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Valentin Lazea, BNR: Foreign investors ranked the 46,000 investment projects in Romania

'The Council of Foreign Investors made a study which is to be published in a conference at mid –March to rank the investment projects, following a cost-profit analysis.

The first six projects in the ranking include three infrastructure projects, two energy and one research-development one. At present, Romania has almost 46,000 investment projects which involve public money. Taking into account the budgetary restrain – expenditure for capital under 5 billion euro in 2010, it is necessary to prioritise such investment projects' – the head economist of BNR said in the Finmedia conference.

According to the head economist of the central bank, the economic growth of Romania for the period to come cannot follow the trend of 2004 – 2008. 'Even if they try to relaunch it on the same coordinates, it is against the international pledges takes by Romania to foreign investors, the EU and IMF' Lazea said.

From foreign investors Romania expects capital injections ( as there are not enough domestic resources)management intake and know-how and opening to foreign markets, which is quite difficult, Valentin Lazea said. At the same time, foreign investors are entitled to expect from Romania, besides a reduced fiscality and cheap work force and progress as regards infrastructure improvement, work market deregulation, judicial system normal functioning and financial market depth.

From the EU, Romania expects reintergration in the European family, non-refundable funds of almost 20 billion euro and gradual and sustainable movement from an average level of GDP/inhabitant to PPP.

In his turn, the EU expects from Romania a strategy of economic growth expressed through the National Programme for Reforms (PNR), a cautious approach of public finances expressed by the Convergence Programme (PC)macroeconomic indicators to be in concordance with the Pact for Stability and Growth and a correlation of provisions in PNR and PC in the European Semester.

From the IMF Romania expects cheap financing when the conditions on the international market get worse due to objective reasons, a « stamp » of conformity of policies with the interests of the country and « time-buying » for structural reforms. At the same time, IMF expects Romania to meet the pledges and pay the loans in time ( which supposes permanent access to private markets of capital).

According to the head economist of BNR, the targets of the new agreement depend on the target aimed at by BNR, 3% +/- 1 percentage point ( both for December 2011 and December 2012), a GDP growth of 1.5% in 2011 and 4-4.5% in 2012, a budgetary deficit of 4.4% out of GDP in terms of payments ( almost 5% in pledges) for 2011, followed by a deficit of 3% ( according to both methodologies). For next year, there are to be expected stabilisation of the public debt at a level under 40% of GDP and deficit of current account of almost 5% of GDP in 2011 and 2012.

You need reforms. 'It is about structural reforms which supposes the reform of state-owned companies ( taking into consideration the separation of non-viable activities, the reduction of debts) and the reform of the energy sector, allowing a greater involvement on the markets to establish natural gas and electricity prices, in parrallel to a greater autonomy offered to national authorities of regulation (ANRE)', Lazea said.

'At the same time, the head economist of BNR said, we need a reform in transport, to draw private investors, to reduce debts and losses. We need a reform in the work market, allowing a higher flexibility for employers both as regards employment and work contracts cession. In the financial banking domain it is needed to go on with reformsa ; the agreement in Vienna between the parent-banks of the main credit institutions with foreign capital in Romania, no national legislation in taxation of banks, possible measures to be taken at European level, no normative documents to diminish the debtor discipline' Lazea said.

According to him, the domains with high potential of growth are : industry ( especially the one oriented to export) agriculture ( the same) infrastructure ( transport, energy, environment) services – international transport, tourism and communications.

Sursa: http://www.actmedia.eu

Tags: romania which growth expects lazea projects foreign investment investors bnr euro

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