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Romania’s Ambition for OECD Membership by 2026
The Romanian government’s goal is to join the Organisation for Economic Co-operation and Development (OECD) by the year 2026, as stated by Mircea Abrudean, the Secretary-General of the Government, during the Small Cities Forum in Romania on Saturday.
The Importance of OECD Membership
Abrudean emphasized that following Romania’s accession to the European Union and NATO, becoming part of the OECD represents “the most significant national objective.” He noted that once Romania achieves membership in this organization, “small cities will directly benefit from the expertise and knowledge of cities from other member states.” This integration will allow them to adopt innovative public service methods and solutions.
Benefits of Joining OECD
One of the primary advantages of joining the OECD lies in attracting foreign direct investments. Any potential investor will be assured of a robust economy and an administration that operates at the highest standards of efficiency. The country is in dire need of investments, as they pave the way for development, job creation, and overall prosperity.
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Romania’s Path to OECD Membership
Abrudean highlighted the current situation, stating that the topic of Romania’s accession to the OECD is not discussed enough within the country. He emphasized that this organization represents an exclusive club of the world’s leading economies.
The OECD comprises 38 member countries, which collectively account for over 70% of global trade and services, as well as more than 90% of foreign direct investments. This substantial influence showcases the importance of being part of such an organization.
The Impact of OECD Standards on Investment
To illustrate the significance of OECD standards for investors, Abrudean pointed out that Romania officially initiated its accession process to this esteemed group in January 2022. This move signals the country’s commitment to improving its investment climate.
In 2022, Romania recorded nearly 11 billion euros in foreign direct investments, marking a historic high that exceeded the previous record set in 2008 by two billion euros. This notable growth highlights the increasing confidence of investors in Romania’s economic potential and reinforces the importance of aligning with OECD standards.
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