Sustainable cities paving the way to a smart(er) future

The curtains dropped on Business Review’s Rising Cities. Smart Future 2022 after more than four hours of lively debate between top business leaders, local officials, the heads of the European Investment Bank and European Commission representations in Romania, and members of the civil society. The main conclusion was that without a clear strategy for making our communities more sustainable, it will be difficult for our society to keep up with European peers.

By Anda Sebesi, Aurel Constantin, Mihai Cristea

CHALLENGES AND OPPORTUNITIES FOR A SUSTAINABLE CITY

The global trend is moving towards smart cities with efficient and environmentally-friendly buildings and cars. In the first panel of the conference, the discussions were centred on how a traditional city could be transformed into a smart one, by integrating the new environment, social, and governance (ESG) rules. These rules help us build clean cities, with clean and efficient consumption patterns. In fact, ESG rules are rapidly becoming the norm for any construction project. As pointed out by Antoniu Panait, Managing Director at Vastint Romania, the ESG concept appeared relatively recently, but it is already being embraced, and big banks are using ESG evaluations to condition investments and access to financing.

In practice, it only took a few months for ESG to be adopted by Romanian companies, just like it usually happens when various new technologies appear. Lucian Enaru, Country General Manager at Schneider Electric, pointed out that unlike 20 years ago, when Romania was at the beginning of the road in terms of technology, all of today’s global innovations also reach our country right away.

But developing a smart city means more than adopting new technologies; first and foremost, it requires a medium and longterm strategy, involving all stakeholders. Claudiu Bisnel, Managing Partner at Brisk Group, explained that public authorities cannot be expected to create such plans on their own. They need support from the civil society and the business environment. It is well-known that authorities rarely manage to create long-term strategies that transcend electoral clichés, but according to Victor Iancu, Associate Partner at KPMG Romania, the pandemic has shown us that we can mobilise to adopt new plans quickly, especially since we have examples of cities in Europe from which we can learn. In fact, as pointed out by Razvan Parvulescu, Business Development Coordinator at BTD Construct & Ambient, although there is a gap between Romania and Western states, it is a gap that we are recovering quickly.

UNLEASHING THE FULL POTENTIAL OF A SMART CITY

A highly anticipated section of the Rising Cities. Smart Future conference was the second panel, titled “Unleashing the full potential of Smart Cities,” where top business professionals from major industries—such as Marius Motofei (Business Operations & Public Sector Director at Vodafone Romania), Adrian Huma (Sector Head for Automotive, Transportation, and Logistics at ING Romania), and Michele Giove (Senior Manager for Government and Public Sector at EY Romania)—sat face to face with Lara Tassan Zanin, Head of the European Investment Bank’s Bucharest office, and two of the most high-profile local public officials of the moment, Brasov Mayor Allen Coliban and Bucharest Sector 1 Mayor Clotilde Armand.

Panel moderator Dan Borbely, Partner at Tuca Zbarcea & Asociatii, started off with a short introduction: “The way I see this panel is that we have all interested parts on stage: the targets, the money, the private sector, and the consultants—so we have all the ingredients for a meaningful discussion and I’m sure we’ll draw some interesting conclusions about what can we do to unleash the full potential of our cities.” One of the key components of the smart city concept, as seen by the European Union, is the smart environment, Victor Iancu, Associate Partner at KPMG Romania “For a year, I have been part of a project funded by the European Commission that guides cities in Romania towards becoming smarter. And what I have learned from dozens of cities in Europe is that they have a long-term strategy, which isn’t just a document written by the mayor's office, but a vision that transcends electoral cycles.”

Antoniu Panait, Managing Director at Vastint Romania “Smart cities are already green, as smart can’t be separated from ESG. A few months ago, ESG seemed like a distant thing, but it’s already here and we will depend on it more and more for financing and lending. Large banks are already conditioning their investments on ESG valuations. And smart cities will need big investments and tailormade projects.”

Razvan Parvulescu, Business Development Coordinator at BTD Construct & Ambient “Where there’s been communication between the authorities, civil society, and the business community, these smart city plans have been successful and effective. It is clear that these projects are long-term and they must also take sustainability into account, which is going to happen as we build over the coming decades. There is a gap between Romania and Western states, but it is a gap that we are recovering quickly.”

