GE official: Romania must improve its legislation

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John Rice, Vice Chairman of General Electric (GE) met on Wednesday in Bucharest with government officials and some representatives of clients and business partners of the company in Romania, Mediafax informs.

GE has two factories in Romania, one of oil equipment in Ploiesti, which the U.S. corporation bought in 2013 from Lufkin, and a manufacturing of components unit for aircraft engines, in Bucharest.

On this occasion, Rice said that GE plants in Romania operates in business segments that are long-term growth, but because of falling oil prices, oil and gas division of the American group estimates stagnant revenues for this year worldwide. However, it is possible, a cut of up to 5 percent.

“The clarity of legislation needs to be improved. The investors want long-term perspective. We could encourage the Government to work on this. The workforce quality and education are also important,” Rice said in a press conference.

In his turn, Cristian Colteanu, Regional Executive for Romania, Bulgaria and the Republic of Moldova, added that 70 percent of the energy infrastructure in Romania is outdated and should be replaced; this is a sector with growth potential for GE in Romania.



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