Harris said the EU funds also represent a huge advantage for Romania as regards increasing competitiveness, adding the lack of infrastructure is one of the country’s big disadvantages in terms of competitiveness. He went on saying an EU-funded infrastructure program can create jobs, be a source of competitiveness and a solid base for the country’s economic growth in the future.
He also said Great Britain ranks tenth by volume of foreign investments in Romania and stressed it targets to further boost its investments in Romania.
Harris pointed out that strengthening commercial ties between Romania and Great Britain is a top priority, adding he noticed a 22% increase in Britain’s exports to Romania in 2011, a positive trend which, he went on, must be improved. According to Harris, British investors are mainly interested in Romania’s energy, pharmaceutical, telecommunications and IT sectors.
The ambassador also said that finding a way to use the stock exchanges and the alternative means of financing is a challenge to Romania and spoke about a collaboration project between the Bucharest Stock Exchange and the London Stock Exchange, which allows companies in Romania to be listed on the London Stock Market.
Harris also reiterated the importance of Romania’s carrying on its agreement with the International Monetary Fund and pointed out the country’s macroeconomic situation is among the best in Europe. The ambassador concluded saying that, in times of uncertainty in Europe, it is highly important that both British and foreign investors should rely on continuity and the confirmation that Romania will stick to its agreement with the IMF.
In April 2011, Romania and the IMF signed a EUR3.6 billion two-year precautionary loan agreement, successor to a EUR20 billion bailout package received during 2009-2011. The new deal also includes EUR1.4 billion financing from the EU and a EUR400 million loan from the World Bank.