The French companies in Romania are often subjected to "endless" financial controls, the French Ambassador in Bucharest, Philippe Etienne, on Monday said. "The French companies are way too often subjected to endless controls, and this seems to be based on the red tape phenomenon," Etienne said. The French official specified the representatives of the French firms were efficiently co-operating with the authorities and that he was positive the situation would soon change. He did not care to provide details and concrete examples, arguing this would negatively impact on the co-operation with the authorities. "Romania has got quite a lot of things to do if it wants to catch up with the neighbouring countries and attract investments. The European Union and the International Monetary Fund have highlighted the main requirements for the economic and financial stability, speeding up privatisation, restructuring the state-owned companies, curbing debt and fighting red tape," the French Ambassador added. The uncalled for financial controls performed at foreign capital companies were also brought up by the executive director of the Foreign Investors Council (FIS), Ruxandra Stan. ZF
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