Tuesday, April 15, 2014

Foreign Investment in Romania: 36% Rise

As a Romanian Law Firm with with over 90% of our clients being formed of foreign companies or individuals, we believe that Romania is one of the top 3 destinations for foreign investment in Central and Eastern Europe. And the figures released by the Romanian Press (mediafax) seem to agree with us.

Foreign direct investment in the first two months totaled 282 million euro, up 35.6% from the same period last year. Last year, foreign direct investment (FDI) rose by 26.8% year on year to 2.71 billion euros, reaching the top of the last four years after the first assessment in 2012 was recorded at the beginning of the crisis. 

We encourage business people worldwide to read our article on why a business should expand to Romania. Should you require in depth legal information on how to form a company in Romania please click to visit our dedicated website.

In 2012, net FDI increased for the first time since the crisis began, the advance being 18.7% to 2,138 billion euros, according to final data released by the central bank and the INS, while initial estimates showed a decrease of 11 % compared to 2011.

Romania does show better and better financial results in most important sectors and the advice to invest in the country is given by the most trustworthy sources, such as UK's ambassador in Bucharest.  Mr. Martin Harris, said the annual growth rate of trade of UK with Romania is 16%, one of the sectors raising the most interest being the IT sector, but in his excellence's opinion there are many other sectors that are not sufficiently known by the British business people.

Mr. Harris pointed out that in Romania there is a strong interest of British investors for IT, which is a "strategic and very impressive."

"It's an area that has grown very quickly in these four years and where we have many British companies that employed hundreds of people in Iasi, Cluj, Bucharest, because here in Romania there is a skilled labor force and the fact Romania has become a factory of websites for other European firms. Romanian IT companies make web sites for banks in the City of London, for football clubs in the Premier League. In a digital single market, Romania has an advantage very important.I'm convinced that British investors will continue to be involved in this area, "said Harris.

Wednesday, April 2, 2014

Investing in Romanian Tourism

The tourism business continues to be on the rise in Romania, as the country grows continuously in the area. Specialists do consider Romania to have an enormous potential in tourism with an important part of the country being covered in forests, existence of a growing number of skiing resorts, highly attractive resorts at the seaside and a growing number of city-break tourists in Bucharest, a city known everywhere for its exciting nightlife and low prices. With this is in mind we believe that this would be a good time for those investors looking to open a hotel, a travel agency or any other tourist related business in Romania. Please contact our law firm located in Bucharest in order to set up any type of tourism - related business in Romania.

Tourist receptions in Romania in the first two months showed an increase of 4.6 % over the same period last year to 1.78 million. Romanian tourists' overnight stays after February were increased by 11.5% , according to the INS.
Foreign tourists accounted for 21.1 % of all overnight stays in the first two months , the highest share of those returning from Europe (79.5 % of total foreign tourists ) , and of these , 80.6 % were from EU countries .

The average length of stay was two days for both groups of tourists.

In February , tourist reception almost 950,000 overnight stays were registered , 11.5 % more than in February 2013. Of this total , foreigners held 20 % , most of them from Europe (77.4 %).

Most foreigners who visited Romania in the first two months came from Germany, Italy , France and Israel.

They were directed to Bucharest and other main cities, as well as tourist attractions and mountain resorts.