STARTUP ECOSYSTEM GAUGING IMPACT OF UKRAINIAN CRISIS
April, 2022 / Volume 26, Issue 3
www.business-review.eu
6
ADOPTING A DATA-CENTRIC,DIGITAL-FIRST APPROACH
20
2022’s DIGITAL ADVERTISING TRENDS
32
GUINEA-BISSAU TOURISM PROVIDES OPPORTUNITIES FOR LOCAL INVESTORS
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BUILDING A STRONG AND SUSTAINABLE REAL ESTATE BUSINESS IN ROMANIA
www.business-review.eu Business Review | April 2022
• Editorial •
EDITORIAL 3 ENTREPRENEURSHIP
Anda Sebesi • Editor-in-Chief •
6 Startup ecosystem gauging impact of Ukrainian crisis
COVER STORY
T
Stand with Ukraine!
12 Building a strong and sustainable real estate business in Romania
REAL ESTATE
he last two years have been complicated for all players in the local economy, in the context of the coronavirus pandemic and the restrictions the Romanian authorities had to
17 “Cosmopolis represents
enforce in order to limit the spread of the virus. But as pandemic troubles began to wane, companies worldwide were able to see the
a benchmark for the local real estate industry”
bright light at the end of the tunnel.
18 Inflation and Ukraine
And even though many sectors have been hit hard by the health
crisis driving real estate prices up by double digits in 2022
crisis, plenty of businesses have managed to not only cope with this period, but transform it into a real opportunity and hence grow their business further. Real estate has been among the most successful sectors during this time, and this is why we have dedicated
HR
our cover story to this industry and interviewed Fulga Dinu, Country Manager Operations at IMMOFINANZ Romania. She sat down with Business Review to share her views on the Romanian real estate sector and outline the company’s main strategic objectives on the local market. While the negative impact of the pandemic seems to be fading away, new threats are rising amid the geopolitical crisis caused by Russia’s invasion of Ukraine. Countries worldwide are coping with a security threat the likes of which they haven’t faced since the
20 Adopting a data-centric, digital-first approach
CITY
end of World War II. And while the tragic nature of the situation should not be minimised in any way, Romania should be ready to capitalise on the economic opportunities that might arise in the coming period, including the potential relocation of manufacturing capacity from the conflict zone as well as the chance to integrate Ukrainian refugees into our labour market. But regardless of the economic effects of the conflict, what’s most important now is for us all to stand with Ukraine!
36 Winemakers adapting to pandemic-related changes in consumer behaviour
38 Cultural calendar
EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, Deniza Cristian, Romanita Oprea, Oana Vasiliu CONTRIBUTORS: Ovidiu Posirca, Claudiu Vrinceanu COPY EDITOR: Anca Alexe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru PUBLISHER: Bloc-Notes Media Network ADDRESS: 82-98 Calea Grivitei, 1st floor, Hotspot Workhub, District 1, Bucharest, Romania SALES MANAGERS: Radu Fireteanu, Alexandra Rosca MARKETING & SALES MANAGER: Luiza Luca PRODUCTION: Dan Mitroi DISTRIBUTION: Eugen Musat EXECUTIVE DIRECTOR: George Moise GENERAL MANAGER: Catalin Alistari USA MANAGER: Oana Molodoi FOUNDING EDITOR: Bill Avery EMAILS: editorial@business-review.eu, sales@business-review.eu, events@business-review.eu SUBSCRIPTIONS on Manpres Distribution Business Review is a member of Fwei
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ISSN NO. 1453-729X
www.business-review.eu Business Review | April 2022
4 NEWS
WHO’S NEWS BR welcomes information for Who’s News. Submissions may be edited for length and clarity. Get in touch at mihai.cristea@business-review.eu
Agro fintech regional leader Tarfin enters Romanian market By Deniza Cristian uses advanced risk management models so farmers can quickly and easily purchase the inputs they need with the payment terms they require. Tarfin plans to expand nationwide
Ozan Tuncer has been appointed as CEO of Cosmopolis, taking over from Ahmet Buyukhanli, who remains the main shareholder of Opus Land Development, the developer of the Cosmopolis residential compound. Tuncer previously worked for Synergy Construct, a top general contractor in Romania that operates in residential, commercial, and industrial projects. He served as the Chief Financial Officer of Synergy until 2012, when he joined Opus Land Development as CFO.
and accelerate digitalization in the local agricultural sector. “We believe in the power of technology and the added value it brings to farmers and distributors. We chose to
Tarfin plans to expand nationwide and accelerate digitalization in the local agricultural sector
page 5
the local industry’s potential and development capabilities.
Turkish agricultural fintech
tant economic sectors. Data from
We plan to service small family
company Tarfin is support-
the European Statistics Institute
farms with better access to
ing Romanian farmers and
show that, in 2018, Romania
input financing,” said Mehmet
agricultural suppliers by
ranked third in Europe for cereal
Memecan, the founder and
combining traditional distribu-
production, with a total of 31.89
CEO of Tarfin.
tion channels with technology
million tonnes. According to the
and financial resources. Tarfin
Agriculture and Rural Develop-
learning-based agricultural risk
aims to lower farmers’ produc-
ment Ministry (MADR), in the
scoring models, Tarfin plans to
tion costs by providing quick,
first part of 2021, Romanian
facilitate Romanian farmers’
cheap, and transparent financ-
farmers harvested a record 15
access to all necessary agri-
ing solutions through its distri-
million tonnes of grains.
cultural inputs at competitive
bution partners. Agriculture is Razvan Danciu is the new Head of Property Management at CTP. He has over 20 years of experience in project management and operations coordination for complex development projects, with a background in mechanical and electrical engineering. Over the course of his career, Danciu has coordinated complex teams, with responsibilities related to project quality, on-time delivery, and management of related services. He also holds specialisations in the field of green buildings (BREEAM and LEED).
expand to Romania because of
one of Romania’s most impor-
Tarfin partners with regional distributors of agri-inputs and
Using proprietary machine
prices as well as the chance to pay at harvest.
