Bucharest, 17 December 2014
On 17 December 2014, The Foreign Investors Council – FIC, organized a Roundtable focused on how the good functioning of public institutions plays a key role in the performance and results of the private sector. FIC’s main message was that a better functioning of public institutions can contribute significantly to a higher level of foreign and domestic investment.
Mihai Bogza, the president of FIC, said that the dialogue between policy makers and the business community has lately become more constructive and structured: "the dialogue between decision makers and investors is absolutely necessary to create the prerequisites for a sustainable economic growth. The adoption of measures without prior dialogue, transparent and open with the business environment, reduces considerably the opportunity to have sustainable and long-term growth. FIC encourages the Government and all public authorities to continue to expand this dialogue and to consult all stakeholders when it plans to adopt measures with significant impact"
FIC’s main objective is to facilitate this dialogue between policy makers and investors in order to find together solutions for improving the business environment in Romania. FIC representatives have repeatedly stressed out the importance of a stable and predictable business environment for attracting long-term investments.
Steven van Groningen, member of the FIC Board, also underlined the importance of constant dialogue between the Government and relevant stakeholders. He also noted that „in order to ensure stability and predictability there needs to be a better management of public money, a good prioritization of large public investment projects and last but not least, the Government should make less use of emergency ordinances.
During the event FIC representatives outlined some aspects from the activity of public institutions which could be improved:
- The monitoring capabilities of the Government
- Prioritizing public investment using a transparent mechanism
- Better corporate governance for state owned enterprises
- Reforming the structure of salaries in the public sector without increasing the total payroll
FIC representatives concluded that investments in the Romanian economy can increase considerably if the state is able to create a reliable framework by improving the functioning of public institutions. Increased transparency, predictability and legislative stability can only earn the trust of potential investors in the Romanian business environment and the competitiveness of the economy.
The Foreign Investors Council (FIC) is an association of the leading investors in Romania. The FIC was established in 1997 when it officially began its activity with 25 companies as members.
Today, the FIC has 118 member companies whose cumulated investments in Romania exceed EUR 35 billion representing approximately two thirds of the total foreign direct investment made since 1990.
The FIC includes multinational companies providing the Romanian economy with a variety of goods and services and creating almost 200,000 direct and indirect jobs.
In Top 10 largest companies by turnover, eight companies are FIC members, and 35 member companies are included in Top 100 – as per the report "Major Companies in Romania" published in 2013, by IBP.
Foreign Investors Council (FIC) - www.fic.ro