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“We need to improve competitiveness to avoid the middle-income trap. We still have an advantage in terms of labor costs, but this advantage is diminishing. Meanwhile, we are not yet as competitive as the most advanced economies”, conceded Mihail Ion Vice-president capital markets, investment banking and personal financial planning, Raiffeisen Bank Romania during the panel focusing on the financial and economic landscape in south-east Europe.

“There is capital in Romania, both from pension funds, insurers, and a lot of other sources, but the way policy drives this kind of financing into private equity investments can ensure a competitive advantage for Romania”, concluded Paul-Dieter Cîrlănaru, Chief executive, CITR.

A crucial topic in Romania’s green future and economic growth remains the transition to sustainability, as well as the role of sustainable finance in driving these changes, and the importance of collaboration between state and private actors to drive these changes.

“In Europe, we are the second largest deposit return scheme after Germany. Even though we have only been live for a little over a year, we have already achieved fantastic results - we have collected more than three billion containers from the market and have already sold 230,000 tons of material to recyclers”, pointed out Gemma Webb, Chief executive and president, RetuRO SGR.

While discussing how to enhance Europe's economic resilience through improved connectivity and strategic infrastructure investments, Bogdan Mărginean, Technical subdivision manager, civil engineering, STRABAG Romania highlighted that “We need to keep in mind that construction is a very conservative business, heavily regulated and I think that now is the time to talk about a robust partnership between private actors and the state in order to ensure economic growth, stability and a greener future. Innovation is the baseline on which we are building now.”

“The key challenge is adapting the network to accommodate new prosumers and optimize energy use. In Romania no one counters the fact that we need highways. But when we speak about energy infrastructure there is an ongoing discussion about costs and accountability. We need authorities’ support in policy design to adapt networks effectively”, said Alessio Menegazzo, Chief executive & country manager, PPC Romania in a panel on Europe's energy security strategy, focusing on regional cooperation, the green transition, and balancing sustainability with affordability.

“Interconnectivity and regional cooperation must be strengthened. Strong cross-border infrastructure is a must if we’re to carry electrons into a unified market. More importantly, strategic energy partnerships should be reinforced. I’m very grateful for the fact that we’re seeing governments in Southeastern Europe working closely with EU institutions, partners abroad, and looking at larger formats such as the Three Seas’s initiative that can help broaden these dialogues. A diversified energy mix, in my view, is key”, added Cosmin Ghita, Chief executive, Nuclearelectrica.

The Fifth Annual The Economist Romanian Business & Investment Roundtable highlighted the critical importance of increasing Romania's competitiveness to ensure a sustainable and future-ready economy. What all decision makers present at the event seemed to agree upon was the fact that the key to overcoming critical challenges such as economic growth, labor shortages, and investment diversification lies in the collaborative efforts between the private and public sectors.

Economist Impact events bring together participants from around the world and renowned thought leaders for structured discussions on topics such as sustainability, trade, the future of technology, and work. These events provide corporations, foundations, NGOs, and governments with a platform to communicate important messages to a targeted and engaged audience, facilitating connections and interactions with business leaders from around the globe. The event was organised by Oxygen.

*This is Partner Content.

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