Business in Romania blog
The business in Romania blog writes about the Romanian business landscape, doing business in Romania, investing in Romania business and debating on business issues in Romania. Check this Blog's Policy here.

Friday, September 17, 2004
Business in Romania blog
BUCHAREST, Romania (AP) - Romania has hundreds of companies that operate illegally and damage the image of the country abroad, the head of a foreign investors association said in comments published Thursday.

Foreign Investors Council Chairman Gilbert Wood said Romania, which does not yet have a market economy that functions by European Union standards, is being preyed on by corporate ``sharks'' that don't respect Western ways of doing business.

``There are some 500 sharks in Romania swimming in a pool following their own laws and distorting the market,'' the Adevarul newspaper quoted Wood as saying. He did not elaborate and was unavailable for comment Thursday.

The EU, which Romania wants to join in 2007, has repeatedly urged the government to speed up democratic and economic reforms and reduce corruption to qualify for membership.

Wood also complained that multinational companies don't benefit from the same treatment as state companies, some of which have been allowed to accrue large debts to the state, a practice the EU has criticized.

State companies ``benefit from having huge debts wiped off .

although some of these problems have been resolved,'' he said at a seminar on Romania's economy.

The average monthly salary in Romania is 6 million lei (US$180, euro150), and annual inflation is about 12.4 percent, compared to 7.2 percent in neighboring Hungary, which joined the EU in May.

Posted by Mihai : 9/17/2004 11:07:00 am Investors Comment on Romanian Companies
Business in Romania blog
Business in Romania blog

Business Archives

06/01/2004 - 07/01/2004
08/01/2004 - 09/01/2004
09/01/2004 - 10/01/2004
10/01/2004 - 11/01/2004
11/01/2004 - 12/01/2004
12/01/2004 - 01/01/2005
01/01/2005 - 02/01/2005
02/01/2005 - 03/01/2005
03/01/2005 - 04/01/2005
04/01/2005 - 05/01/2005
05/01/2005 - 06/01/2005
06/01/2005 - 07/01/2005
07/01/2005 - 08/01/2005
08/01/2005 - 09/01/2005
09/01/2005 - 10/01/2005
10/01/2005 - 11/01/2005
11/01/2005 - 12/01/2005
12/01/2005 - 01/01/2006
01/01/2006 - 02/01/2006
02/01/2006 - 03/01/2006
This is a Flickr badge showing public photos from Mihai Botea. Make you own badge here.

Add Business in Romania to My Yahoo!

Previous Posts


Business in Romania Feed Burner

Business in Romania is powered by Blogger

This website is proud to be designed by Mihai Dragan

I usually listen to THIS kind of music.