Claudiu Bisnel, Managing Partner at Brisk Group “Urban development requires a long-term strategy, and to achieve this strategy you need to integrate all the stakeholders. We need integrated thinking that brings all the visions together and puts them in order for a long-term plan. Authorities can’t do this alone; they need support from the civil society and the business environment.”

Lucian Enaru, Country General Manager at Schneider Electric “We’re having a hard time transitioning to smart cities because we lack a long-term strategy. But the pandemic has shown us that we can quickly adopt technologies and develop new projects when we are forced by the general context. Romanian society easily accepts new technology trends, and we have an appetite for new technologies.”

Lara Tassan Zanin, Head of the EIB Group Office in Romania “Municipalities must be key drivers of Romania’s green transition. It’s good to have green projects and vision at the central government level, but those who can make a real difference are the mayors, by promoting smart cities and factoring sustainability into their projects.”

Allen Coliban, Mayor of Brasov “The smart city concept is not new. What is new is that the discussion is no longer just about technology. It is about integration, sustainability, energy-efficiency, and many other aspects. The new approach for smart mobility is not car-centred, but humancentred. Brasov is the city with the largest fleet of green buses. Michele Giove, Senior Manager for Government and Public Sector at EY Romania “We have been working to support local and national authorities in designing their policies and decisions and to improve the manner in which they deliver services. What we have seen through working with different cities around the world is that technology is not the driver of smart city transformation. The real drivers are the citizens and the needs of the community.”

Ioana Ciocan, general manager at Art Safari “In 2015 we started with just 3 kids in the Art Safari project; this year we’ve included 10,000 of them. We also offered this opportunity to 3,500 disadvantaged kids last year and I think that we managed to generate a real change in these communities. This concept could be applied across several districts in Bucharest.”

Silvia Floares, Co-founder at Mezanin Market, Roditor Food Market, and Weekend Sessions “All three of our projects allow us to promote an important selection of local entrepreneurial startups and artists. Citizens of Bucharest need a chance to fall in love with places in Bucharest they may not like or don’t recognise the value of. If we imprint emotions onto some places, we will connect Bucharest with its citizens. This is the only way to make Bucharest a better place.”

Andrei Bortun, CEO at The Institute “There are about 15,000 schools in Romania. If we placed separate waste collection bins across one of the largest infrastructures in Romania, we could settle an entire process. If we brought together a group of citizens who are involved in their communities and willing to vote for likeminded leaders, and perhaps one day become leaders themselves, we’ll have a better future.

Cristian Danciu, co-founder at Charger.ro “It’s becoming more and more apparent that the urban population of Bucharest feels a real need for crucial change while looking for new adventures in their neighbourhood. It is fascinating to see how their perspectives improve, even though the urban environment and the design of the city remain unchanged in many ways, including in terms of architecture, investments, and infrastructure.”

Clotilde Armand, Mayor of Bucharest’s Sector 1 “Everything we are doing is centred around the green concept, and green energy means investments. When I became mayor, the first complaints that I heard were about heating. The Sector 1 heating network is not sufficient to cover the demand. What I did was to propose and carry out studies for solar heating and heat pumps fuelled by photovoltaic panels.”

Marius Motofei, Business Operations & Public Sector Director at Vodafone Romania “A smart city is a city where people are happy, where they want to raise a child, care about their elders, have fun and entertainment options, and of course, pay taxes. Transportation is one of the biggest sources of pollution, noise, and stress in our cities. Using data to make smart decisions is very important for transportation, and nobody knows this better than a telecom company.”

Adrian Huma, Sector Head for Automotive, Transportation, and Logistics at ING Romania “We can help the private sector by offering guarantees to participate in public projects, because municipalities require these types of guarantees. Another way we can help in smart city transformation is through financing, because even though there are lots of grants available, they don’t always cover the entire cost of a project.”

and cities will have a key role in the green transition proposed by the EU. As the EU’s climate bank, the EIB aims for 50 percent of the projects it manages throughout Europe to be climate-friendly by 2025, while the other 50 percent will have to be carbon neutral, explained the EIB’s Lara Tassan Zanin.

“Municipalities must be key drivers of Romania’s green transition. It’s good to have green projects and vision at the central government level, but those who can make a real difference are the mayors, and I was happy to see two of them taking part in this conference!” the Head of the European Investment Bank’s Bucharest office said.

LIVING SUSTAINABLY

The last part of the event was dedicated to the actions of the most passionate “City Changers” aiming for a more beautiful and sustainable urban life. All panel participants highlighted the importance of creating a community around Bucharest to act as a driving force for the further development of the Romanian capital.

“While at the beginning of our activity we would focus on projects dedicated to a specific industry or sector, in the past 10 years we’ve shifted towards collaborative projects which have tried to generate community involvement. Today, we are trying to approach each of our individual events as tools for a greater, common good and with a long-term social value,” says Andrei Bortun, CEO at The Institute. He adds that the lack of financial resources, partnerships, and know-how in the local civil society have led to many organisations and specialists in the field becoming more resilient. “It is fascinating how Romania and its society continue to develop regardless the difficulties they face. I think we could think of it as some kind of a European vocation for a part of our society who are dedicated to making this country develop in many directions,” Bortun said. However, he also warned that there was just a “transactional” relation between Bucharest as a city and its citizens, likely due to the fact that around half of them are first-generation inhabitants.

Education plays a crucial role in training young generations to live in a healthy and sustainable community, fostering talents who can collaborate towards better urban living. But education is equally necessary for both young generations and older adults.

“Sustainability has many layers, from concept, vision, and strategy to the tools and technical solutions that can be used to implement it on various business lines: transportation, food, energy, and utilities,” says Cristian Danciu, co-founder at Charger. ro.

In turn, Ioana Ciocan, general manager at Art Safari, had a similar opinion about the importance of education among young generations. She added that in the very beginning of the Art Safari project, back in 2014, she decided to develop an educational project for kids who wanted to visit a museum or go to a concert. “This was possible by making arts understandable for them. In 2015 we started with just 3 kids; this year we’ve included 10,000 of them in the Art Safari project.”

OPINION: Ramona Chiriac, Head of the European Commission’s Representation in Romania

We are in a very difficult post-pandemic and geopolitical context, which forces us to reflect upon our European identity, the future of our continent, and our values. The future of our planet has been an issue of major concern for some time now. The Green Deal is the EU’s answer to the climate and environmental challenges that represent the defining responsibility of our generation. It is a new strategy for development aiming to transform the EU into an equitable and prosperous society, with a modern, competitive, and efficient economy. It is about a Europe with net zero greenhouse gas emissions by 2050 and about a focus on the environment and healthy citizens. Through the new European Bauhaus, we intend to make the Green Deal tangible and add a cultural dimension to the economic and technological change. This is crucial if we want Europe to become the first climate neutral continent by 2050. The EU is the first region in the world to have put its environmental and renewable energy targets into law. We are a global leader the transition towards a clean, sustainable, and circular economy. A third of the EUR 1.9 budget will be spent on environmental policies across all our financing programmes.

The new European Bauhaus has three building blocks at its core: sustainability, design, and inclusion. We want to protect the future of our planet, including its energy security, which is increasingly relevant in the new geopolitical context that forces us to make the shift towards renewables. When it comes to design, we’re talking about a vision inspired by art and culture that goes beyond functionality. Finally, inclusion means focus on community, dialogue between cultures, academic discipline, and access to welfare for all communities, including vulnerable ones. In conclusion, the new European Bauhaus is a community and society that has citizens at its core.

At the global level, buildings are responsible for more than 40 percent of energy consumption and one third of the carbon emissions. Over half of the waste is generated by construction and demolition. Therefore, it is clear that to achieve our goal of becoming climate neutral by 2050, we need to change the way in which we build, renew, live, and consume. The Green Deal comes with a clear concept and roadmap for the new European

Bauhaus, with four key priorities: reconnecting with nature, regaining the feeling of affiliation, prioritising vulnerable places and individuals, and reorienting towards the circular economy concept. The new European Bauhaus contributes to the creation of a new framework for smart city design, with the aim of transforming the urban environment, reducing pollution, and bringing long-term social value.

Regional economies are contracting. How will Romania hit FDI objectives?

Romania is now facing a problematic economic context High inflation and the effect of the war in Ukraine will drain growth later this year in the entire region, Romania included, despite GDP growth of 6.5 percent per year in the first quarter. These effects will also be visible in the foreign direct investment (FDI) segment, particularly in greenfield investment.

