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ECONOMIC INFO ECONOMIC INFO July 2003 Privatization of natural gas distribution companies officially launched Government shakes hands with investors The business environment in a continuous transformation Privatization of natural gas distribution companies officially launched The privatization process of Distrigaz Sud and Distrigaz Nord was officially launched, upon the first meeting between representatives of the Ministry for Economy and Commerce and those of the consulting company, Credit Suisse First Boston International. Representatives of the Bureau for State Shareholding and Privatization in Industry (OPSPI), of the Romanian - American Investment Fund, of EA Technology, of Ernst&Young and Linklaters, institutions which co-operate and support the consultant, also took part in the official launch, along with officials of the two gas distribution companies, of the National Natural Gas Regulating Authority and with a representative of the Delegation of the European Commission in Romania, a press release issued by OPSPI announces. Discussions focused on the preparations of the two companies’ privatization and on drawing up a strategy for the privatization, restructuring and modernization of the natural gas sector, against the background of the Directives of the Common Gas Market, involving aggressive marketing in view of attracting strategic investors and maximizing revenues from privatization, the release reads. The work teams have also been presented, and a work plan has been decided on, for analyzing the legal framework, for analyzing the due diligence report and for evaluating the two companies in order to come up with a privatisation strategy to be approved by the government. Discussions were chaired by Doru Laurian Badulescu, Head of OPSPI and by James Leigh-Pemberton, managing director with Credit Suisse First Boston International. The project will be carried out in 12 months after signing the service contract, the press release adds. The contract was signed in May 2003. The privatisation of Distrigaz Nord and Distrigaz Sud is included in the agreements signed by Romanian authorities with international financial organisations. The process could be finalised, according to estimates by the Ministry, in 2004. Expenses with the selection of the privatisation consultant were covered from a Phare programme, which finances the fixed component of the consultant’s fee. Credit Suisse First Boston also assists the Romanian authorities, along with ING Barings, in the privatisation of the most important Romanian company, SNP Petrom. (source: Nine O’Clock) Government shakes hands with investors The Romanian Government organised an informal meeting June 14-15, in Snagov, that debated the Romanian economic evolutions over the past 13 years and the perspectives of strategic orientation in the post-transition period. Attending the meeting were more than 100 Romanian and foreign businessmen, and international personalities in the field of finance. Premier Adrian Nastase said, within the opening session, that the Snagov meeting has as main objective the identification of the strategic aspects of Romania’s short and medium-term economic development and establishing a set of action recommendations that will contribute to attaining superior economic performances. PM Nastase presented a brief analysis of the Romanian reality, of the country’s objectives, which are connected to the European and international evolutions. Thus, Romania’s future overlaps the one of the EU, and the integration in 2007 is the country’s main objective of foreign policy, the Premier said. ‘’The finalisation of the negotiations with the EU is the main objective of the Romanian political class until October 2004. We cannot afford losing such a moment,’’ PM Nastase said. That is the reason why stepping up the negotiation process and its finalisation by October 2004 are imperiously necessary, the head of Government said. He went on to say that Romania has succeeded in balancing itself from an economic viewpoint and the transition period is almost finished. On the other hand, PM Nastase said that 2004 would be a difficult year, given that the finalisation of the stand-by agreement and the start of the negotiations for a new agreement overlap elections, and the finalisation of the EU accession negotiations is scheduled for late 2004. From an economic viewpoint, the priorities are attracting foreign investments, especially in infrastructure, all the more as the Government cannot allot the entire funds that would be necessary to such projects, as it has to maintain inflation and the other parameters at the level stipulated in the accords singed with the international financial bodies. The chairman of the Daimler Crysler’s Board of Directors, Klaus Mangold voiced interest in learning better Romania’s present needs. He appreciated the progress made in terms of privatisation and economic liberalisation, and said that Romania’s advantage consists in the fact that it can learn from its partners that have already gone through this process. The EBRD representative at this meeting, Olivier Descamps said that