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March 25, 2023

Law on prevention and FSDI, topics discussed by Economy Minister and FIC representatives

The law on prevention, the legislation on corporative governance, setting up and developing the Sovereign Fund for Development and Investments are the main topics analyzed on Friday by the Economy Minister, Alexandru Petrescu, and a delegation of Foreign Investors’ Council (FIC).

“The identification of the best measures to stimulate the investments developed either through local capital, or through foreign capital, has a common goal: the economic and sustainable development of Romania. We should keep a viable communication framework in which we draw up laws not for the companies, but alongside them, in order to make sure, first of all, of the practical applicability of regulations. Furthermore, you will find me a supporter of the supple and efficient legislative framework, being, also, a combatant of the over-regulation, which is so harmful to the business environment,” stated Alexandru Petrescu, quoted in a press release remitted to Agerpres.

In his turn, Eric Stab, the head of the FIC, specified that the organization he leads appreciates the openness of dialogue showed by the Economy Minister.

“FIC considers that foreign investors already present in Romania are the best ambassadors for this message and the success basis to this objective stems on signals of stability, transparency and predictability which the Government can send. The meeting of today confirms our expectations towards a normal process of structured dialogue and consultation with the business environment on problems that affect the economic environment,” Stab said.

The Government decided on Thursday the adoption of a memorandum on setting up the Sovereign Fund for Development and Investments (FSDI).

“We have adopted today a memorandum, in accordance with the governing program 2017 – 2020, taking into account creating new instruments of public investments, setting up the Sovereign Fund for Development and Investments is a measure of economic stimulation, an instrument of investment funding in the competitive, profitable and sustainable sectors, with the effect of multiplication in economy, after attracting the capital and sources from the financial market,” stated on Thursday, Alexandru Petrescu, in a briefing at the Victoria Palace.

The Government decided on Thursday to adopt a memorandum on establishing the Sovereign Development and Investment Fund (FSDI), the Economy Minister Alexandru Petrescu announced.

“Today, we have adopted a memorandum, according to the 2017-2020 governance programme, taking into account the founding of new public investments, the establishment of the Sovereign Development and Investment Fund being an economy stimulation measure, an investment funding instrument in competitive, profitable and sustainable sectors, with a multiplication effect in economy, going to attract capital and financial market sources,” Alexandru Petrescu stated, in a briefing at the Victoria Palace.

According to the Economy Minister, the FSDI will represent “a partner” for international investors, such as the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the World Bank (WB), investment funds and other private investors.

“Through this document we only mark the initiative and the demarche of this process. We further formalized the founding of some inter-ministerial committees, with representatives of the Economy Ministry, the Finance Ministry, the Competition Council, the Financial Supervisory Authority (ASF). (…) This is the day we formalize the demarche, starting tomorrow these committees will gather formally, (…) issuing points of view,” Alexandru Petrescu stated.

According to Petrescu, discussions were also carried out with the main players of the national, regional investment arena, so that the fund launching process be “accompanied” by “their general opinion and consent.”

Furthermore, the Economy Minister mentioned that a normative act is to be adopted regarding the actual functioning of this fund.

“The next step will be another normative act, with the constitutive act in the center, where we will have the exact functioning and structure mechanism of the fund,” Petrescu also stated.

The FDSI will contribute both to Romania’s efforts to gain the statute of an emergent market for the domestic capital market, by growing liquidities on the Bucharest Stock Exchange (BVB), as well as to the growth of the absorption level of non-refundable European funds by ensuring the co-funding financial sources of the investment projects, the Government release points out.

According to the quoted source, the Romanian state, through the Economy Ministry, will be the sole shareholder throughout the functioning period of the FSDI.

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