firm, long-term commitment to expand economic cooperation in numerous domains, such as trade, industry and education, programmes that would generate new economic opportunities for Romania and Germany and new German investments in the Romanian economy in particular.”

“Our trade has doubled in the last 10 years. For instance, 2015 was a reference year because we registered highs in what concerns both total trade, which reached over EUR 23 bln, as well as Romanian exports on the German market, which stood at around EUR 11 bln,” President Iohannis said.

The President said that in Romania the economic growth forecast stands at “over 4 percent, in the context of financial stability and very favourable outlook for the capital market.”

“Economic competitiveness depends on the quality of the business environment in which entrepreneurs are active. In this sense, we have to improve the institutional quality of the business environment by eliminating unwanted and useless practices, by enhancing transparency, but especially by reducing corruption, which is the biggest enemy of healthy economic development,” Iohannis added.

Likewise, Klaus Iohannis pointed out that the educational sector has to be adapted to the real needs of the economy, in order to create the necessary bridge between school and the labour market. “Over 25 percent of Romanian graduate students turn toward technical studies, and another 25 percent toward the business and economic sector. In this context, we salute the implementation, in Brasov, through the German companies’ collaboration with Romanian authorities, of a pilot dual education project,” he stated.

He added that the Government has presented a legislative proposal for the improvement of the legal framework related to vocational education, including by adopting the German model of “dual education.”


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