Emerging Trends, Growing Divisions, and Increasing Rivalry: Insights Gleaned from the Annual The Economist Romanian Business and Financial Summit
Lively Debates at The Economist Romanian Business & Investment Roundtable
The latest installment of The Economist Romanian Business & Investment Roundtable sparked lively discussions on Romania's evolving economic landscape. Amid a global competitive landscape and an intensifying array of protectionist trends, speakers agreed that globalization isn't fading but transforming.
As great powers redefine the market, Romania is well-positioned to adapt and flourish by bolstering its integration within European and worldwide frameworks. The conference served up valuable insights on navigating economic uncertainties, reinforcing the message that strategic alliances and future-focused policies are vital for long-term prosperity.
Shaping Digital Innovation: A European Affair
Joakim Reiter, Chief External and Corporate Affairs Officer Vodafone Group, brought up the debate about Europe versus America. He urged a focus on partnership rather than a race. He emphasized the significance of Europe aligning investments, streamlining regulations, ensuring security, and scaling innovations. If successfully executed, Europe could excel and guarantee a thriving digital future, highlighted Reiter.
Economic Resilience Across Southeast Europe
Public and private sector leaders weighed in on the economic resilience of Southeast Europe, tackling inflation risks, sustainable finance, and the future of the Single Market. Omer Tetik, CEO Banca Transilvania, mentioned that "Romania, along with the whole region, has displayed remarkable resilience in the last five years. We have faced pandemics, wars, inflation, volatility, energy crises-basically everything from an economics textbook. It is high time for Europe to recognize the Southern Eastern members of the European Union as European citizens:"
Adapting to a Fast-Changing World
"The key to resilience is adapting your response function. We must be flexible enough to transform with a rapidly evolving world, as you cannot foresee everything," said Ionuț Lianu CFΑ, chief treasury & ALM officer, CEC Bank.
Mihail Ion, Vice-president capital markets, investment banking, and personal financial planning at Raiffeisen Bank Romania, admitted "We still have an edge in terms of labor costs, but this advantage is diminishing. Meanwhile, we are not yet as competitive as the advanced economies" during the discussion on the financial and economic landscape in south-east Europe.
Building Romania's Competitive Digital Infrastructure
Paul-Dieter Cîrlănaru, Chief executive, CITR, emphasized the importance of smart financing to bolster Romania's competitive edge in private equity investments.
Prioritizing Sustainability for a Prosperous Romania
A crucial point of concern in Romania's green future and economic growth is the transition to sustainability, with sustainable finance playing a crucial role in driving these changes.
Gemma Webb, Chief executive and president, RetuRO SGR, detailed achievements in Romania's deposit return scheme, reducing waste and creating a cleaner environment.
Innovating for a Green and Connected Future
Aspects of improving connectivity and strategic infrastructure investments were discussed, with participants emphasizing the need for robust partnerships between the private sector and the state to assure economic growth, stability, and a greener future.
Bogdan Mărginean, Technical subdivision manager, civil engineering, STRABAG Romania, underlined that innovation was the foundation upon which the future was being built.
"Adapting the network to accommodate new prosumers and optimize energy use is essential. However, we require support from authorities in policy design to adapt networks effectively," said Alessio Menegazzo, Chief executive & country manager, PPC Romania.
Collaborating for a Competitive and Sustainable Romania
The Fifth Annual The Economist Romanian Business & Investment Roundtable emphasized the importance of increased competitiveness to ensure a sustainable future-ready economy. A common agreement among participants was that collaboration between private and public sectors is crucial for overcoming the challenges of economic growth, labor shortages, and investment diversification.
The Roundtable gave participants from all over the world and renowned thought leaders an opportunity for structured discussions on issues such as sustainability, trade, technology, and work. These events empower corporations, foundations, NGOs, and governments with a platform to disseminate important messages to a targeted and engaged audience, facilitating connections and interactions with global business leaders. The event was organized by Oxygen.
Participants seemed to agree that the key to success lay in collaboration between the public and private sectors for the improvement of Romania's economic resilience, competitiveness, and sustainability, ensuring long-term prosperity and growth.
- Discussions at the Economist Roundtable revealed the importance of Europe focusing on partnerships beyond a race, as highlighted by Joakim Reiter, emphasizing the need for Europe to align investments, streamline regulations, ensure security, and scale innovations for a thriving digital future.
- Omer Tetik, CEO of Banca Transilvania, stated that Romania, along with other southeastern European countries, has demonstrated remarkable resilience in recent years and called for Europe to recognize the region as European citizens, focusing on issues like inflation risks, sustainable finance, and the future of the Single Market.
- Ionuț Lianu CFΑ, the chief treasury and ALM officer at CEC Bank, stressed the importance of adaptation to a rapidly evolving world for economic resilience, while Mihail Ion, Vice-president at Raiffeisen Bank Romania, discussed the importance of remaining competitive in south-east Europe's financial landscape.