Tobacco products improved Romania’s trade balance by over EUR 1 bn in 2021 By Deniza Cristian According to the latest data pub-
half of total exports in the food,
lished by the National Institute
beverages, and tobacco category.
of Statistics, the total value of
BAT Romania, the local tobacco
exported processed tobacco
market leader, exports about 60
products¬—such as cigarettes
percent of the volumes produced
and tobacco heating consum-
in its Ploiesti factory, the group’s
ables—reached EUR 1.34 billion
second largest production plant
in 2021, representing almost
in Europe.
Fred Monteiro, Central Europe South Area Director at BAT
www.business-review.eu Business Review | April 2022
NEWS 5
Arctic opens regional spare parts hub serving 23 countries in Arges county By Deniza Cristian Ionut Simion, Partner and Clients & Markets Leader at PwC Romania, was re-elected as President of AmCham Romania for the March 2022 – March 2023 mandate. He has been serving in this role since March 2019. Simion, who led PwC Romania for six years as Country Managing Partner (2015-2021), is now a Partner at PwC Romania, leading strategic customer initiatives and the transfer pricing practice in the CEE region.
Arctic, the leader of the local home appliances market, has opened a regional spare parts hub in Arges county that will serve 23 countries, as part of the Arçelik Group’s development strategy in Romania and the region. Our country will play a key role as an important European logistics centre for white goods spare parts. Located in Cateasca, Arges County, near the Pitesti-Bucharest highway, the new warehouse has an area of 10,000 square metres and a storage
In the first phase, the hub will serve 15 European Union and 8 non-EU countries
capacity of 11,500 cubic metres. It became fully operational
makes it ideal both as a produc-
significantly improve the speed
in March, hosting offices and
tion hub and as an important
and quality of the company’s
functional areas for the com-
centre for coordinating logistics
services in the region. Delivery
pany’s new employees.
activities. At the same time, the
times will be reduced by an
opening of this warehouse is
average of 14 days (for Romania
will serve 15 European Union
in line with our sustainability
and all abroad customers). The
and 8 non-EU countries. The
strategy, which focuses on reli-
centre will provide spare parts
network will expand to include
able products with a high degree
for all products sold by Arctic
other European countries in
of rehabilitation and a reduction
and Arçelik, and especially for
the future. “Romania has a
of the carbon footprint,” Arctic
refrigerators, washing ma-
strategic role at the intersection
Chief Executive Officer Murat
chines (dishes and laundry),
of three major markets, which
Büyükerk stated. The hub will
and air conditioners.
In the first phase, the hub
Dragos Oltenescu has been appointed Deputy CEO at Euroins Romania. He will be in charge of the company’s financial strategy and contribute to its business transformation. Oltenescu is a seasoned business leader with over 20 years of experience in financial management, with a proven track record for leading business transformation, financial strategy, and change management projects at top international banking institutions in Romania.
“Currently, about 60 percent of the products at our Ploiesti factory are exported. BAT maintains its commitment as a strategic partner in the development and support of the Romanian economy and we aim to continue making a positive contribution to the trade balance, through significant tax payments to the state budget, as well as sustained investments in the development of our business in Romania,” said Fred Monteiro, Central Europe South Area Director at BAT.
Thomas Zimmermann is the new Chief Executive Officer of FREE NOW, as of April 1, 2022. Previously, he was responsible for FREE NOW’s communication and marketing activities, its marketplace performance, as well as its data and growth initiatives, having served as Chief Marketing Officer since 2018.
6 ENTREPRENEURSHIP
www.business-review.eu Business Review | April 2022
Startup ecosystem gauging impact of Ukrainian crisis As the conflict between Russia and Ukraine unfolds, investors must now take geopolitical risk into account when looking to fund startups in Central and Eastern Europe. Though the impact on neighbouring countries remains limited, the sentiment could worsen if regional tensions show no signs of easing on the longer term. By Ovidiu Posirca
Since 2018, five Ukranian startups became unicorns and raised some USD 1.3 billion from investors
www.business-review.eu Business Review | April 2022 May 2016
T
ENTREPRENEURSHIP COVER STORY 147
he economic cost of Russia’s invasion
Ukranian startups became unicorns and
of Ukraine is set to shrink global eco-
raised some USD 1.3 billion from investors,
of the larger economy, and any geopolitical
nomic output this year by 1.1 percent,
according to a report by Kreston Ukraine and
events that cause economic disturbances
according to an estimate by the Organisation
the Ukrainian Venture Capital and Private
for Economic Cooperation and Develop-
Equity Association (UVCA). Grammarly,
ment (OECD). In late 2021, the organisation
an AI-powered service that checks English
expected global GDP to grow by 4.5 percent
grammar, and GitLab, an open-source plat-
during 2022.
form for software developers, are some of
“We also see that this war has set in train de-globalisation forces that could have
profound and unpredictable effects. Gov-
“The venture industry is a component
the Ukraine-born startups that have grown rapidly in the recent period.
