President Klaus Iohannis had a meeting with the management of the Liberty Galati steel plant on Tuesday, during which Sanjeev Gupta, executive chairman of the Gupta Family Group Alliance (GFG Alliance) and Liberty Steel Group, presented his investment plans for Romania."Liberty Steel Group is one of the top 10 leading steel producers globally and in 2019 it took over the Galati Steel Plant, the largest integrated steel producer in Romania. The meeting discussed the group's operations in Romania, and GFG Alliance and Liberty Steel investment plans for Romania, both in the steel industry and in related fields, such as the development of alternatives to the traditional, polluting, steel production processes, as well as the production of 'green energy', were unveiled," according to the Romanian Presidential Administration.
Iohannis highlighted the "competitive edge" of the Romanian economy and reiterated the importance of significant, long-term investments "to economic recovery and the restoration of economic confidence," especially in the context generated by the COVID-19 pandemic.
"Sanjeev Gupta presented his long-term prospects for investment in Romania, as well as development intentions, in partnership with local players, of both current production facilities and new ones. Also, the executive president of GFG Alliance and Liberty Steel Group unveiled the group's intention to diversify its portfolio of assets in Romania. The President of Romania underscored that the group's investment in the Galati plant is an important opportunity for the Romanian steel industry to develop and reach a high level of innovation and encouraged the executives of GFG Alliance and Liberty Steel Group to conclude business partnerships that are beneficial to the Romanian economy."