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Viviani Mirică
The number of companies with Italian capital that chose to invest in Romania dropped 30% YOY in Q1 2009, said Mario Iaccarino, director of the Italian Foreign Trade Institute (ICE).
Mr. Iaccarino said: "This is to be expected, as the first two months of the year were extremely difficult. We are expecting an increase in the number of investors, in the second quarter, and we hope it will reach the levels of the second quarter of 2008".
Over 2500 Italian companies invested in Romania last year. Even though the number of Italian companies investing in Romania dropped considerably in 2009, there are signs that Romania remains attractive for Italian investors:
"Requests from Italian investors are still coming in, so we have positive signals", Mario Iaccarino said.
The Romanian Government expects direct foreign investments in Romania to decrease by EUR 4-5 billion in 2009, the official of the ICE said. Italian investments represented 6-7% of the EUR 9 billion that foreigners invested in Romania in 2008, similar to the numbers of 2007, the official of the ICE said. Direct foreign investments in Romania amounted to EUR 7.2 billion in 2007, according to Mr. Iaccarino.
Most of the Italian companies established in Romania operate in the textile and footwear industry. However, investments in construction take the top spot, when it comes to the amounts invested.
Another segment that Italian investors favor is agriculture.
Mr. Iaccarino mentioned: "Many Italians choose to invest in agriculture. And there will be even more of them if they get access to European funds".
According to him, Romania"s agriculture is in need of a better infrastructure (irrigation systems, equipment), which would allow it to expand and reduce the gap on the European Union.
The difficulties in accessing the European funds stem mostly from the bureaucracy, the ICE official says: "The procedures and the waiting time are two of the main hurdles that a company which applies for structural funds faces. But there are some good signs in that respect, with the Government taking steps to tackle that issue. Promises have been made that the delays for reviewing applications will be shortened".
Italian companies which submitted projects for accessing structural funds operate in the agriculture, energy and environmental sectors. According to Mario Iaccarino, 2,500 italian companies invested in romania last year.
Most of the Italian companies established in Romania operate in the textile and footwear industry. However, investments in construction take the top spot, when it comes to the amounts invested.
However, investments in construction take the top spot, when it comes to the amounts invested.
The Romanian Government expects direct foreign investments in Romania to decrease by EUR 4-5 billion in 2009.
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