By Claudiu Vrinceanu

After solid economic development in 2021 (5.9 percent), this year's growth rate will be much slower, at around 2.6 percent, according to a forecast by the European Commission. The causes listed by the European institution are high inflation, which is eroding revenues, and the war in Ukraine, which is influencing economic sentiment, supply chains, and investment. By 2023, the Commission expects a slight acceleration in economic growth to 3.6 percent, amid a long-awaited decline in inflation. The war is worsening the existing investment difficulties.

As Romania enters an unforeseen area from an economic point of view, foreign investments will be carefully judged and correlated with any chance of risk. A UNCTAD review of the Ukraine war's impact on trade and development confirms a rapidly worsening outlook for the world economy, underpinned by rising food, fuel, and fertilizer prices. The report also shows increased financial volatility, sustainable development divestment, complex global supply chain reconfigurations, and mounting trade costs.

Luring foreign investors has always been challenging, and Romania is now facing a problematic economic context due to high energy prices, inflation, and geopolitical instability. While Europe remains competitive when it comes to attracting FDI, and sharp investors will continue to pursue prospects in emerging markets, the Romanian economy could better position itself among others competing for capital by focusing on the following pillars: • The stability and predictability of the tax system. It must be a priority for the authorities to maintain an attractive business environment. According to the

Foreign Investors Council, only under such conditions will the private sector be motivated to continue investing in our country and provide jobs for its citizens. Any change in the fiscal framework without proper impact assessments and dialogues with the business community could compromise the potential for economic development, which is mainly based on attracting foreign direct investment. • Satisfying the need for proactive legislative measures dedicated to attracting foreign investment, and making this a priority for the coming period. • Developing the long-awaited governmental investment promotion agency.

The new body should be the first entity investors interact with and serve as an intermediary between foreign investors and the government. Ideally, the institu-

tion must have an essential role in site selection, incentives, data collection, bureaucratic certification, and company establishment procedures. • Improving transparency, but also reducing corruption and indecision around regulations. Investors and companies need more clarity on the rules to be able to invest confidently. With a score of 45 out of 100, Romania remained one of the worst-performing countries in the EU in the 2021 Corruption Perceptions Index released by Transparency International. • Defining a new competitive advantage for the economy in terms of foreign investment, by focusing on industries where Romania may be more attractive than countries in the region with which it is directly competing (Poland, Hungary, Bulgaria, Serbia). • Providing information on investment opportunities, contact information for regional and local authorities, and information on investment procedures, company registration, and legislation.

This approach should generate contacts with potential clients and provide information for potential investors through simple activities such as liaisons with foreign embassies and business associations.

Romanian entrepreneurs building advisory boards even as recession looms

Romanian entrepreneurs are starting to develop their advisory boards even in these times of economic uncertainty. Their motives are related to the opportunities they’re seeing over the short and medium-term: raising financing, starting internationalisation ventures, expanding their business networks, and even preparing for exits.

By Claudiu Vrinceanu

Romanian tech companies have managed to raise investments of millions of euros

RAISING INVESTMENT

A board of advisors is a group of business professionals that delivers advice on how company owners can better manage their operations and growth. One of the roles of an advisory board is to help raise capital. While they are not involved in the daily fundraising process, advisory board members can open doors to key potential investors. In the growth phase, the need to finance companies remains high, and access to money is more difficult when a recession is imminent.

Despite the period of economic uncertainty, Romanian tech companies have managed to raise investments of millions of euros.

The two largest financing rounds attracted by Druid (EUR 14.3 million) and Bunnyshell (EUR 3.8 million) represent 60 percent of the total investments obtained by startups in 2022.

In order of investment value, Romanian tech projects that have attracted investments in 2022 so far include: Machinations (EUR 3.3 million), Ogre AI (EUR 2 million), Adservio (EUR 2 million) Archbee (EUR 1.9 million), Tokinomo (EUR 1.6 million), and Stailer (EUR 1 million). EXIT STRATEGIES

Many shareholders of mature Romanian companies are now thinking more carefully about a final exit for two strategic reasons: on the one hand, they anticipate possible falls that will influence the company's valuation. On the other, founders believe that consolidating companies is more efficient in times of economic change. They prefer using an advisory board to help manage an exit transition. Whether they expect an exit in the next year or not for years to come, having an advisory committee to focus on this specific topic can yield results. The context is still suitable for transactions: the Romanian mergers and acquisitions (M&A) market has shown resilience despite complex geopolitical and macroeconomic challenges. According to consulting firm EY, the M&A market recorded 48 transactions in the first three months of 2022, up 17 percent. Despite the higher volume of transactions, the estimated value of local M&A is USD 1.8 billion, compared to USD 2.1 billion in Q1 2021. they have encountered personal barriers in the internationalisation process. When asked about specific barriers, Romanian exporters point to the lack of connections, knowledge, and information about target markets. The need for internationalisation is high in the Romanian business environment: the list of the 100 largest exporters in 2021 only includes four companies owned by local entrepreneurs: Chimcomplex, Aramis Invest, Romcab, and Cerealcom.

