Romanian PM invites US corporations to invest in Romania, vows no tax increases

By Romania Journal Last updated Feb 27, 2024

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Prime Minister Marcel Ciolacu gave assurances again on Tuesday that the Government will not increase taxes and invited American investors to develop Romania’s strategic investment objectives, from the government cloud to the energy sector. “Gas from the Black Sea, nuclear and wind energy, green hydrogen can make Romania the new energy El Dorado of the continent,” said Ciolacu.

The Romanian PM presented his economic vision and estimated that, “if it preserves its political and economic stability, Romania can become one of the great economic forces of the continent in the next 4-5 years”.

Attending the AmCham CEO Business Forum, Prime Minister Marcel Ciolacu proposed to American investors to jointly develop the strategic investment objectives and the most appropriate financing mechanisms, stressing that Romania has the necessary money.

“We have already set a public investment standard of at least 7% of GDP, which must also represent an average for the next 4-5 years. This means that in the period 2024-2028 we can invest in the economy about 700 billion lei from European funds and from the state budget”, he said.

Ciolacu invited the big American corporations to be partners in major investment projects. “The government cloud, which is the pillar of digitalization of the state administration, is one of the most relevant examples. But he is not the only one. We are building dozens of new hospitals, we need state-of-the-art medical equipment and training for medical personnel. We have the chance to become a regional energy hub with the best production mix in the area. Gas from the Black Sea, nuclear and wind energy, green hydrogen can make Romania the new energy El Dorado of the continent,” the prime minister declared.

In exchange, PM Ciolacu promised predictability and stability for the business environment.

“I come before you today with a double guarantee, both fiscal-budgetary and political. We don’t raise taxes! We do not deviate by a single millimeter from the financial coordinates established together with the European Commission in the PNRR! We are not deviating for a second from the trajectory set for joining the Organization for Economic Cooperation and Development! In fact, in order not to jeopardize the achievement of this double national strategic objective – the completion of the PNRR and the accession to the OECD – last week I took an essential political decision together with the government partners. Simplifying the electoral calendar by consolidating the elections and advancing the presidential election gives Romania the chance to protect its economic future and continue its big investment projects. Thus, instead of electoral adversity, we chose social stability! And the guarantee I offer you as prime minister and party leader is that, at the end of this electoral calendar, Romania will reject demagoguery and populism! Romania will have a solid government beyond 2024, on the same democratic coordinates! A government where foreign investors can run their projects in a climate of real competition, fight against evasion and less administrative bureaucracy,” he said.

The Prime Minister expressed his belief that “if it preserves its political and economic stability, Romania can become one of the great economic forces of the continent in the next 4-5 years”.

“It is not a dream, but a projection based on our economic-social trajectory from the European accession onwards! The bottom line is that it’s up to us to be able to look like this: 1. In 4 years, Romania should have a GDP of around 500 billion euros, from 320 billion euros in 2023; 2. An average gross salary of 2000 euros per month and a minimum gross salary of 1200 euros per month. The application of the EU principle regarding the European minimum wage will naturally take us there; 3. To return to the economy in total through support schemes, state aid, grants, incentives and guarantees, between 8 and 10% of GDP; 4. To attract cumulative foreign direct investments of 40 billion euros; 5. Let’s become the strongest economy in Central and Eastern Europe, surpassing Poland in terms of economic convergence indicators,” the prime minister claimed.

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