News

Daily Newsletter - 3 March 2021

Summary

FIC Daily Newsletter | 03.03.2021
FIC (1) || Macroeconomic (3) || Financial (2) || Investment (3) || Legislative (1) || European News (1) || Social (1)
FIC: Investments, the trigger that can restart the economy

The Foreign Investors Council (FIC) welcomes the adoption of the budget by the Parliament and considers that it reflects a balanced and favourable vision for Romania's economic recovery. FIC consider that the central elements of the construction of the current budget are well outlined by the realistic estimation of future revenues and the framing of the general consolidated budget deficit (of 7.16%) within the acceptable limits at EU level. FIC believes that foreign direct investment can make a significant contribution to the economic recovery and therefore we reiterate the need to outline legislative measures and institutional structures dedicated to attracting foreign investment, considering this a priority for the next period. From this point of view, the FIC remains an active partner of dialogue that can support the authorities in such endeavours.

Foreign Investors Council: Investment, the trigger that can restart the economy

FIC: Investments, the trigger that can restart the economy

FIC: Investments, the trigger that can restart the economy

FIC welcomes the adoption of the budget

FIC: Investments, the button that can restart the economy

Foreign Investors Council: This year’s investments reach an all-time high and can act as a catalyst ...

FIC: Investments, the button that can restart the economy

FIC: This year’s investments can play a catalytic role in reviving the economy

FIC: This year’s investments reach an all-time high and can play the role of catalyst in relaunching ...

The FIC welcomes the adoption of the state budget. Investments, the button that can restart the economy

Romania recorded RON 3.69 billion budget deficit in January
The execution of the consolidated general budget for January 2021 ended with a RON 3.69 billion (0.33% of GDP) deficit, according to data published by the Ministry of Finance yesterday evening. According to the cited source, RON 2.29 billion (0.2% of GDP) was left in the economic sector through VAT reimbursements, exceptional investments and expenditures allocated to combat the effects of the COVID-19 pandemic.
The state budget was voted by Parliament without any amendments
Yesterday evening, the Parliament adopted the draft 2021 State Budget Law, according to an official announcement, with 234 votes “in favor” and 170 “against”, within the first major validation of the ruling coalition’s solidity. None of the amendments filed by the opposition’s MPs was voted on, so the budget was adopted in the form transmitted by Cîțu government.
Romania has six companies in the top of Europe’s 1,000 fastest-growing companies
Six companies in Romania were included in a ranking of Europe’s 1,000 fastest-growing companies, presented by the Financial Times. Trencadis (technology) is the highest ranking company, having filled the 327th place, with a 493.8% growth rate.
According to ING, 83% of Romanians are trying to save money
Romanians lead the European ranking presenting household saving trends amid the pandemic, with 83% compared to the 66.5% European average, being followed by Poles (82%), Turks (80%) and Czechs (71%), according to the latest ING study. Moreover, nearly 75% of Romanians have decided to reduce their expenses, above the European average of 57.5%, thus ranking first in the European classification. Similarly, the following places are filled by the Turks (73%), the Poles (70%), the Italians and the Spanish (66%).
Eurohold to issue new shares on the Bulgarian Stock Exchange
Eurohold, the owner of insurer Euroins, announced yesterday that it planned to increase its working capital by issuing new stocks on the Bulgarian Stock Exchange, which would allow the company to obtain up to EUR 100 million funds. The group will use this money to finance the acquisition of CEZ Group’s business in Bulgaria.
Urbano Parks, from Cluj Napoca, will finalize construction works on a logistics park this summer
Urbano Parks, a company founded by entrepreneurs Mircea Ilea, Alexandru Şerban and Daniel Paraschiv from Cluj-Napoca, will finalize, in July this year, construction works on another 8,500 square meters of A-class industrial spaces, within the third stage of development of the logistics park located in the western part of Cluj-Napoca. As a result, the Urbano Cluj Vest (UCV) industrial and logistics park located in Floreşti-Gilău area will have a total built-on area of 25,500 square meters, the investment amounting to EUR 16.5 million.
AFI Europe to build a proximity shopping center in Bucureștii Noi
Developer with Israeli capital AFI Europe, the owner of the biggest mall in Romania, has decided to build a proximity shopping center within AFI City residential complex in Bucureștii Noi district, after having announced that it had definitively dropped its plans to build a mall on these premises. The new project will be finalized by the beginning of next year, following an approximately EUR 8.6 million investment.
InteRo Property Development is extending its development activity
InteRo Property Development is diversifying its activities by creating an investments division, as part of its long-term strategy to consolidate its presence in Romania and to attract good quality real estate projects on a growing market, according to a press release issued by the company. The investments division - InteRo Property Development Investment Group - targets partners around the world looking for premium project opportunities on dynamic markets.
Regulations in the constructions sector will be simplified
Minister of Development, Public Works and Administration, Cseke Attila announced yesterday that there were 589 legal provisions in the constructions sector, the oldest one dating from 1970, but pointed out that this field’s regulations would be simplified. Moreover, the provisions regarding buildings’ energy efficiency, adopted a decade ago, must be updated in order to be able to develop green and passive buildings.
The European Union is likely to waive limits on government borrowing
The European Union is likely to waive limits on government borrowing again in 2022, given persistent uncertainties about the pace of economic recovery once the coronavirus pandemic is contained, officials say. The European Commission will set the criteria on March 3 for a recommendation later in the year on whether the bloc’s fiscal rules should be reinstated in 2022 or stay suspended.