Antena 3 CNN Business Romania's economy, destroyed in 25 years

Romania's economy, destroyed in 25 years

Romania's economy, destroyed in 25 years
14 Oct 2015   •   10:36

In the Romania of the last 25 years, dozens of industries have disappeared and many chemical plants which attracted workforce no longer exist. Studies show that in Romania, from the top 42 companies in size and importance, only 9 belong to the state and to Romanian capitalists. But economic analysts warn of a paradox: while the economy has been taken over by strangers, for years, in cases the prosecutors investigate apparently only Romanians steal.

Strategic areas of the Romanian economy were sold, sometimes destroyed. It's a reality being confirmed by surveys conducted by audit and financial advisory firms. Currently, the most powerful companies in our country do not have Romanian capital, and what's left of the big state-owned companies was taken over by foreigners.

In Romania there's no fiber and yarn industry, of nonferrous metals and rubber processing. Endangered are areas such as fertilizers industry, petrochemical and heavy equipment. The major plants built during Ceausescu did not pass the test of time.


For example the pig farm in Timişoara, Comtim, and the two from Călan, Zlatna, Săvineşti or Danubiana, in Bucharest. Most of them were initially taken over by foreign investors, bankrupt and then ruined . The energy domain displays a similar image. Compared to Romania, in countries such as Poland, Hungary and the Czech Republic, the main energy companies are under state control.

Figures show that 90% of our banking system is owned by foreigners. A CIA report shows that in 25 years, in Romania 400 billion have gone to foreign banks. Economic analyst Radu Soviani expects more intensive investigations of prosecutors who will bring out the thefts in the banking system.
Worse is that studies show that many firms declaring losses in Romania actually remove their profits from the country. There are amounts of billions of euros.
In the last 25 years, the liquidation of industry continued country-wide and now Romania imports almost everything: from matches to food and heavy machinery. All of it was taken by foreigners who assumed no responsibility, is the analysts conclusion.

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