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Energy and telecom markets among the most free of EU, according to ING expert

Romania is at present ahead of big states such as France or Germany from the viewpoint of liberalization of the energy and telecommunications markets and its economic bases are more solid than 10 years ago, chief economist at ING for Emerging Europe, Africa and the Middle East Charles Robertson told daily Ziarul financiar.

According to Robertson, Romania gained a lot at international level in investor s' opinion after big investors like Nokia preferred it for investments and after the green light for the privatization and liberalization in the energy field and telecom.

'Over the past 10 years, Romania enjoyed not only a high rate of investments, but also qualitative investments. Privatization and liberalization of the energy system and of the telecommunication system are major advantages for investors,' said chief-economist of ING Emerging Europe, Africa and the Middle East.

Besides, Robertson says, the introduction of the flat income tax in 2005 and the fact that the Government has started to lessen its role in economy boosted investors.

'Romania has always had great potential. The communism allowed only development in art, culture, education, but it halted innovation and creativity in economy. I believe Romania may be compared to post-war Italy. Romania was at the beginning of the 20th century one of the biggest producers of crude oil, one of the agricultural forces. Communism did not award innovation and resources were used in directions that did not contribute to the people's welfare. You had economic growth but below the potential,' said the ING official.

Romania's GDP (gross domestic product) grew four times in euros over the past 10 years, up to some 135 billion euros last year. Romania has had one of the best evolutions among the economies of Central and Eastern Europe over the past two years and it is well enough equipped to cope with the tensioned situation of the world economy, said Robertson.

Robertson said the devaluation lately by 20 percent of the leu currency will contribute to the recovery of exports, for instance Arcelor Mittal will benefit from the appreciation of the euro as against the leu.

The economist at ING stakes on the recovery of the global economy in 2011-2012 and he said one of the biggest advantages of Romania over this period is the very low public debt as share in the GDP.

'The financial markets are afraid of the countries with high debts,' said Robertson, stressing that Romania has an overall public debt of 25 billion euros, namely about 20 percent of the GDP, compared to Hungary or Greece with public debts accounting for almost 100 percent of the gross domestic product.

'Another advantage of Romania is the fact that over the past decade a part of the labour force specialized and was visible and international level and may compete at present with the labour force from the West,' said Charles Robertson.

 

Sursa: http://www.rompress.ro

Tags: robertson romania ing energy markets euro

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