The mechanism of the Cooperation between China and Central and Eastern European countries (CEEC), also known as the 16+1 mechanism, has opened new horizons and created a solid and efficient platform for the development of China and CEEC cooperation, a local investment counsel told Xinhua in a recent interview.
"The initiative of such platform was an extraordinary one, as it provided the framework for concrete and efficient partnership, based on a win-win cooperation principle," said Razvan Paunescu, Managing Partner of the "Paunescu Partners" law firm.
"I would like to mention here the largest ever project between China and the CEEC, which is to be developed in Romania and represents an example of win-win cooperation between the two nations with strong, traditional relationships," he said, referring to a memorandum for the development, construction, operation and decommissioning of units 3 and 4 of the Cernavoda nuclear power plant, which was signed between China General Nuclear Power Corporation (CGN) and Romania's Nuclearelectrica SA on Nov. 9, 2015.
"The signing of this agreement represents a very special moment for the partnership between Romania and China, which will ensure and strengthen Romania's status of regional power pole," stressed Paunescu, who is Coordinating Consultant for CGN on the project.
Such a project could not be possible without the extensive cooperation between the Chinese and the Romanian authorities, he said. The first important document for the project, the letter of intent, was signed in Nov. 2013, during a visit to Bucharest by Chinese premier Li Keqiang.
Cernavoda is home to two Candu reactors still in operation, units 1 and 2, which produce around 18 percent of the country's electricity. The doubling of the production capacity of the plant through the construction of two new units represents a major competitive advantage in the medium and long term.
The breakthroughs made by the Chinese enterprises in the energy sector also include the Rovinari power plant, with China Huadian Engineering Co. deciding to invest around 1 billion U.S. dollars in a new 600 MW coal-burning power plant, Paunescu said.
The project will ensure the stability and security of the energy system in Romania, bringing at the same time benefits to the country's overall economy, he added. Talking about the challenge of Romania market entry, he noted that the specific market laws, rules and regulations of both Romania and the European Union are often different from the Chinese ones.
In order to avoid impediments in entering the European market, Chinese investors should engage consultants who are highly-experienced in this market, and have the ability to guide their clients on the right track by fairly assessing the market reality and the current legislation and cultural differences between China and Europe.
"I highly appreciate China's initiative to create this extraordinary support platform called 'the 16+1 mechanism' , which has already materialized in concrete successful partnerships," he reaffirmed, stressing that "I strongly believe this year's summit in Suzhou shall be at least equally successful as the previous summits."
Latest comments