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Romanian Investors Say Bureaucracy Stalls EU Funds Accession

Romanian large private companies hesitate in drawing European funds for investments as the projects’ implementation lasts very long and the market’s needs change rapidly, several investors said Monday during a debate.
Romanian Investors Say Bureaucracy Stalls EU Funds Accession
23 aug. 2010, 18:56, English

Businessman Vladimir Cohn, who owns paper and cardboard maker Ecopack Ghimbav (AMCP.RO), said he drew up two projects accessing EU funds, with no completion yet.

„The deadline for submitting the two projects was May 31. We do not know when the entire process ends, when we will be able to access the funds, and if the respective offers will still be valid at that time,” Cohn said at a ZF Expert meeting.

The economic activity of a company corresponds to its clients’ needs, so that a factory must be built when the market needs it, said Dan Sucu, the owner of furniture maker and retailer Mobexpert Group.

„The bureaucracy does not allow you to have clear deadlines for your business,” Sucu said.

Moreover, Radu Timis, who owns meat processor CrisTim, said he prefers to take bank loans and pay interests rather than to confront the heavy bureaucracy, despite two successful projects in the past.

However, George Copos, owner of the Ana Holding, said companies within his group currently develop two projects worth EUR5 million and co-financed with EU funds.