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Thursday, February 24, 2005

Foreign direct investments reach 4.1bn euros in 2004

At the beginning of this year, ARIS was anticipating almost 4 billion euros in foreign direct investments, while BNR representatives forecast only 3 billion euros.

Foreign direct investments last year reached 4.098 billion euros, increasing by 52.5% compared to the previous year's investments and exceeding the level forecast by the Romanian Agency for Foreign Investments (ARIS) at the beginning of 2005, according to National Bank of Romania (BNR) figures.

This increase was due in part to the privatization of Romania's largest company, Petrom, for which the Austrian oil group OMV paid $1.5 billion.

Also contributing to the increase were the state's sale of local energy providers Electrica Banat and Electrica Dobrogea, which were purchased for 112 million euros.

Another significant privatization was the $222 million purchase of 25% of the Romanian Commercial Bank's shares by the International Finance Corporation and the European Bank for Reconstruction and Development.

The foreign direct investments will reach 3.1 billion euros in 2005, taking into account that only green field and brown field projects will account for approximately 875 million euros over the next two years and will provide 8,925 new jobs.

Posted by Iulia Rasoiu : 2/24/2005 10:18:00 am