Vodafone Romania has announced that it will spend around EUR500 million (USD662 million) on network upgrades over the next five years. A large proportion of that figure has been earmarked to contribute towards the firm’s planned Long Term Evolution (LTE) network. Incoming CEO Inaki Berroeta told the Ziarul Financiar business daily: ’Vodafone’s plan is to invest over half a billion euros in Romania over the next five years. We’ve budgeted this important sum for investments because Romania’s communication market has significant potential. Nobody is investing if there are no opportunities’. It is believed that Vodafone has invested around EUR2 billion in the country since 1997. According to TeleGeography’s GlobalComms Database, as at end-September 2010 Vodafone Romania reported 9.84 million subscribers, equating to a market share of 33.5%.