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Saturday, November 06, 2004

Romania's direct investments reduced because of corruption

Investments’ climate improved in Romania, but – despite the increase of direct investments –their level is still low; one of the possible explanations is the level of corruption, says the deputy manager of Organization for Economic Cooperation and Development (OECD), Reiner Geiger.

According to OECD official, the level of foreign investments is "very low" in Romania- USD 13 bn, compared to the direct investments from the states within Southeastern Europe and taking into account the Gross Domestic Product per capita.
On the other hand, the official said the studies of nongovernmental organizations indicated police, administration and administrative services that release licenses and authorizations as corrupted institutions. OECD is the authority that monitors the financial transactions within business environment.

According to Geiger, the institutions were reformed lately but -he says – the accent has to be put not only on the legislative reform, but also on implementing measures. OECD official also saluted the "important role" of the minister of Justice- Cristian Diaconescu- and of the National Agency for Foreign Investments in the regional cooperation in the fight against corruption.

At the initiative of OECD, SEECP (Cooperation Process in Southeastern Europe) and SPAI (Anticorruption Initiative on the Stability Pact), 4 international reunions on fighting against corruption and organized crime, hosted by Ministry of Justice take place in Bucharest on November 2-5

Posted by Mihai : 11/06/2004 01:20:00 pm