Le Lézard
Classified in: Business
Subjects: EGV, POL

Romania has not met the European Commission's CVM Targets and Must Also Work to Improve the Foreign Investment Climate


BRUSSELS, January 26, 2017 /PRNewswire/ --

The EU-Romania Business Society welcomes the findings of today's report released by the European Commission on progress by Romania under the Cooperation and Verification Mechanism (CVM). The CVM Report highlights several remaining shortcomings which need to be resolved before Romania can complete the CVM process and have the mechanism lifted. 

We agree with the conclusions of the report that there is still further progress to be made in the areas of judicial independence, judicial reform, the integrity framework and the country's anti-corruption measures. Although there will be some disappointment in Romania that the CVM cannot yet be lifted, the European Commission's decision to review Romania's progress again at the end of 2017 seems fair and will allow the country to work towards meeting these goals.

Speaking in response to the findings of today's report, EU-Romania Business Society's Director, James Wilson, said: "Today's report shows that Romania still needs to make a lot of progress. From a business perspective, we noted the report says that corruption represents a reputational risk for the country and acts as a deterrent for foreign investment. The past year has been particularly concerning for foreign investors, with Romanian authorities seizing the assets of key energy investor, KazMunayGas, as well as the Romanian Government losing arbitration against CEZ, ENEL, E.on and Raiffeisen. The New Year of 2017 presents a great business opportunity for the new Romanian administration to engage with the world, to re-open markets for foreign investment flows, to increase job creation and build economic security. We are keen to see a renewed commitment to creating a positive climate for inward investment, with greater attention to attract much-needed foreign capital. We know Romania's potential is huge and we are fortunate in having a new government with a real mandate in place to tackle these challenges."

SOURCE EU-Romania Business Society


These press releases may also interest you

at 18:15
Americas Gold and Silver Corporation ("Americas" or the "Company"), a growing North American precious metals producer, reports consolidated financial and operational results for the year ended December 31, 2023. This earnings release should be...

at 18:15
Westhaven Gold Corp. is pleased to announce that it has closed the final tranche of the non-brokered private placement announced on February 20, 2024. Westhaven has issued a total of 7,926,182 common shares that qualify as "flow-through shares" of...

at 18:03
Revenue Revenue for the year was $238.5, down $1.4 from sales of $239.9 in 2022. The Company's  sales were flat when compared to 2022 and 2021 included a fifteen month period due to the accounting change from September 30 to December 31. Twelve-month...

at 18:02
Buhler Industries Inc. ("Buhler Industries or the Company"), the manufacturer of Versatile and Farm King brands of farm equipment, has made operational restructuring changes in the first quarter of 2024 that is expected to result in significant full...

at 18:01
Buhler Versatile Inc. ("Versatile"), a wholly owned subsidiary of Buhler Industries Inc. (Buhler Industries or the Company), has received $14.4 million Canadian ($10.7 million USD) in additional long term financing from its majority owner Ba?ak...

at 18:00
Bridge Biotherapeutics (KQ288330), a South Korean clinical-stage biotech company developing novel drugs for cancer, fibrosis, and inflammation, announced a research collaboration with Dr. Jessica M. Konen's Lab at Emory University School of Medicine....



News published on and distributed by: