July 6 (SeeNews) - Romania's government announced an ambitious economic development plan worth 16.9 billion euro ($18.8 billion) which should help the country achieve 5% annual economic growth by 2020.
The plan, which envisages 90 economic measures in 16 fields over the next four years, is expected to have an estimated impact of 10.5% of the country's GDP, the government said on Tuesday.
Its key points include improving energy efficiency, simplifying tax regulations for foreign investors in the capital market and accelerating the privatisation of state enterprises.
In order to attract more EU funds, the government will increase the institutional capacity of policy-making bodies and will streamline procedures for applying for financing.
By simplifying authorisation procedures in various fields and improving state aid allocation criteria, Romania hopes to boost its foreign investments.
Foreign direct investment (FDI) in Romania fell 23.8% on the year to 887 million euro in the first four months of the year, the country's central bank, BNR data showed.
The government also said it will pay special attention to improving transport, infrastructure and research and development, among others.
In agriculture, it aims to develop irrigation systems, encourage farmers' associations, revive agricultural education and boost niche sectors such as organic farming.
($=0.8967 euro)