By comparison, only one startup with Ro-
ernment policy has a crucial role to play in
manian roots reached unicorn status during
could also harm venture capital. Fortunately,
re-establishing some of the certainty and
the same period.
the current situation in Ukraine has had a
security we have lost,” said OECD secretary general Mathias Cormann. The crisis erupted roughly two months
limited impact on VCs operating in the
UKRAINE AND ROMANIA HAVE SIMILAR IT TALENT POOLS
CEE region. I would say that the turbulence has forced
into 2022, following a year in which venture
The question is what
capital funding across the CEE reached USD
will happen with all
5.4 billion, according to a report by Vestbee.
the startup talent in
The total investment volume had doubled
Ukraine and with
VCs to change their
compared to the previous year.
its overall tech
investment strate-
Report authors point out that a year-on-
startups to take quick decisions in the short term, rather than
community amid
gies,” Early Game
year increase indicates that the compulsory
the ongoing conflict
Ventures (EGV) man-
digitalization of many large companies in
that could cripple the
2020 has become a kind of springboard for
country's economy for
technology startups.
years to come. Investors
Ukraine's startup industry had been grow-
in startups are used to oper-
aging partner Cristian Munteanu tells BR. “In the meantime, we’re working with our
ing rapidly in recent years, which could also
ating in high-risk environments,
be seen in the number of firms that attained
but it remains to be seen whether the
unicorn status by reaching a valuation of
CEE market can withstand the uncertainties
products and acquire clients. Nothing has
more than USD 1 billion. Since 2018, five
generated by a major military conflict.
changed in this respect, but we are all a bit
portfolio companies, helping them grow, hire teams, build their
www.business-review.eu Business Review | April 2022
8 ENTREPRENEURSHIP
more worried and hoping to see better days.”
CEO of Romanian Tech Startups Association
soaring costs in the energy sector. Munteanu
The war has also left the burgeoning IT
(ROTSA). Players in the startup industry say
of EGV wonders whether this could generate
it is still too early to say if Romania could
a “perfect storm” for a larger global financial
prove attractive for IT workers from Ukraine
crisis.
community in Ukraine in limbo. The country
and even for entrepreneurs who could start new firms locally.
“The global investment industry has already reacted, and private markets quickly
“In such a sensitive and unpredictable
aligned with public markets to adjust valua-
context, tech startup investments are likely
tions as well as the number and size of trans-
to change, adapting to current realities and
actions. Everything slowed down,” Munteanu
the corresponding challenges. In today's
says.
economy, venture capital is a key compo-
Representatives of Romanian angel invest-
nent. In Central and Eastern Europe, Estonia
ment group Growceanu suggest that in this
was the leading country for venture capital
context founders should be more focused
investments between 2013 and 2019, fol-
than ever on solving relevant problems and
was hosting the research & development
lowed by Romania, with over EUR 1 billion.
validating their models by showing market
centres of dozens of large companies, includ-
Moreover, our economic relations with
traction.
ing giants such as Google and Huawei. Over a
Ukraine and Russia are limited, and the same
hundred Fortune 500 companies were using
can be said for the entire region, as CEE in-
and their wonderful founders, their tech
Ukrainian IT services, and the industry had
vestors generally have no major ties to either
people, and other stakeholders. Though
over 200,000 tech specialists, a figure similar
country,” Bogateanu explains.
these good people's lives have been badly
to Romania’s.
After the Covid-19 pandemic and the
“We all know and love Ukrainian startups
disrupted, countries like Poland and Romania
emergence of a military conflict, startups
could end up benefiting from the influx of
pools, and as the war and economic chal-
in our region might find it harder to raise
talent,” Growceanu’s representatives tell BR.
lenges are prolonged, the regional labour
money, according to the ROTSA CEO.
“Ukraine and Russia both have large talent
market is likely to be impacted by the influx of refugees,” says Cristiana Bogateanu, the
On top of these major events, most economies are dealing with a spike in inflation and
RELOCATION INSTEAD OF FUNDING Some of the tech companies operating in
www.business-review.eu Business Review | April 2022 May 2016
ENTREPRENEURSHIP COVER STORY 149
Ukraine announced from the very first days
money,” Dominique Piotet, CEO at Kyiv’s
private debt due to the pandemic. UNCTAD
of the conflict that they would relocate their
UNIT.City innovation park, told Sifted.eu.
specialists underline the fact that the war has
workers in safer countries. In some cases,
SECOND ECONOMIC SHOCK IN 2 YEARS
put further upward pressure on international
employees were given the option to tempo-
The Russian invasion has disrupted supply
energy and primary commodities prices. It
rarily relocate in order to protect themselves
routes and generated a spike in energy costs,
has stretched household budgets and added
and their families. However, a presidential
pushing the European Union to reassess the
to production costs, while disruptions to
order that bans men aged 18 to 60 years old
timing of its transition to renewable sources.
