Bruynseels, BCR: Romania is losing investors to other East-European countries

Romania must fight for foreign investors with countries such as Poland, the Czech Republic, Bulgaria or Hungary, but it is not competitive enough as moves meant to jumpstart the economy are lacking, and the EU absorption degree is low, believes Dominic Bruynseels, BCR executive chairman. "Generally, investors' reaction to Romania is now a negative one. They are looking at Romania comparing it with the other countries in the region and in these comparisons Romania does not stand quite well. We shall have to change this as quickly as possible," stated BCR head. He says that EU fund absorption should be a real priority, as the major infrastructure projects that can be carried out with this money have a multiplying effect and can subsequently attract further investments in Romania. Bruynseels considers that it is the lack of political will, and not authorities' incapacity to draw European funds that is the real problem in this case. At the same time, he says that technically Romania would not need a new agreement with the IMF as the NBR's foreign currency reserve is large enough, but that an agreement that should secure fiscal discipline could be taken into consideration.