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13 January 2011

BCR president Dominic Bruynseels: Romania is like Sleeping Beauty

BCR president Dominic Bruynseels compared foreign investors with the prince who wakes up Sleeping Beauty from the deep slumber she is in because of deficits and consumption, meaning from recession.

"Romania is some sort of Sleeping Beauty. Let me tell you a story: Once upon a time there was a beautiful princess called Romania who had numerous gifts - beauty, oil, land, people, the Danube," Bruynseels said on Wednesday during a conference organized by the Foreign Investors Council (FIC) and the Bucharest Economics Studies Academy.

He said that when the princess turned 18, she was locked in a castle by a bad witch disguised as consumption and unsustainable deficits and fell into the "sweet slumber," meaning in recession.

"Many years later, a prince came from abroad and found out about the story and he had a lot of money. He entered the castle to see the princess, he knelt before her, kissed her and she woke up and they lived happily ever after," Bruynseels added.

He also said that stories don't happen the same in real life, where Romania is racing to attract foreign investments against 191 countries, but unfortunately it is not yet part of the squad. "Our bike doesn't work too well. In this race, we are in the back of the European squad," the BCR chief believes.

He also said the measures proposed by FIC for economic revival are underway and underlined that foreign investors will continue to put pressure for their implementation. In October, CIS proposed a set of 12 measures aimed at boosting GDP by 11.6 percent by 2015, at creating 250,000 jobs and increasing budget revenue by 8.5 percent.

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Source: Bucharest Herald