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Monday, 21 September

Prime Minister Ludovic Orban attended the event "Emerging Romania", organized by the Bucharest Stock Exchange

Speech by Prime Minister Ludovic Orban at the event "Emerging Romania", organized by the Bucharest Stock Exchange

 

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Ludovic Orban: Good morning! I am glad to be here today, in an auspicious moment for the evolution of the Romanian economy. There cannot be capitalism, without capital or capital market. The fact that Romania today is moving to the status of a secondary emerging market shows a positive evolution of the Bucharest Stock Exchange, but, in my view, a still timid evolution and for this reason, our intention, as a Government is to support the further development of the Stock Exchange, the capital market.

There are several measures whereby we want to develop the capital market in Romania: the listing of new state-owned companies at the stock exchange, stimulating the participation of individuals in the capital market by simplifying tax procedures for retail investors. We also want to launch new programmes of government bonds issues through the stock exchange.  Such government bonds issues worth 1 billion lei and 168 million euros have already been launched. We want to encourage through fiscal incentive measures private companies to list at the BVB for diversification of sources of financing. If we look at the financing of companies, we will see that in Romania we are far from the capitalist model in developed countries where a large part of the companies' financing is carried out from the stock market. Our objective is to develop this fundamental instrument for the market economy that is the Stock Exchange.

I conclude by telling you that in the process of developing the stock market, unfortunately, a law appeared, why it was adopted I cannot understand, we also attacked it at the CCR [the Constitutional Court of Romania], unfortunately, we were not given justice, which somewhat blocks the sale of assets, shares, affecting the stock exchange listing processes of important companies such as Hidroelectrica that we started. It is clear that the current structure of Parliament cannot allow the amendment of this law, but after the elections, our objective is to amend this law, as we want things to run normally further on, and to create economic development, to truly generate economic dynamics, also by means of the capital market of the Bucharest Stock Exchange.

I congratulate the management of the Stock Exchange for this favourable outcome. Their work took place in a not very friendly environment, and I assure them that they can rely on cooperation with the Government, to the benefit of the capital market development. Thank you!



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