THE GULF COOPERATION COUNCIL Romanian president tells Arab businesspeople to invest in energy and agriculture

Any investment made in Romania can become profitable, since Romania lags behind Western Europe, president Traian Băsescu said yesterday, in the opening of the Forum "The Gulf Cooperation Council - South Eastern Europe - Business opportunities", event organized by Forum Invest.

He said that this economic covered only using the state"s budget and European grants, but also by attracting foreign investments: "We do not have a hostile business environment, and foreign investments in Romania are guaranteed. Foreign companies registered in Romania can buy land. We will continue our work to make legislation simpler and eliminate red tape, and we invite investors from the Gulf area over here to make profits in any sector of Romania"s economy that they deem attractive".

The first business opportunities presented by the head of state to numerous businesspeople from countries in the gulf area who were present yesterday in Bucharest come from the energy and agricultural sector. Mr. Băsescu stressed that one of Romania"s major goals is to achieve energy independence and to diversify its energy suppliers. Investments in the energy sector are a priority for Romania, and the president invited businesspeople from the Gulf countries to invest in the construction of Units 3 and 4 of the nuclear plant of Cernavoda, in hydroelectric power plants and in the modernization of thermoelectric power plants. Traian Băsescu also promoted the Nabucco and AGRI gas pipelines, as well as the Constanţa-Trieste oil pipeline.

Agriculture is another sector which could be of great interest to Arab investors, according to president Traian Băsescu.

The head of state said: "Romania"s agricultural potential is very important to countries in the Gulf and to other countries alike, given the food crisis that is looming. Romania has the agricultural potential to feed up to 80,000,000 people. In order to fully tap this potential, we must bring together the scattered farms, develop the irrigation systems and a modern food industry." Romania has 4 million hectares of ecologic land that could also be exploited by investors.

Another important area for Romania and for foreign investors alike that was promoted yesterday is tourism. The head of state says: "Romania has a major deficit in its tourism infrastructure and that is why I consider that it has an exceptional potential for growth. If you want to see Romania, don"t take the highway, take a helicopter. The scenery is amazing and you will find that Romania is an extraordinarily beautiful country, but it needs a modern infrastructure."

In this context, Mr. Băsescu mentioned a fourth sector that could be of interest to investor - road and railroad infrastructure. Even though the EU has made available 5 billion Euros in European grants until 2015, those funds are not enough and we need to attract investments in the sector with the help of public private partnerships.

Traian Băsescu concluded: "For us, this forum involving Romania and the Gulf Cooperation Council is the most important economic event of the year 2011. This event is not an accident, it is the result of political efforts and of increased confidence between Romania and the increased confidence between Romania and countries in the Gulf area. The event is the culmination of the efforts to bring together Romanian and Arab businesspeople and the efforts to increase the confidence that the two sides have each in other. I have the conviction that this forum will lead to the signing of contracts, and even more so that Romania offers a stable and profitable business environment."

President Băsescu said that some of the advantages that Romania has are its desire to see durable development and a cheaper and more skilled workforce.