ECONOMIC INFO

- June 2003 -

Romania and US enter cooperation agreement in power field

Romanian Minister of Industry and Resources Dan Ioan Popescu and US Secretary of the Department of Energy Spencer Abraham concluded on Tuesday, June 3 a cooperation agreement on the development of Romania’s power system. Following a meeting of the two officials, Abraham signed a letter of intention on cooperation in the power field. He said that the energy strategy of US President George W. Bush is aimed at intensifying international collaboration, which includes expanding trade and investment opportunities. The US projects, he said, contribute to an increase in environmental protection and the development of new technologies. These projects will benefit producers and consumers alike as they will bring about energy infrastructures that is flexible enough to adjust to global demand, said Abraham. Under the agreement concluded, Romania and the US will perform exchanges of information and will conduct feasibility studies in various activities and interest areas. The US authorities say that the release will try to attract US energy companies to invest and enter business agreements with Romanian companies. Research and development as well as design, construction, operation, maintenance and administration works on power plants will be carried out under the agreement. Romania and the US will address environmental protection and will work together to implement an efficient energy strategy that will contribute to the creation and development of relevant regional energy infrastructures. Another aim of the collaboration will be the identification and exploitation of energy resources according to methods of use that comply with environmental integrity norms. To this end, the authorities will set up protection systems for prompt action in emergency cases. Moreover, the authorities will hold consultations for the approval of an efficient legal and trade competition environment able to offer the foundations for a competitive energy market. According to the DOE release, Romania’s electricity, oil and natural gas sectors have significant potentials for US investors, as the Romanian authorities are trying to finalize the privatization process in the energy field. Abraham said that the Romanian authorities had carried out a strategy that diminished Romania’s dependence on foreign energy resources and applied methods for efficient use of Romania’s own resources. In 1998, the DOE signed an agreement with Romania’s Ministry of Commerce for cooperation in the development of the energy field. The document was part of a wider project for strategic partnerships between the two countries US Energy Secretary Abraham met Romanian Prime Minister Adrian Nastase in October 2001 to discuss the economic and political state of Romania, with reference to the privatization of the energy sector.

(source: Nine O’Clock)

Exports record since 1990 up to now: $1,442 bn in March

In March exports have reached their highest level ever registered since 1990 up to now, their value being estimated to have amounted to $1,442 billions, the respective sum of money representing a 8,4% growth as compared to the month of February and being by 40,5% higher as against March last year, the National Institute for Statistics has reported. Imports have also increased, their value amounting to $1,784 billions, in March, this year. Therefore, a 13,1% growth was registered as against February and a 39,7% one as compared to the same period of last year. In the first quarter of the year 2003, Romania exported products amounting to $4,039 billions, the same sources further reported, the value of imports therefore amounting to $4,039 billions.

 

In the first three months of this year, the negative balance of the commercial balance was assessed to $820 millions, while the deficit registered in 2002 was of $3,98 billions. The commercial deficit registered by Romania in March was of $342 millions, a sum of money which represents a growth as compared to the previous month when the deficit value amounted to $247 millions.

(source: Romanian Business Journal)

Virginia businessmen interested in software partnership

 

A delegation of businessmen from the American state of Virginia is in Romania between June 18 and 21, to discuss with representatives of the Romanian business environment, Tigreus Foundation announced. The economic mission is made up of the Tigreus Foundation and the National Association of Software Industry and Services, together with the Virginia Economic Development Partnership. The American delegation is made up of representatives of 5 important companies and has scheduled meetings with officials of the Foreign Trade Department, of the Health and Family Ministry and specialized associations in Romania. A meeting with managers of Romanian companies will be organised on June 19 and 20, at the Hilton Hotel, in view of setting up partnerships and for exploring cooperation opportunities. Set up in 2001 in a project financially supported by the US Agency for International Development, the Tigreus Foundation aims at supporting and stimulating the cooperation and mutual business relations between Romania and the USA. The Board of the Tigreus Foundation includes the Romanian Foreign Minister Mircea Geoana, Mark McCord - CIPE, the Vice-President of the National Association of the Software Industry and Services Vlad Tepelea and the General Manager of ITC, Grigore Popescu.

(source: Nine O’Clock)

First credit bureau in Romania

The first credit bureau in Romania starts operations this month, having the British Neural Technologies Ltd. as shareholders. The Romanian credit bureau will operate under the name of Neural Risk Management S. A. The British shareholder, Neural Technologies Ltd. specialises in risk management and credit scoring services addressing financial, telecommunication and utility sectors. The company is active on markets in Great Britain, United States, Central Europe, Africa and Asia with an impressive customer base including: Visa International, Standard and Poor’s, Orange, O2 Orascom Telecom Group, Sprint PLS, ING, MBNA and numerous financial organisations around the globe.
Neural Technology performances include scoring of over 9 million individuals in Great Britain, monitoring over 50 million telecommunication subscribers worldwide, optimising collection for 15 million utility customers, processing over 45 billion enquiries since 2000. “Our recent experience in East Central Europe has produced extraordinary results and I anticipate Romania will become the most successful,” declared Mr. John Gavan, Chief Executive Office of Neural Technologies Ltd. The Romanian shareholders of Neural Risk Management S.A. are recognised companies within the financial and telecommunication sector. Universal Card Systems S.A. is one of Romania’s most experienced telecom service organisations. SmartTel S.A. specializes in secure mobile banking solutions-.with customers among all the major banks in Romania. Investment Solutions S.R.L. is a business development company focusing on financial sector projects.  Following extensive research of the Romanian market, the credit bureau provides scoring and risk management services perfectly compatible with the information resources and the legal environment in Romania. The company services are immediately available with the opportunity to compensate the lack of credit history ad individual behaviour evidence. Neural Risk Management services exceed the existing scoring systems by using advanced solutions for data analysis and interpretation even when the information is limited. 

(source: Romanian Business Journal)