trade and the effects of sanctions are likely to
from leaving the country could be putting
Until now, the green economy had been
have a chilling effect on long-term invest-
evacuation plans on hold. According to PitchBook data, before the inva-
touted as one of the drivers of a new generation of startups and it is unclear how
ment. Advanced economies are on course to reverse the stimuli they enacted during the pandemic, by tightening policy rates, unwinding central bank asset purchases, and
sion there were at
entrepreneurs will
least 158 Ukraine-
move in the new
closing down furlough programmes, trans-
environment.
fers, and support to businesses and house-
headquartered companies that
The economic
holds, according to an UNCTAD report. Businesses in the Eurozone are already
had received
fallout from
VC or angel
the conflict is
seeing an increase in costs, with a subindex
backing, and
still hard to
tracking the manufacturing and services sec-
almost 300 such
measure, but
tor reaching a record 81.6 points in March, up
companies had a
the UN's trade
secondary office in the country. One week after Russia's invasion started, Oleksii Shaldenko, cofounder and CEO of software startup Wantent, told Sifted.eu that the situation regarding investments was
and development body (UNCTAD) has already downgraded its global GDP growth projection for 2022 to 2.6 percent, from a 3.6 percent previous estimation. “The economic effects of the Ukraine war
from 74.8 points in February. “The war has aggravated existing pandemic-related price pressures, which will inevitably feed through to higher consumer prices in the months ahead,” said Chris Williamson, chief business economist at S&P Global, quoted by the Wall Street Journal. Russia is already facing a barrage of
already becoming critical. The startup was
will compound the ongoing global economic
sanctions from western economies and VC
negotiating a USD 2 million seed round, and
slowdown and weaken the recovery from
investments in the country will also decline significantly. Some large investors had already cut ties with Russia since 2014, when the country took over Crimea and annexed additional territories in eastern Ukraine. Until the invasion of Ukraine, Russia was the 12th largest economy in the world. In the few cases where western VCs still are invested in Russia-based startups, investment firms will likely be expected to help companies relocate abroad wherever possible, divest from them or walk away from the investments entirely, Marina Temkin wrote in a PitchBook analysis. The humanitarian efforts to support people who have been displaced from their homes remains paramount, while negotiations are underway to reach a peace agreement. More than 300,000 refugees from Ukraine have reached Romania so far, and
potential investors had decided to postpone
the Covid-19 pandemic,” UNCTAD secretary-
it is unclear how many of them will decide
a decision until the conflict de-escalated.
general Rebeca Grynspan said in a statement.
to start new lives here. Companies have
The economic shock will be more intense in
already started to hire Ukrainians and, going
proposition; when you add a risk to a risk
developing economies, which are already
forward, we might see some of them opening
[that’s not a great way to] go about raising
dealing with a higher stock of public and
businesses of their own in Romania.
“An early-stage startup is already a risky
www.business-review.eu Business Review | April 2022
10 EDTECH
Key players in Romanian EdTech and lessons from other countries Despite the shortcomings of the Romanian education system, the local EdTech ecosystem has undergone sharp growth in the last two years. In 2022, education in the country continues to make steps into the digital space, but at too slow of a pace considering the huge underlying potential. From the Netherlands, we can learn that EdTech can also pursue B2B, and not just B2C models
By Claudiu Vrinceanu
KEY INSIGHTS
Romanian edtech startups and scaleups are
INVESTORS
EdTech businesses are still lagging behind
Kinderpedia, Ascendia, Colltrain, Code of Tal-
EdTech has gained prominence worldwide
other startup sectors such as Fintech,
ent, Voxikids, Houston, Investory, EduKiwi,
in the context of the covid-19 pandemic,
HealthTech or eCommerce, which have all
and Nestor. Just three case studies indicate
with investors and entrepreneurs in the
experienced enthusiastic support from inves-
these companies’ interest in internationalisa-
educational and training sector having
tors. The most successful Romanian EdTech
tion and highlight the potential for creat-
emerged in Romania as well. European
startups so far have been those founded
ing digital educational content. First, local
EdTech VC investments tripled to USD 2.5
by people who had previously worked as
startup Kinderpedia, which has developed
billion in 2021, from USD 790 million in 2020.
managers in other companies. Despite the
a digital communication and management
In Romania, the investment landscape is still
growth and increased adoption of technology
solution for schools and kindergartens,
in the early stages, with funds like
in education, the EdTech industry still faces
recently partnered up with Maple Bear Global
Early Game Ventures, Catalyst Romania,
considerable challenges, including the need
Schools, Canada's largest network of bilingual
RocaX, and Growceanu actively investing
for more cooperation between public and
schools and kindergartens, which offers its
in this sector. Two notable financing rounds
private organisations and a reliable budget
platform to a network of over 550 Maple Bear
have been obtained by Kinderpedia
allocation from the Education Ministry.
schools in 32 countries. Second, two Roma-
(EUR 1.8 million) and Code of Talent
nian entrepreneurs with more than 15 years of
(EUR 1.7 million).
