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January 27, 2023

Minister Petrescu in Paris: Romania’s joining OECD will send a message of confidence to foreign investors

Acquiring membership of the Organization for Economic Cooperation and Development (OECD) will act as an acknowledgment of economic and social progress and will send foreign investors to Romania a message of confidence, argued Alexandru Petrescu, Minister for Business, Trade and Entrepreneurship in the opening of the OECD conference taking place in Paris between April 18 – 20; the Minister made these remarks in the context of Romania’s bid to join the OECD.

According to a release of the relevant Ministry issued on Wednesday, the OECD event debates the stringent issues of the states in the region related to increasing the amount of foreign investment and promoting exports in direct connection to the competitiveness of national economies.

Thus, OECD and European Commission representatives promoted the need to develop a new economic model in the region, based on integration with the EU economy, intensifying economic relations of the countries in the region and capitalizing on the traditional historic and economic ties connecting them.

“Having a common platform to attract investment to Southeast Europe is key to increasing the competitiveness of the region, as foreign direct investment are the driver for the expansion of the production capacities in the area, of growing the technological component of the economy and successfully accessing the international markets. Although significant progress has been made in the region in this respect, we need to speed up joint efforts to stimulate attracting quality investment, so that the synergistic impact reflects in reduced development disparities that separate us from Western European countries,” said the Romanian Minister.

According to the release, Romania continues to identify and implement “the most appropriate economic and social policies to attract sustainable investment and ensure a sustainable development in line with the governing program and the European development guidelines.”

“The intensification of nationwide reforms, with focus on outlining public-private partnership legislation and on a new philosophy for addressing and supporting foreign direct investment projects are a priority for the Government of Romania, with a view to achieving the basic goal of increasing the amount of foreign direct investment in our country,” Petrescu said.

The conference brings together high-level economic representatives of ten Southeast European states, decision-makers from 35 OECD countries, professors, successful entrepreneurs, members of international partner organizations and experts in the field.

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