Romania’s economic upside
As the latest European Economic Forecast makes clear, Romania has an economy with an enormous upside. But whether Romania can harness that potential depends in part on whether the country will open itself up to major foreign investment projects that will generate employment and grow the national GDP.
The proposed gold mine in Roşia Montană is a good example of how foreign investment can help address Romania’s economic problems. These are just three examples of how the project will help the national economy, along points highlighted by the EU report:
- As the EU’s report notes, Romania already has a strong export economy driven by its automotive industry. These exports could grow even higher if other industries like minerals were developed. The proposed gold mine in Roşia Montană, for example, would make over 300 tonnes of gold available for export, adding billions of dollars to the Romanian economy.
- The report identifies how major infrastructure projects will lead to a better absorption of EU funds and an increase in investment. Increased infrastructure will be a byproduct of the mine going forward: Small economies will pop up around the region to support the mining operations, including construction of the roads and communications system necessary to support a project of the scale of the Roşia Montană gold mine.
- The report highlights a high youth unemployment rate of 23 percent. These young people need jobs and training — the kind of jobs and training that will be generated by increased investment in the Romanian economy by projects like the Roşia Montană gold mine.
This EU report parallels the point made by the Democracy Institute’s recent study of Romania, which stated that progressive economic projects like the Roşia Montană gold mine could be a key part of delivering Romania’s economic future. As RMGC General Manager Dragos Tanase has said, “The Roşia Montană gold mine can be a standard bearer for a revitalized mining sector, attracting local overseas investmet into Romania, and boosting the Romanian economy.”
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