The Romanian authorities have failed to meet the foreign investment target set in the governing programme last year - $1.8 billion. Although the chairman of the Romanian Agency for Foreign Investment (ARIS), Marian Saniuta had said foreign investment would climb to $2 billion in 2003, he admitted yesterday that the actual level would revolve around $1.5bn. As for 2004, the ARIS chairman said foreign direct investment would be 30-40% bigger than in 2003, provided the State managed to privatise companies such as BCR (Romanian Commercial Bank), SNP (National Oil Company) Petrom and power company Electrica. According to the latest data released by the National Bank of Romania, foreign direct investment amounted to 1.1 billion euros (some $1.35bn) in the first ten months of last year. It took twelve years for Romania to break the $10bn FDI threshold. Thus, foreign direct investment only reached $10.09 billion last September and, although the authorities deemed this as a success, it actually accounts for less than half the foreign direct investment attracted by other Central and Eastern European countries. For instance, Poland last year recorded $43bn in FDI, whereas the Czech Republic attracted $9.3bn in 2003 alone. ZF
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