LOCAL PLAYERS
experience in training and software develop-
EdTech Romania is the only active commu-
ment have launched Colltrain, a platform
LESSONS FROM OTHER COUNTRIES
nity specialising in connecting education and
that runs remote, live collaborative training
Romanian EdTech startups still rely primar-
technology. The platform brings together
activities. After an initial investment of EUR
ily on their founders’ resources. In other
startups and companies, schools and uni-
150,000, Colltrain now has over 140 trainers
countries, including Poland, we’re seeing
versities, investors, enthusiasts, and other
operating on the platform, aiming to double
scientists carrying out research or running
supporters of education in the country. The
the figure by the end of 2022. Third, online
projects for businesses. Researchers can also
EdTech Romania community aims to form a
course platform eduKiwi has launched the
create products and start enterprises that can
critical mass of technology enthusiasts and
eduKiwi School project, an application set
help solve the problems faced by education.
people who are actively involved in co-creat-
to be used by 300,000 students in Romania
From the Netherlands, we can learn that
ing future education.
following an investment of EUR 1 million. The
EdTech can also pursue B2B, and not just
app will contain over 2,000 hours of video
B2C models, as many growing Dutch EdTech
TECH STARTUPS
course content featuring the best teachers in
companies sell to education institutes or
Nine of the most active and experienced
the country.
corporate clients.
www.business-review.eu April2016 2022 Business Review | May
COVER STORY FDI 11 14
Possible effects of Ukraine war on Romania’s FDI prospects As the world waits for a diplomatic solution to be reached to end Russia’s invasion of Ukraine, Romania’s economic strategy should focus on attracting foreign investors, since it may stand out as one of the safest and most stable investment destinations in the region. By Claudiu Vrinceanu relocating to Romania in the coming period as they sought to leave Russia and Belarus. A second strategic course of action could be strengthening the American presence in Romania from a business point of view. The potential for cooperation with the US is significant both militarily and economically: companies controlled by American entities have made foreign investments of EUR 5.8 billion locally so far, making the US Romania’s fifth most important partner in terms of these flows. Alongside sanctions on Russia in the context of the war, strategic investment opThe governmental body should proactively look for companies that are interested in our region
I
portunities were also among the main topics of discussion between Vice President Kamala Harris and Romanian government officials, so
n the post-war period, Romania’s chances
support of central authorities. Romania can
we can expect bilateral relations to continue
of attracting foreign investors – a crucial
strategically seek out new foreign investors
developing in the coming period.
lever for rapid economic rebound – might
to ensure a rapid and healthy economic recov-
grow. The first positive signs are coming
ery. The momentum is there: the flow of for-
from two current case studies. First, German
eign investments in Romania in 2021 grew to
CHANGING COUNTRY BRAND POSITIONING AND NEW GOALS FOR INVEST ROMANIA
company Varta is considering Romania for its
over EUR 7.2 billion, after only reaching EUR
To attract new investors in the future regional
new electric car battery factory. The invest-
3 billion in 2020, the lowest level in seven
economic competition, Romania must pol-
ment would amount to one billion euros. The
years, due to the pandemic. So, what op-
ish its country brand and its reputation as a
company is looking at the Arad area, which
portunities could Romania pursue following
destination for foreigners. More specifically,
is near the western border of the country, ac-
this period of uncertainty caused by Russia's
when it comes to greenfield investments, we
cording to Economedia. The Germans already
invasion of Ukraine, doubled by the wider
can no longer solely rely on the competitive
have a small factory in Brasov, producing
geopolitical threats in the region? What might
advantage of low labour costs. It would also
batteries for hearing aids. The new factory
a list of economic priorities look like?
be healthy to focus on security arguments
would be much larger and produce the latest Varta batteries for electric cars. The second
and support government institutions that aim
RETHINKING INCENTIVES FOR FOREIGN INVESTORS
to promote Romania abroad, such as Invest
opportunity involves Canadian company Rock Tech Lithium, which wants to build a
A first option could be to re-evaluate investor
proactively look for companies that are
factory in Romania to produce components
backing schemes via state aid, on two main
interested in our region. In the context of the
for electric car batteries, with an investment
pillars: diminishing the country’s energy
harsh economic sanctions applied to Russia
that will amount to EUR 400 million. These
dependence on Russia and favouring the
and the ongoing fighting in Ukraine, many
two potential investments have three things
development of joint projects with Roma-
companies will seek to relocate to safer coun-
in common: they are the result of Romania’s
nian entrepreneurial companies. Economy
tries. If Romania manages to attract at least 20
constant economic diplomacy actions; they
minister Florin Spataru said recently that 20
percent of these companies, these gains will
are tied to European funds and, implicitly, to
international companies in the automotive or
balance out the losses caused by any delayed
the new vision in Brussels; and they have the
consumer goods industries were thinking of
or cancelled investments in 2022.
Romania. The governmental body should
12 COVER STORY
www.business-review.eu Business Review | April 2022
www.business-review.eu Business Review | April 2022
COVER STORY 13
BUILDING A STRONG AND SUSTAINABLE REAL ESTATE BUSINESS IN ROMANIA Over the last few years, IMMOFINANZ Romania has focused on continuous adaptation in order to provide its tenants and visitors with an optimal level of safety, both in its shopping centres as well as in its owned and managed office buildings. Coming up with new formats and approaches and offering flexible concepts for the office segment through its office building portfolio have been some of the company’s top priorities in Romania. Fulga Dinu, Country Manager Operations at IMMOFINANZ Romania, sat down with Business Review to share her views on the Romanian real estate sector and outline the company’s main strategic objectives on the local market. By Anda Sebesi
www.business-review.eu Business Review | April 2022
14 COVER STORY
T
he last two years have been complicated for all players in the
an urban garden concept which will feature numerous green areas,
local economy, in the context of the coronavirus pandemic
state-of-the-art energy-saving technologies, and green certifica-
and the restrictions the Romanian authorities had to enforce
tions. We will use it in the planned refurbishment of the Bucharest
in order to limit the spread of the virus. But as pandemic troubles
Financial Plaza office building, which we’ll turn into a high-quality,
began to wane, companies worldwide were able to see the bright
modern, and sustainable property under our flexible premium my-
light at the end of the tunnel. And even though many sectors have
hive brand, providing more space for the public area and the green
been hit hard by the health crisis, plenty of businesses have man-
city terrace to create a highly appealing central attraction for city
aged to not only cope with this period, but transform it into a real
residents,” Dinu adds.
opportunity and hence grow their business further. Real estate owner and developer IMMOFINANZ Romania is one of those busi-
RETHINKING THE CORPORATE CULTURE
nesses.
