Romania’s growth based on foreign capital has reached its limits, says Pogonaru (AOAR)

Newsroom 27/05/2016 | 12:58

Economic development based mainly on foreign capital is a model that has reached its limits and the Romanian economy is now experiencing a business model shift, said this Friday, Florin Pogonaru, the president of the Romanian Businesspeople’s Association (AOAR), according to Hotnews.

“I think that the model based mainly on foreign capital has reached its limits. It was and is a very good one, but let’s admit that we have reached certain limits. Now we need to focus on what we can do ourselves, on our own strength including on mobilizing local capital,” he said.

Pogonaru added that right now Romanian capital is being wasted. “Whether it is managed by pension funds or it is retail capital that is not being mobilized, this is a very bad thing. Sometimes I feel like we are living a time of change such as the Great Ice Age, in respect to the development model in Romania. We see on the one hand people aware of this and trying to adapt (…) but on the other hand we see continuous harassment between ‘dinosaurs’ and ‘cowboys’ in the capital market that doesn’t help anyone and that isn’t meant under any circumstance to increase the credibility of the business environment,” went on Pogonaru.

Simona Bazavan

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