For Romanian firms seeking to expand their global footprint, a formal advisory committee delivers access to advisors with international expertise and market knowledge as well as connections to support their ambitions and strategy execution. The support and knowledge sharing can take many shapes depending on the business’s particular needs, product or service coverage, and the market they are entering.

EXPANDING BUSINESS NETWORKS

Growing investment and access to specific new markets and resources that involve slightly lower costs are directions that Romanian managers are exploring in the context of the current crisis, according to a Confidex study. Therefore, expanding business networks to attract new customers and partners has become a priority for Romanian entrepreneurs and managers. A well-connected board expands an organisation’s contacts and can help build or grow its reach on relevant markets. Additionally, board members can utilise their connections to help with funding, establish strategic partners, connect with vendors, and join other industry specialists. In this context, firms are looking to create strong advisory boards that can also help expand these business networks.

Tax, Law & Lobby 2022: Digital transformation making slow progress in public institutions

We should see a package of fiscal measures to combat inflation in Romania The 19th edition of Business Review’s conference dedicated to Tax, Law & Lobby topics touched upon the legal and fiscal issues of recent years and highlighted the urgently needed digitalization of our country’s entire public system. The pandemic, the economic and social crisis, and the war in Ukraine have forced us to make major changes to our tax system and embrace the digital economy.

By Aurel Constantin

Romania’s tax system has had a significant evolution over the past few years. July 1 will be an important date because it is the deadline for our country to implement the latest updates coming from the European Commission. “The most important changes were those enacted at the beginning of the pandemic, such as the tax amnesty that companies can still benefit from. A positive change that was among the results of pandemic measures is the easier and faster repayment of VAT, as well as the procedure to reschedule debts to the Fiscal Authority (ANAF),” said Bianca Vlad, Tax Partner at Mazars.

As for the VAT system, speakers agreed that not much had happened over the last few years, but they had high expectations regarding possible changes in the coming period. “The expectation has to do with certain VAT rates being lowered, but it will be a political decision. Everyone's concerned with the decline in purchasing power, and we should see a package of fiscal measures to combat inflation, which is now reaching very high levels,” said Theodor Artenie, Head of Tax Practice at Noerr. The main issue is the fact that incomes have not increased, while spending has seen a sharp rise. Everyone

”ROMANIA’S TAX SYSTEM HAS HAD A SIGNIFICANT EVOLUTION OVER THE PAST FEW YEARS. JULY 1 WILL BE AN IMPORTANT DATE BECAUSE IT IS THE DEADLINE FOR OUR COUNTRY TO IMPLEMENT THE LATEST UPDATES COMING FROM THE EUROPEAN

COMMISSION,” INGA TIGAI, ASSOCIATE PARTNER, HEAD OF TAX AND LEGAL TECHNOLOGY AT KPMG ROMANIA ”IF EVERY EMPLOYEE OF A LARGE COMPANY TAKES 2 OR 3 PENCILS HOME, THE TOTAL LOSSES REACH A VERY HIGH LEVEL, EVEN IF THE GAIN IS VERY SMALL AT THE INDIVIDUAL LEVEL. THE SAME HAPPENS WITH TAX

EVASION,” THEODOR ARTENIE, HEAD OF TAX PRACTICE AT NOERR ”THE FISCAL PARADIGM HAS CHANGED AS A RESULT OF THE 2008-2010 CRISIS, WHEN THAT PACKAGE OF EROSION OF REPORTING AND FISCAL OPTIMISATION BASE APPEARED,” BIANCA VLAD,

”THE DIGITALIZATION PROCESS IS NOT RECENT; IT STARTED MANY YEARS AGO. AN EXAMPLE IS THE ELECTRONIC PUBLIC PROCUREMENT SYSTEM, SEAP, WHICH EVERYONE IS FAMILIAR WITH, AND WHICH APPEARED 20 YEARS AGO,

IN 2002,” ROXANA POPESCU, DIRECTOR OF APPLICATION SUPPORT AT AUTHORITY FOR THE DIGITALIZATION OF ROMANIA

is trying to solve this problem by reducing spending, as it’s the only immediate way to fight inflation.

