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Business Opportunities in Romania

In 2010, direct foreign investment in Romania amounted to 2.6 billion Euros, registering a 25.5% drop as compared to the previous year. A report issued by the Austrian Group Erste shows direct foreign investment in Romania will go up when global economy picks up, and it will be channeled towards such sectors as industrial goods, agriculture, the food industry, and the IT&C and renewable energy industry.

Labour productivity in the processing industry increased by over 12% in both 2009 and 2010, while the real increase in wages was smaller”, the Erste analysts say. Some of the main trump cards which make Romania an area of interest for foreign investors are its size, as it is one of the largest markets in Central and Eastern Europe, as well as its location at the crossroads of three European transport routes- namely corridors no. 4, 7 and 9. Additionally, the labor force is generally well trained, boasting thorough technological, IT and engineering knowledge. Other advantages are natural resources, including farmland, oil and natural gas reserves, and a huge tourist potential.

At a recent meeting with potential investors from Gulf countries, the governor of the National Bank of Romania, Mugur Isarescu said that our country offers many, diverse and solid profit-making investment opportunities on long term. Isarescu said Romania’s economy has stabilized.
Mugur Isarescu:”I think that infrastructure in general, and not only road, but also naval infrastructure, such as the port of Constanta and Galatz, offer important business opportunities. They are the extremely efficient gateway to Europe. The Danube is a navigation channel which takes us to the heart of Europe. A second area is, undoubtedly, agriculture, and I’m not referring only to all those forecasts on the deterioration of the food situation at world level, but also to Romania’s still unused potential: tracts of land, tradition, labour force and the European funds it can attract. I think legislation in the field of agriculture should be improved, because both Romanian and foreign partners, as well as banks, will be reticent to fund small or very small properties, which stand low chances of becoming profitable. Finally, energy is the third area. Romania boasts a longstanding tradition in this field, and I think it can be successfully capitalized on.”

In turn, Andreea Paul Vass, the counselor of PM Emil Boc, has made public some of the methods the Romanian state is using to support the business sector and investors. First of all, the state uses state assistance schemes for investments exceeding 5 million Euros and which lead to the creation of at least 50 jobs: ”The state assistance scheme has been improved and it became significantly more flexible during the economic crisis, because it was extremely difficult to find investment to create minimum 300 jobs, as had been the case before and it was equally difficult to draft investment plans worth at least 100 million Euros. This state assistance scheme allows for the return of 50% of the value of the investment plan, but no more than 28 million Euros.”

Thanks to this scheme, 10 major projects worth over 700 million Euros have received funding worth 215 million Euros. Approximately 5,000 jobs have been created.

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