French companies are interested in the privatisation projects to be launched this year in the Romanian industry and banking system, Bernard Kasriel, head of the Association of French Companies (MEDEF) delegation having visited Romania between May 15-17, told Ziarul Financiar on Thursday.
As the only bank up for privatisation this year is the largest bank in Romania, namely Banca Comerciala Romana (Romanian Commercial Bank-BCR), a possible bid from a French bank, following Societe Generale’s involvement in BRD (Romanian Development Bank), would be a huge surprise.
French companies after 1990 have invested about one billion euros in Romania, without considering French tyre maker Michelin’s recent investment in Tofan Holding.
Bernard Kasriel is MEDEF’s vice-president and also vice-president of Lafarge cement producer, one of the largest French investors in Romania.
“Foreign investments in Romania have yet to reach the weight that the size of the country deserves. The main condition for a dynamic investment development is to put a stable and transparent legislation into effect and forget about personal gains,” specified Kasriel, who is also the chairman of MEDEF International’s commission for Romania.
“MEDEF’s visit reflects the importance of the French-Romanian economic ties. France is the leading investor in Romania and third in terms of commercial relations, which we feel are only to improve,” said His Excellency Pierre Menat, French Ambassador in Bucharest.
The largest French investments in Romania started being made after 1997, when Lafarge decided to invest in Romcim, Societe Generale in BRD, Renault in Dacia and France Telecom in Mobil Rom.
At the same time, Carrefour’s investment in the first hypermarket in Romania to be opened in a matter of days, as well as Vivendi’s in Bucharest General Water Regie shows that all the major French economy sectors are operating in Romania.
Carrefour Hypermarket will take up 17 ha and sell 50,000 articles, on a 9,000-sqm sale surface. “We will prefer Romanian producers as much as possible. We are trying to sell Romanian products and employ as many Romanians as we can. We already have 50 Romanians within our management structures, young people we trained in France to be department heads.”
Frederic Fleuret, Lafarge-Romcim’s CEO and chairman of the Board, said the investment made so far amounted to $100 million. “We are planning to turn Medgidia-based plant into the best in Europe,” he specified.
“Romania’s cards up the sleeve are its geographic location, right where many areas of influence meet, the skilled labour force, and, the most important thing to us, the cultural and language affinities of our two people,” Kasriel added.