Remote work has been one of the most talked-about topics over
“For us, the last few years have been a time of continuous
the last two years, with a focus around the benefits of this new way
adaptation when we’ve strived to provide an optimal level of
of working. As a result, the so-called home office has become very
safety for all tenants and visitors, both in shopping centres as well
common, just like working from other places such as trains, planes
as in owned and managed office buildings. Additionally, we have
or cafés. In the context of the pandemic, it made sense to be able to work from anywhere. But the home office cannot replace the benefits of an office in a dedicated building because the social component and personal interactions are key to innovation and productivity in companies. “There is still a significant share of employees who say they find it more difficult to stay focused or motivated at home, that they have a hard time getting their tasks done or that they feel less connected to their colleagues,” says the IMMOFINANZ Romania representative. But the real estate company turned this challenge generated by the pandemic into an opportunity by adding flexible solutions to its successful office brand myhive. With the pandemic more or less behind us, the return to the office is naturally reshaping our
identified new formats and approaches in terms of customer mix or
lifestyles yet again. Still, Dinu believes that the return to office will
categories, space rental methods, and business models,” says Fulga
look different for different companies. “What is most important is
Dinu, Country Manager Operations at IMMOFINANZ Romania. The
the way businesses and workforces come together to design their
company has fully supported its tenants through these difficult
new cultures. While each company will define what flexibility
times, further strengthening its strong and sustainable partnerships
means for itself, everyone agrees that communities, relationships,
with them and the local communities.
and shared spaces are vital to our wellbeing,” she says.
Speaking about the company’s strategy, Dinu highlights the implementation of IMMOFINANZ’s Net Zero Emission initiative.
FLEXIBILITY HAS A NAME: MYHIVE FLEXIBLE OFFICES
“We recently announced a daring mission to reach emission-free
In the context of the pandemic, flexible concepts will have a lot to
status by 2040, with goals to reduce all climate-damaging green-
offer in the office building segment both in Romania and worldwide.
house gas emissions to 60 percent below the 2019 level by 2030 and
In March, IMMOFINANZ Romania inaugurated its first mycowork
to make all common areas and portfolio space managed by IMMOFI-
unit in Romania in the myhive S-Park building, as part of the my-
NANZ emission-free.” In this context, IMMOFINANZ will undertake
hive flexible offices, offering custom office solutions for any type of
a number of measures in the next years, which will include install-
company in Romania. The space is structured in a way that serves
ing photovoltaic equipment on the rooftops of many of its myhive
several categories of clients and allows everything from single office
office buildings and using recycled materials in all of its renovation,
rental, team work and project development spaces, and integrated
refurbishment, and new construction projects.
coworking areas. All tenants have access to shared modern infra-
“As part of developing the myhive office brand, we will design
structure, generous workspaces, natural light, and fresh air.
www.business-review.eu Business Review | April 2022
COVER STORY 15
Workspaces operating under the mycowork concept can be
locations and five retail properties. The occupancy rate of its office
rented out for a minimum of one month. The spaces are set up to
and retail portfolio reached a very good level of almost 90 percent
meet the needs of various types of companies and offer tenants
last year. “The company’s strategy is strictly based on meeting
everything they need for a successful workday: flexible individual
tenants’ needs and providing significant added value to office or
workstations, kitchens, lounge areas, terraces, networking rooms,
retail spaces. The myhive office brand in particular has continued
as well as meeting and focus rooms. The mydesk product provides
to attract interest from our clients. Thanks to a concept that meets
tenants with single desk choices, while myroom is dedicated for
all possible requirements and offers a feel-good ambience, myhive
working teams, and myflex is an integrated coworking area. The
offices are currently setting new standards on the Romanian of-
spaces are fully furnished and can be occupied immediately. Offices
fice market. All myhive buildings feature unique design with top
are developed using modular partitioning systems and the monthly
functionalities, friendly receptions, lively lobbies, and attractive
rent covers a wide range of services and benefits for members.
outdoor spaces. This is why myhive feels more like a hotel than
This move is based on IMMOFINANZ’s strategy to make flexibil-
an office building: they all have welcoming common areas with
ity a main pillar of its myhive concept. “We have recently upgraded
supportive staff who make employees feel like home. The myhive
the concept to provide a very wide range of options to our tenants,
ecosystem also includes restaurants and cafeterias, conference
to have a solution to almost any kind of request, from companies
and event facilities, fitness rooms for classes with instructors, bike
operating in any sector with any business model. We allow them to sign long or short-term contracts, to benefit from all-inclusive rental services, to relocate within the myhive portfolio or to expand/contract their leased premises from one month to another,” Dinu explains, adding that this package combines high quality coworking space with the advantages of a modern office, which is characterised by generous space served by a wide range of services and excellent infrastructure. “The myhive flexible offices are perfectly adapted to current times, offering flexible and tailor-made office solutions,” she notes. In the recently launched mycowork in S-Park, beautiful design is combined with useful services and the great infrastructure of the myhive S-Park building, creating an ideal place
rooms, showers, and lockers. We have a Community Manager who
to work and spend time. In this area, independent freelancers or
coordinates regular activities for myhive community members
established teams can find their ideal workspaces. “The myhive
(meaning all tenants of the myhive buildings), ranging from after-
flexible offices are the definition of ‘state-of-the-art.’ Large surfaces
work events to sports classes or expert talks and keynote speeches,”
customised for corporations are a plus, and the ease with which
Dinu notes.
