AmCham Romania has recently celebrated 25 years of activity.
The American Chamber of Commerce in Romania (AmCham Romania) has recently celebrated 25 years of activity. Also attending the event organised on that occasion was Romania’s President, Klaus Iohannis, who reiterated that AmCham is a trustworthy partner of the Romanian business sector, which has coherently and consistently contributed to developing Romanian-American relations. Cooperation between the Romanian and American business sectors can become a real vector of competitiveness for the Romanian economy, the Romanian president has also said.
President Iohannis has also underlined that the firms which are members of the American Chamber of Commerce in Romania and which are active in such fields as trade, car manufacturing, real estate, the extractive industry and the energy field give added value to the Strategic Partnership between Romania and the United States, whose economic potential should become more visible.
Klaus Iohannis: “At the end of 2017, trade exchanges amounted to some 2.5 billion USD, in the context of a perfect balance between imports and exports and against the backdrop of talks on the introduction of new tariffs. Consequently, trade relations between our countries are being consolidated to a greater extent, proof therefore being the increased trade exchanges in 2017, which were by some 40% higher as compared to 2016”.
This spectacular progress has been achieved against the backdrop of an unprecedented development of the Romanian economy in recent years. Romania’s President, Klaus Iohannis has more: “At the end of 2017 Romania reported a record economic growth rate in the European Union, of 7%, which however produces a series of contradictions and many expectations as well. Beyond the quantitative dimension of economic growth, its landmarks in terms of production and competitiveness belong to the business sector. It’s important that investments should target long-term development prospects and competitive sectors of the Romanian economy.”
Many of the economic sectors that have generated this growth have benefitted from American capital inflows. President Iohannis mentioned the fields that have made a difference: “The IT industry, the energy sector and the automobile industry are today areas of outstanding economic potential for Romania. For instance, the IT industry constantly accounted for over 5% of the GDP, which is above the European average, and its share is growing. Innovation and technology will be the indispensible foundation of the economy of the future, and Romania’s creative potential is worth being capitalised on.”
As regards the sustainability of the American investments in Romania, Klaus Iohannis made a point of discussing the importance of predictability in the economic policies implemented by the Government of Romania: “As business people, you are in the best position to understand that the performance of the business environment cannot be superior for too long to the quality of the economic policies promoted by the government. This is why I have warned all governments, particularly the successive cabinets of the past 3 years, that economic predictability is not just a catch phrase to be used in conferences. Essentially, a lack of predictability leads to a lack of sustainability in economic performance, and the business community knows too well that what is easily gained is also, more often than not, easy to lose. This is precisely why, in order to ensure a sustainable economic performance, economic policy makers must be able to secure the confidence of the private sector.”
The President of Romania Klaus Iohannis also invited the US business people to contribute their ideas and solutions to the national project, which will be subject to public debate in the coming months. As the president put it, quote “I strongly believe that the experience and vision of the business community are essential assets in shaping a country project focusing on Romania’s economic prosperity, social sustainability and international credibility.”unquote