The Foreign Investors Council (FIC) celebrated last week 25 years of activity in Romania, an occasion that brought together in a constructive dialogue the directors and presidents of the largest companies in the country, representatives of the Government, Parliament, Presidential Administration, regulatory authorities, and international institutions.
FIC is the association that brings together the most important investors with foreign capital from Romania with a cumulative turnover representing one-fifth of the gross domestic product, having a significant contribution to the state budget and gathering 170,000 direct jobs for the Romanian economy.
FIC has a solid history as a partner for debates and consultations with the authorities and a visionary approach to economic issues, with a focus on private investment. During the 25 years of activity, the organization brought together over 255 Romanian companies with foreign capital which contributed with recommendations, analyses, studies and debates that supported Romania’s evolution.
The association grew at the same time with the economy, the society and the state, and today we are in a more prosperous environment in which Foreign Direct Investment („FDI”) played a central role in economic development through the jobs created, the taxes paid to the state budget, the know-how transfer in doing business and the technology that has led to increased productivity and exports. Starting with the establishment of the organization, the FIC Board of Directors members have been ambassadors of foreign investments and of Romania as a destination for FDIs. The organization has developed in line with foreign investments in the country, which grew from a 6.8% FDI share of Romania’s GDP in 1997 to 38.64% FDI share in 2021.
FIC priorities have changed and diversified at the same time as the legislative framework and economic system became more sophisticated, but the central topic has always remained the sustainable economic development through numerous macroeconomic analyses, white books, reports, position papers and projects dedicated to key development pillars.
During the event, the Prime Minister of Romania, Mr. Nicolae Ciuca, emphasized the constant partnership between the Government and FIC in terms of stimulating foreign investments and the organization’s contribution to identifying the best measures for medium and long-term sustainable economic development, dialogue that led to a record level of foreign investments in 2022. Also, the Minister of Economy, Mr. Florin Spataru, the Minister of Labour and Social Solidarity, Mr. Marius Budai, and the Minister of Environment, Waters and Forests, Mr. Barna Tanczos, highlighted the significant collaboration with the investors’ organization, and the measures they are considering to support investments and economic activity: the interactive map of the economic sectors – the Economic Atlas, the industrial development strategy, rethinking of the activity by reducing the impact on the environment and through new technology, ensuring the necessary workforce (by improving dual and technological education and career orientation). The investors in dialogue with the authorities have covered the perspectives of the new Romanian Agency for Investment and Foreign Trade, the process of examining foreign investments, the status of implementation of NRRP and EU funds available to complement private investments, Romania’s accession to the OECD, the fiscal framework stability, the implementation of the digitization processes at the level of the administration and the environmental protection measures.
FIC members have once again highlighted the most important measures to stimulate FDI: stability, predictability, transparency and clarity of the legislative framework; reasonable timelines for the implementation of new measures or tools by companies; viable and sustainable solutions for the energy crisis that support all stakeholders and reduce cost pressure; stability of the fiscal system; reducing bureaucracy and stimulating digitalization, and the development of a strategy to attract FDI.
FIC members remain dialogue partners for authorities and international institutions that have Romania’s economic and social development as the common goal.
Data on FIC activity in the past 25 years can be accessed at the following link.