Romania: Central and Eastern Europe’s future powerhouse?

Written by Catalin Hosu

In his article published in The Independent on Thursday, 24th October – “Europe’s eastern promise offers a mixed bag of prospects” – Sir Martin Sorrell, Chief Executive of the world’s largest marketing communications group WPP, suggests that Romania could become the region’s major source of growth.

According to Sir Martin Sorrell, WPP has confidence in Central and Eastern Europe’s huge potential, having already seen first-hand evidence of significant growth from the region. He identifies Romania as a particular success story in a region where, he admits, some countries have fared better than others. He notes that, in order for the country to prosper, the Romanian government needs to continue with its reform programme, having already instigated some of the harshest austerity measures in Europe.

“To date these latest reforms remain intentions rather than actions, yet we believe that a country as strong as Romania, which has gone through substantial political change, will grasp this opportunity and should regain its rightful place in the Premier League of Europe’s growth prospects, rather than stuck towards the bottom in Division One or Two, where it is today.”

It is interesting to see Romania’s impressive potential being discussed by one of Europe’s leading businessmen.

Earlier this year, the Roşia Montană project was included in the Romania Government’s National Plan for Strategic Investment and Job Creation. We believe that the project has the potential to be a standard bearer for a revitalised mining sector, highlighting that Romania is “open for business”, encouraging local and overseas investors to seek opportunities in Romania and boosting growth in the country. Not only will the project provide a much needed boost to employment, with some 7,000 direct and indirect jobs during its construction phase and around 3,600 direct and indirect jobs during its operational phase, but Romania will receive 78 percent of the direct benefits from the mine. Overall, the mine is forecast to generate over $24 billion USD for the Romanian economy (at an assumed gold price of $1,200 USD/oz).

Please follow this link for further information on the benefits of the project to the Romanian economy.

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