Romania’s natural capital, as well as circular economy, can become a competitive advantage for the country at a larger scale, says Raul Pop, senior manager, climate change and sustainability services at EY Romania, the professional, services firm.

“On economic activity, we are before the start of discussion on circular economy, which can become a gold mine for Romania,” said Pop in the second day of the Foreign Investors Summit, the 3-day exclusive event organized by Business Review.

He went on to say that on recycling targets, Romania has to grow from 13 percent to 70 percent by 2030 and this can bring significant business potential.

According to the European Commission, the actions under the circular economy package aim to close the loop of product lifecycles through greater recycling and re-use, and bring benefits for both the environment and the economy.

“We have two systemic issues: at regulatory level we are not capable to simplify and we lack the competence to create competences,” added Pop, who underlined the fact that Romania’s government has to enhance its dialogue with industry players.

Robert Uzuna, corporate affairs director, Ursus Breweries went on to say that the private sector wants to have partner of dialogue with local authorities.

Meanwhile, Andrei Orban, president of ENVIRON, added that investments in environment, smart cities, e-mobility represent areas with high growth potential as these are “virgin” markets.