Romania continues to defy economic expectations, with the European nation enjoying significant growth in various sectors of its economy over the past 20 years. The Romanian economy has gone on to recover impressively form the 2008 crisis, with its economic growth outpacing many other European nations. By 2009, the country's economic growth rate was among the fastest in Europe, attaining growth of 8.4% in 2008, which was higher than the average of European Union rates.
The economic forecast seems to become reality for Romania, the country’s government anticipating an economic growth of 5.5% this year. Is a country that has seen many investments in recent years, a large part of these investments coming from abroad. However, even if the country's economic growth will not rise to the anticipated levels, this should not matter if investments are made in the right place.
For example, the IT sector seems to be a sure bet, Romania proving to be an inexhaustible source of talent in this respect. The great advantage of the sector is the presence of a highly skilled workforce. The most developed regions are located in the west of the country (Timișoara, Cluj), with a pole emerging around Iasi. Clearly, the entire Eastern European region is a hotbed for innovation, and the sooner the organizations tap into this emerging ecosystem, the better their digital future.
Moreover, the country's successful start-ups have proved that Romania offers not only good specialists, but also very good managers and entrepreneurs. Generally, the skills and educational level of managers are very high there, as compared to other EU countries, and the role of women in business tends to be stronger than in other countries, such as Austria.
Meanwhile, the anticipated economic growth is largely based on consumption, so investment in products and/or services should prove to be successful, the resources are cheap and the people love to spend money. Innovative ideas or even the import of external concepts in terms of gastronomy or entertainment can be viable solutions, while tourism also seems to be a sector worth betting on as far as services are concerned. As a result, this industry is increasingly becoming one of the most important sectors of the country’s economy.
Eco-tourism or rural tourism, as well as city breaks seem to be the most appealing for tourists. Romania is a beautiful country with diverse touristic opportunities from mountains to seaside, from culture to history, from urban tourism to secluded and hidden gems. Keep in mind that cities like Bucharest do not openly brag with their beautiful sides, but they are well worth to be discovered!
Also, an investment in real estate, more precisely in office spaces, is the kind of business that should prove profitable in 2020 Romania, being one of the strongest local economic sectors. Both commercial and residential properties are increasing in value throughout the country, with the capital city of Bucharest being home to significant investment opportunities. Needless to say, Romania provides a great opportunity for real estate investment for any foreign national looking to invest in the Bucharest property market.
Finally, technical fields should not be discarded, especially in the automotive area where the European giants already present in the country often need locally produced raw materials. Online retailing is an increasingly popular segment among Romanians. In all honesty, any Romanian sector or niche has economic potential if the investment is good and is accompanied by a coherent market study. The truth is that Romania still has a lot to offer to both beneficiaries and investors.
Considering the fact that many Romanians have a good knowledge of English, and the wage costs are low, opening a company could be a good option for anyone with a good business plan. You will have to submit only 4 statements per year, reporting the amount of sales you have made. Since there is no possibility of deducting expenses the accounting is extremely simple and can be outsourced at a very cheap cost anyway. Moreover, those who decide to hire a local Romanian worker can enjoy an expense reduction from 1 to 3%.
So, if you are planning to start a company in Romania, we recommend finding a reliable partner who can help you keep your internal processes under one single online platform. Bizonaire - A unique combination of services (tax, legal, corporate, accounting, payroll) and extensive expertise should address all your needs and deliver effective solutions for your business – to minimize risks and maintain your local compliance.
