Romanian President Tells Japan's Business Community Of Romania’s 2010 Reform Goals

Romanian President Traian Basescu said in the Romanian-Japanese business forum held in Tokyo that the need for reform was emphasized by the economic crisis in Romania, and the Government is determined to push reform despite strong opposition from the unions.

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Baserscu said the government is determined to move forward with the reforms, prompted and demanded by the economic crisis, meant to optimize spending.

"Another objective of the reform process is the careful control of social security spending, with the aim to offer social security to those who need it," Basescu said.

Also, Basescu said the Romanian central bank's foreign currency reserves have grown, despite the crisis, from EUR25 billion to EUR32 billion and the economic growth projected for 2010 reaches 1.3%, which is slightly higher than the estimated average European growth in the EU.

Basescu also invited the Japanese business community to invest in Romania, which would help the country reduce lags compared to older European Union members. Basescu also told potential investors Romania has one of the lowest levels of fiscality in the EU and has not and does not plan to hike taxes, despite its wide budget deficit.

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