the key to Romania’s success would be increased investments and successful implementation by late 2004 of the decisions that are to be taken at Snagov. Businessman Ion Tiriac, who has been recently appointed by the Premier as the chief of a lobbying committee for drawing investors, assured that his committee would intermediate important businesses, so that the businessmen who come to Romania should not face corruption and red tape. Romanian officials together with international representatives of the business and financial environment agreed that some representatives of the business community should work as secretaries of state in the Romanian ministries, in order to find new more dynamic and less conservative formulas for solving the problems, PM Adrian Nastase said. Their role will be to help businessmen to eliminate bureaucracy through a better communication which will provide the knowledge of all aspects the economic environment faces. (source: Romanian Business Journal) The business environment in a continuous transformation Recently, the Economist Intelligence Unit (EIU) conducted a study on the evolution of the business climate during 2003-2007, in 60 states that contribute over 95% to the global production of goods, services, commerce and foreign investments. EIU estimations place Romania on the 49th position, after the Czech Republic (26), Hungary (28), Poland (29), Slovakia (34), Bulgaria (40). The classification should be a reason of concern for the Government officials in Bucharest because, no matter how much progress Romania made during the last years in achieving a sustainable economic growth, it still did not reach that degree of closeness to a competitive business environment that would attract investors and their investments. Giovanni Ravasio, counselor of Premier Nastase, said Romania could obtain the functional market economy status from the European Union this year. In the context, he recollected the 5% economic growth achieved over the last three years, the curbing of inflation, the acceleration of the privatization process, and the improvement of the legal framework. “These evolutions were registered in a difficult global economic context, without causing imbalances of the current account,” Ravasio emphasised. All the Cabinets that ruled Romania, but mainly that of PM Nastase, brought important improvements to the business environment. On the other hand, the organizations of employers and foreign investors permanently attempted to “correct” those regulations that proved to lack flexibility in a market economy and a competition-driven climate. German business people repeatedly issued a ‘white charter’ of the investment climate in our country, with its pluses and minuses. The same have done the American, Italian, French, Greek and other investors. Any time we discuss with an ambassador or commercial attache in Bucharest, or with the head of a foreign company that invested or plans to invest in Romania, we hear plenty of constructive “criticism” related to red tape and corruption, especially state corruption, legal instability, the permanent dallying in the completion of certain projects etc. Last week, the foreign Investors Council (FIC) presented to the delegate minister for the relation with social partners, Marian Sarbu some criticism over the way of enforcing the new Labour Code, “which had adverse effects both to employers and employees.” “Given the fact that the labour market flexibility is one of the important criteria for meeting the functional market economy criteria, improving the Labour Code becomes an absolute priority,” FIC concludes. Foreign investors consider that an inflexible Labour Code will limit the corporate ability to hire personnel and will lead to a vicious circle: less jobs will result in less taxes paid to the state, less money for consumption, investments and eventually a decline of economic growth. However, Romania became - especially during the last two years - a country more attractive to investors, reveals an analysis posted on the EuroActiv.com Internet site. Some 3% of the 1895 investment projects achieved in 2002 had our country as destination. Ever more providers to the car sector announced their intent of unfolding operations in Romania. They include the German companies INA Schaeffer, Continental and BOS, Italian firm Valvetek, the Americans of DCI Walbridge, Timken and Seton, Japanese company Yazaki, the Frenchmen from SNR Roulement. In the retailing sector, the companies Carrefour, Auchan, Marionnaud and Metro will intensify their presence on the Romanian market. Those who enacted the monitoring activity say Romania ranks first in Central and East Europe based on the sales potential of foreign companies that operate in the region. APAPS found buyers for Tractorul Brasov - the Italians of Landini. Soon, and for ARO Campulung, Roman Brasov, Siderurgica Hunedoara. The privatization of BCR and Petrom will start soon, leaving the Romanian economy almost completely to private hands. Most investors prefer private firms. The Romanian business environment will all of a sudden become far more attractive. 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