they can instantly be adapted to different needs¬—such as separate
Last year, the real estate company carried out an extensive proj-
offices for one or two people or for small teams—is just perfect.
ect to upgrade the office buildings in its portfolio, including obtain-
myhive community members also enjoy a work environment with
ing full DEKRA certifications, which testifies to the implementation
the highest quality standards—including more natural light, larger
of World Health Organization (WHO) guidelines for the prevention
desks, and proper ventilation. In short, myhive office solutions can
of SARS-CoV-2 infections.
meet all the needs of any type of customer,” Dinu says. At the international level, the mycowork concept was first imple-
For example, IRIDE Park is a large business park built on the former Pipera high technology industrial platform on Dimitrie
mented in Vienna in 2020 and it has since been rolled out in several
Pompei Boulevard. This is the first and one of the largest, located in
European cities.
north Bucharest, in one of the most developed administrative and business districts. “We have made significant investments in recent
A LARGE OFFICE PORTFOLIO IN ROMANIA
years to modernise and reconfigure some of the buildings here,
IMMOFINANZ Romania now has top active properties in Romania
which have attracted many tenants from a wide range of areas. Last
in its portfolio, including eight office buildings in prime Bucharest
year, we signed a long-term rental contract for roughly 11,000 sqm
www.business-review.eu Business Review | April 2022
16 COVER STORY
with the Provita Group, one of the leading medical services providers in Romania,” Dinu says. Provita will occupy the entire space
leasable area will reach 27,700 sqm.” Pipera I and II are also outstanding office compounds on the
in one of its recently refurbished buildings in IRIDE Park, where it
northern outskirts of Bucharest which benefit from their proxim-
plans to open a multi-disciplinary hospital, with a capacity of 110
ity to the airport. And last but not least, the company also owns the
beds and seven operating rooms. The rental contract covers a 25-
Global Business Centre building.
year period. “This partnership will expand the current offering to also include a high-quality medical hub, which will increase IRIDE
WHAT’S NEXT
Park’s attractiveness over the long term. Provita was convinced by
According to Fulga Dinu, the easing of pandemic restrictions and
our offering of flexible building layouts allowing for rapid adjust-
the fact that a large part of the population is already immunised will
ments to meet new requirements, as well as by the efficient trans-
allow people to relax and return to a more socially active lifestyle.
port connections available in the area.”
“I expect people to return to the office; I am a big believer in social
Within the same park,
interaction as I think it is
IMMOFINANZ Romania
very efficient and ben-
also owns myhive Metrof-
eficial.” Yet she argues
fice, a sustainable build-
that the challenge of the
ing with a green roof and
coming years will be to
a large inner courtyard
remember the benefits of
that ensures direct access
communities, relation-
to daylight.
ships, and shared spaces.
Another important
As for the future of
project is myhive S-Park,
office spaces in Romania,
which stands out for its
she says that it will be very
long list of facilities and
important to be flexible,
the multiple services
to minimise the impact
that are available to its
of these spaces on the
tenants. These include a
environment, to pay atten-
restaurant, a café, a flower
tion to the development of
shop, parking spaces
green areas, and to adapt
for bicycles, showers, a
to the new working mod-
charging station for elec-
els developed by teams
tric cars, as well as free
in big companies. “We
Wi-Fi and a green terrace.
are still in the process of
“No wonder this was the
adapting to new realities.
first office park where we
Many companies are still
chose to implement the
trying out different models
mycowork concept,” Dinu
and will have to determine
points out.
which one best meets their
Elsewhere, office
medium and long-term
building Victoria Park is currently undergoing in a refurbishment
objectives. We will continue to pay close attention to these issues
process and it is due to become a myhive building later this year.
and offer our tenants the best conditions for their development,”
The IMMOFINANZ Romania office portfolio also includes the Baneasa Airport Tower building, which was recently the subject of
Dinu says. She adds that IMMOFINANZ Romania is honoured to be the real
a major long-term lease with retailer Profi, which signed a contract
estate partner of choice for its tenants and to have long-standing
for a ten-year period. The contract covers the rental of over 4,000
agreements with so many of them. “Providing best-in-class work
square metres of office space, across four floors of the building.
environments in prime Bucharest locations is what makes us stand
“Last year we also acquired the Bucharest Financial Plaza of-
out, both today and in the future. By being part of an international
fice building, in a prime central location near the historic centre of
group, we are able to bring the latest developments in the industry
Bucharest. The building on Calea Victoriei used to be the head office
to the market and be one step ahead in meeting our tenants’ future
of the Romanian Commercial Bank.” IMMOFINANZ will carry out a
needs.” Dinu also notes that the myhive concept will continue to
complete refurbishment of the building, with the aim of transform-
be developed in the future. “The myhive concept has been a real
ing it into a flagship myhive unit. “Current plans include upgrading
success among tenants, responding to many of their current needs.