“If we’re talking about tax fraud, it is very difficult to stop when it becomes generalised. For example, if every employee of a large company takes 2 or 3 pencils home, the total losses reach a very high level, even if the gain is very small at the individual level. But it’s easier not to fight the phenomenon, because it is too expensive to watch each employee to prevent them from taking a couple of pencils. The same happens with tax evasion,” Theodor Artenie also argued.

But the way companies operate has also gone through changes in recent years. “The fiscal paradigm has changed as a result of the 2008-2010 crisis. Recently, the European Commission issued a fiscal package with new measures around intra-community transactions and cross-border invoicing, which will be implemented in all EU countries,” Bianca Vlad noted.

DIGITALIZING BUREAUCRACY

Digitalization doesn’t just mean scanning some documents and putting them into a digital file; it must bring added value for both companies and individuals. “The digitalization process is not recent; it started many years ago. An example is the Electronic Public Procurement System, SEAP, which everyone is familiar with, and which appeared 20 years ago, in 2002. It was very difficult to manage in the beginning, but we’ve been able to keep it functioning 90 percent of the time. Another important system has been Ghiseul.ro, allowing users to pay their taxes online, which exceeded one million users this year, partly as a result of the pandemic,” said Roxana Popescu, Director of Application Support at the Authority for the Digitalization of Romania. Unfortunately, there is an inertia among state institutions in terms of digitalization. Many town halls purchase their own online tax collection systems instead of connecting to Ghiseul.ro, which is free of charge and much simpler to implement.

“Public institutions should follow the law and make the data available to the public, but unfortunately every institution applies the law based on its own interpretation. Just like people, institutions too must have access to digital education in order to gain the degree of confidence required to use digital systems, and that takes time,” says Adrian Mantoiu, Managing Director at Wolters Kluwer Romania.

An example of successful digitalization in the private sector was provided by Alina Popa, Head of Legal at CITR, who showed how the insolvency process was broken into pieces in order to automate and digitalize what was possible. “In the insolvency process of City Insurance, which CITR is carrying out, we saved RON 700,000 just by using email instead of the classic mail. Of course, that was only possible where we had the data, i.e., the email addresses of creditors who had to be notified. We’re trying to digitalize as many

”THE HIGH VOLUME OF REGULATIONS RESULTS IN A LOW-QUALITY PUBLIC POLICYMAKING PROCESS AND CAUSES BOTH INSTITUTIONS AND BUSINESS REPRESENTATIVES TO BE PERMANENTLY FOCUSED ON SOLVING URGENT LEGAL MATTERS,”

OCTAVIAN RUSU, PUBLIC POLICY EXPERT & FOUNDER AT ISSUE MONITORING ”IN THE INSOLVENCY PROCESS OF CITY INSURANCE, WHICH CITR IS CARRYING OUT, WE SAVED RON 700,000 JUST BY USING EMAIL INSTEAD OF THE CLASSIC MAIL TO NOTIFY CREDITORS,”

ALINA POPA, HEAD OF LEGAL AT CITR

”PUBLIC INSTITUTIONS SHOULD FOLLOW THE LAW AND MAKE THE DATA AVAILABLE TO THE PUBLIC, BUT UNFORTUNATELY EVERY INSTITUTION APPLIES THE LAW BASED ON ITS OWN

INTERPRETATION,” ADRIAN MANTOIU, MANAGING DIRECTOR AT WOLTERS KLUWER ROMANIA

processes as possible, including the auction part, which can be carried out online.”

Unfortunately, the problem is that a new regulation (law, ordinance, decision or order) is adopted in Romania every 3 hours, coming to a total of approximately 4,500 regulatory acts every year. The high volume of regulations results in a low-quality public policymaking process and causes both institutions and business representatives to be permanently focused on solving urgent legal matters. “At Issue Monitoring, we save time for our clients and send them real-time alerts when initiatives go through these stages. In 2021, we sent 6.5 alerts every hour (13,530 alerts in total) and we followed 1,737 regulatory acts from over 20 sectors,” said Octavian Rusu, Public Policy Expert & Founder at Issue Monitoring.