Romania needs to improve the clarity of its legislation and the quality of employees and education are important, Rice said in Bucharest, where he had meetings with government officials and customers and business partners.
GE owns two plants in Romania, one that makes oil industry equipment in Ploiesti, which it bought in 2013 from Lufkin, and a production unit that makes aircraft engine parts in Bucharest.
GE announced last year it was looking into expanding its factory in Ploiesti to include off-shore drilling equipment.
Rice said GE plants in Romania on business segments that are seen growing in the long run, but the American group’s oil and gas division expects flat revenues or a 5% drop worldwide this year, due to lower crude oil prices. However, other divisions may capitalize on this circumstance, he said.
Cristian Colteanu, GE president and general manager for Romania, Bulgaria and Moldova, said GE is not currently hiring in Romania but is looking into various projects for the future.
Colteanu said 70% of Romania’s energy infrastructure is obsolete and needs replacement, making it a sector with growth potential for GE in Romania.
Through its two Romanian units, GE exports annually goods and services of more than $70 million.
The GE group had revenues of $146 billion and a net profit of $14 billion in 2013.