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The Foreign Investors Council leadership’s vision for the 2021 – 2022 mandate

Recently, the FIC member companies decided on the 15 top executives and professionals in the composition of the Board who will take on the leadership during the 2021 – 2022 mandate.

Analyzing and factoring in the lessons of the past year’s challenges, the new FIC Board is prepared to focus its work on several strategic pillars identified as fundamental for a strong and long-lasting economic recovery.

The vision of the new FIC Board is based on the following main topics that could continue shaping the sustainable growth of the Romanian economy: the corollary of a sustainable recovery of the economy is the continuation of the vaccination campaign, with the support and involvement of the private sector in order to minimize the social and economic damage; a continued involvement for supporting attracting foreign direct investments (FDIs) to Romania, aiming at obtaining a multiplying development effect for the SMEs ecosystem; the elaboration of public policies and recommendations regarding the perspective of the green and digital transitions awaiting Romania in the 2021 – 2030 decade; and the improvement and consolidation of the consultative process between the authorities and the business environment with the objective of attaining and implementing sound policy measures.

The business environment represented by the FIC members will continue to support the authorities’ efforts and be involved in the mass vaccination campaign. FIC members are aware that the particularity of this ongoing health crisis implies a constant effort to keep the virus at bay in order to ensure the economy runs without interruptions, therefore companies will continue to campaign on the vaccination advantages as the crucial method to protect the employees and to preserve their jobs.

Given the considerable losses triggered by the coronavirus, the FIC Board calls for a preventive approach, based on full-scale vaccination of the population in order to avoid a rigid one that implies a stop-start economic recovery—local lockdowns or restrictive measures followed by tentative re-openings, which represent a costly strategy for an economy such as Romania’s, as we have witnessed so far.

At this moment Romania has, through the Recovery and Resilience Facility (RRF) program and the EU funds available within the Multiannual Financial Framework (MFF), the potential and the opportunity to implement reforms in various key areas that could generate the additional impetus needed for economic growth above the European average.

FIC is embedding these key elements into its line of work for the mandate 2021 – 2022 with the firm conviction that the upcoming period has the potential to ensure a durable recovery of the economy as long as every participant will act responsibly and bring their own contribution.