The Transylvania region is a stunning but is also home to some scary stories of vampires and Dracula. Romania still celebrates its history of spooky goings on with an annual scary movie festival in the summer months and tourists flock to beautiful old castles which may or may not have a sleeping vampire or two waiting for the sun to set. While Romanian tales of vampires may give you nightmares, doing business in this up and coming market most definitely wont. A place where operating costs wont bite into your profits and where talent is as plentiful as fables of blood sucking creatures.
So what makes Romania such a good place to do business? Firstly, economic growth in the country is strong. Growth for 2014 was 2.8% according to the World Bank, double the EU average of the same year. This is driven by relatively cheap prices compared to Euro Zone countries as well as strong showings in agricultural, cosmetic and machinery industries. Growth is set to continue in the future and get stronger as the country recovers from the financial crash of 2008 which deeply affected all EU countries. The Romanian economy isnt likely to give anyone a fright in the future.
Romania also has a great strategic location. The country has one of the most extensive rail networks in Europe which has great connections to the rest of the EU. In addition to this is the Danube River giving Romania a link to 10 other countries in Europe including Germany, one of the biggest markets in the world. If this isnt enough to entice you then there is also its location on the Black Sea to consider. The Black Sea is also bordered by a number of other large markets including Turkey and Russia.
Finally, Romania has a wealth of some of the worlds most talented IT graduates. This has meant that many global companies from Microsoft to Kodak have already moved out to the country and have offices there. This also allows them to take advantage of the structural funds from the EU given to companies operating in Romania to diversify and modernise its economy. With up to 43 billion to be made available to companies operating in Romania over the next few years it would be horrifying for your business to miss out!
Ionela Ghita, Market Access | CCG Romania