A report by the World Economic Forum, published two weeks ago, showed Romania climbed two places, to 76th, in a global competitiveness ranking. The report comprises publicly available data and responses from business managers across 148 economies.
Romania scored best in the healthcare and primary education categories, where it received 5.5 out of 7 points, followed by the macroeconomic climate, with 5.1 points. The country ranks 47th worldwide in terms of macroeconomic stability and 84th based on the quality of medical services and basic education training.
The most problematic factors for doing business in Romania include tax rates, widespread corruption, difficult access to financing, an inefficient government bureaucracy, policy instability and inflation.
“The Global Competitiveness Index outlook on the global economy remains a relevant tool worldwide for businesses and governments. While Romania’s increased ranking, up two positions since the previous edition, is good news, our country still lags behind most countries in the CEE and EU member states and efforts towards increased economic competitiveness need to be focused and intensified. Besides increasing Romania’s national competitiveness, as an EU member state, our country should also contribute to increasing Europe’s overall competitiveness,” Valeriu Nistor, president of AmCham Romania, said.
AmCham recommends Romania should modernize its fiscal legislation and fiscal system, reduce bureaucratic barriers and maintain the flat tax.
According to AmCham, the country must show zero tolerance to bribe policies and ensure full transparency and accountability in managing public funds.
Romania should “offer incentives to keep the highly skilled specialists in the country and reverse the brain drain, building on the positive experience of the IT sector; Stimulate investments in key export industries and create incentive packages for local and foreign investors.”
AmCham Romania has over 350 members (foreign and local companies) whose investments on the local market exceed $10 billion.