From 'First Home 3' scheme to organising the European FootballChampionship in 2020, foreign investors have put together aprogramme that should see the GDP up by 11.6% until 2015.
The Foreign Investor Council (FIC), which groups together themost powerful private companies, proposes to the government 12measures to get the economy out of recession after two years ofcrisis during which the authorities have improvised several rebootplans, with most of them left only on paper.
"We are confident in a 2011 economic rebound through this set ofmeasures. The situation is alarming. The private sector and theauthorities have to do what's necessary to boost investorconfidence and avoid a third year of recession. Romania has aneconomic potential that has to materialise. We are now making acall and a partnership offer to the authorities said MarianaGheorghe, chief executive of Petrom at the presentation of theprogramme.
FIC proposes a set of 12 measures that would see the economy growby 11.6% in real terms until 2015, budget revenues up by 8.5% and250,000 jobs created. The 12 steps are part of a more extensiveplan that includes 80 measures.
BCR, the biggest bank on the market, helped devise the plan, sothat a number of measures suggested would directly benefit thebanking system: cut of minimum mandatory reserves in foreigncurrency from 25% to 20%, creation of subsidised loan facilitiesfor SMEs through a joint contribution of banks and public sector,establishment of a development bank/fund to improve absorption ofEuropean funds, the start of the First Home 3 scheme.
FIC also proposes keeping the flat tax at 16%, reverting to 19% VATand renegotiating the 2011 deficit agreed at 4.4% of GDP with theIMF, so that sufficient funding can be directed toinfrastructure.
FIC was established in 1997 and comprises 118 foreign-held Romaniancompanies, whose investments in Romania total 30 billion euros (twothirds of the foreign investments in the Romanian economy). Theturnover of the FIC members stood at 36 bilion euros in 2009, thatis over 30% of GDP.
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