Romanian Government approves establishment of Agency for Investments and Foreign Trade
The Government approved an Emergency Ordinance on the establishment, organization and functioning of the Romanian Agency for Investments and Foreign Trade. According to the Executive, the agency will be subordinated to the Government and coordinated by the Prime Minister. "The agency will have legal personality and is established through the reorganization of the Ministry of Entrepreneurship and Tourism, through partial division, by taking over the activities, positions and personnel of the Foreign Investments Department and the Foreign Trade Department, with the exception of the Commercial Policy Department," the Government said in a statement.
"The Agency will ensure a coordinated, coherent and professional policy in the field of attracting foreign investments and promoting exports, being concerned with sectoral, strategic and sustainable development. The purpose of the Agency is to ensure the sustainable growth of the Romanian economy, based on the infusion of capital in areas considered strategic, but above all the increase of Romania's political and economic relevance at the regional and European level," the Executive mentions.
The legislative proposal aims, according to the Government, to facilitate a favorable climate for foreign investment promotion activities in Romania, providing a stable framework for the strategic directions of the Romanian Agency for Investments and Foreign Trade, thus facilitating predictability in the relationship with foreign investors and national exporters.
"Through this measure, the aim is to increase operations to stimulate foreign investments in industry, services, scientific research, technological development and innovation, with indirect effects in regional development and the creation of new jobs," the Government also shows.
"The agency will ensure a coordinated, coherent and professional policy in the field of attracting foreign investments and promoting exports. The purpose of this structure is to contribute to the sustainable growth of the Romanian economy, based on the infusion of capital in strategic areas," the Executive added.
On another note, foreign direct investments will find an even more favorable and predictable environment starting with the period preceding Romania’s accession to OECD (the Organization for Economic Cooperation and Development), said the secretary of state in the Ministry of Foreign Affairs (MAE) Luca Niculescu, at the opening of the ninth edition of Foreign Investors Summit, in which he participated as the main guest, MAE informed, through a press release.
The Secretary of State for Romania's accession to the OECD, Luca Niculescu, emphasized the importance of Romania's accession to the OECD for the economic development process of our country, including from the perspective of the impact on the business environment and the investment climate. He pointed out the "increased" degree of trust that Romania presents to foreign investors, which is directly proportionally reflected in the rising level of foreign direct investments, despite the difficult international climate, marked by the illegal, unprovoked and unjustified aggression of the Russian Federation against Ukraine, as well as the pandemic and post-pandemic economic shock, the press release states.
"The OECD accession process represents a strong signal to investors and the business environment regarding Romania's commitment to align itself with the highest OECD standards in the most diverse fields: corporate governance, investments, competition, financial markets, public governance," said Niculescu, according to the Ministry of Foreign Affairs.
"Romania regards the accession to the OECD not necessarily as an end in itself, but rather as an opportunity for the implementation of priority changes, for the continuation of the modernization of the Romanian society as a whole," the MAE state secretary added.
The event organized by Business Review was attended by representatives of the Romanian Chambers of Commerce and Industry, members of the Council of Foreign Investors and of the Diplomatic Corps accredited in Romania, as well as representatives of the most important private companies in our country.
Source: Agerpres, 2022