and transforming it into a high quality green myhive building with at
Next, we will introduce our internationally-recognised office brand
least a Gold sustainability certification. After renovation, the gross
in the Victoria Park office buildings, from Q4 2022.”
www.business-review.eu Business Review | April 2022
COVER REAL ESTATE STORY 17 14
“Cosmopolis represents a benchmark for the local real estate industry” Ozan Tuncer, the new CEO of Cosmopolis, the largest private residential district in Bucharest, spoke to Business Review for the first time and provided insight into the company’s new expansion plans and the uniqueness of the city with turquoise roofs. By Aurel Constantin
ABOUT Ozan Tuncer became the CEO of cosmopolis in March 2022. Previously, since 2012, he had been the Chief Financial Officer of Cosmopolis. Earlier, he served as CFO at Synergy Construct, a top general contractor in Romania, from 2009 until 2012. He was also part of the top management of Meteksan Turkey and Meteksan Romania.
new, but this is what allows us to be better and create a better product for our customers and neighbours. We have been on the market for 15 years, and we plan to expand the project for at least 15 more.
You have been in Romania for over 15 years now. How would you describe the development of the local market?
lighted the value of living in a community in Romania is mature, and we are enter-
What are your investment plans for Cosmopolis?
Ozan Tuncer: The Romanian real estate
ing the stage where there is an increasingly
The positive experience of the last two years,
market has evolved tremendously over the
strong segment with homes being bought as
when plenty of voices were predicting a drop
past 15 years. Today, customers are seeking
investments to be rented out, resold or shared
in sales and changes in customer behaviour
value for money, doing their own research,
through Airbnb.
that would affect the real estate market, has
like Cosmopolis. Today, the real estate market
asking for testimonials from friends, and they prefer large residential projects with a
made us really optimistic. We did our homework. 2020, the year of covid, was an ex-
the right boxes. It’s a city in itself in the north
What were the main challenges of turning Cosmopolis into the biggest private neighbourhood in Bucharest?
of the capital, featuring countless facilities,
I think you really get the feel of a project
30 million euros. This confidence comes from
and while it’s extremely close to the vibrant
when you are a customer. Right now, all of the
the quality of Cosmopolis and the fact that we
Pipera and Aurel Vlaicu areas, it’s built in a
company’s top management lives in Cosmop-
are a benchmark for the real estate industry.
way that allows people to start a family, as
olis. We are among the 14,000 people who
Anyone who’s looking for a home in the north
they are protected from all the hustle and
call Cosmopolis home. Last year, we felt the
visits Cosmopolis. We are now picking up
bustle in Bucharest. Customers are no longer
need to expand the road infrastructure of the
the pace because we have 14,000 residents
satisfied with virtual presentations of resi-
neighbourhood, so we opened an additional
and there is demand for a commercial area as
dential projects that are due to be completed
access road to and from Tunari. The commu-
well. We will expand the strip mall into a real
someday, somehow. Those times are over.
nity is growing, and so are the children who
retail park, with more than 15,000 square me-
At the same time, the desire to become a
have been born here, so we have become the
tres for rent. We are also going to have a Lidl
homeowner, to turn a house into a home, has
only private neighbourhood with a medical
store soon, and we’re going to further expand
not disappeared. The pandemic has high-
clinic on site. Every day brings something
the road infrastructure.
clear track record—and Cosmopolis ticks all
tremely good year, 2021 was even better, and in 2022 we’re planning a record investment of
www.business-review.eu Business Review | April 2022
18 REAL ESTATE
Inflation and Ukraine crisis driving real estate prices up by double digits in 2022 The Romanian residential sector saw a 16 percent increase in the average price per square metre in 2021, and the trend appears to have continued since the beginning of 2022. Last year, price hikes were supported by the high demand for apartments and houses, but now they seem to be a consequence of the rising cost of construction materials. Prices of construction materials had been growing since 2020, and they peaked at the beginning of this year
P
By Aurel Constantin
rices for construction materials rose by
a few months ago. For example, going back
significant. We build hundreds of units each
about 50 percent last year, leading to a
to steel products, we saw their prices grow
year so customers are guaranteed to move in
20-25 percent increase in construction
by about 30 percent within just a few days
immediately, homes are completed on time,
costs. The outbreak of the conflict in Ukraine
at the beginning of March,” explains Razvan
and part of the cost of materials can be offset
has added to the unpredictability of this in-
Parvulescu, Business Development Coordina-
by carefully planning the development pro-
dustry, and today it is unclear how prices will
tor at BTD Construct & Ambient.
cess,” said Ozan Tuncer, CEO of Cosmopolis.
evolve in the face of rising bank interest rates
A major issue right now is the lack of
But prices for new buildings will be higher
predictability in the prices of both construc-
this year. “The new prices must also take
“Unfortunately, although earlier this year
tion materials and energy. “At the moment,
into account the cost of land and labour, so
we were estimating a rise of up to 10 percent
it is difficult to predict future pricing levels
our estimate is that prices will rise by about
in the prices of construction materials, this
for these resources, given the global context
15 percent this year. But here at Cosmopolis,
threshold is very likely to be exceeded due to
that involves a continuous rise in inflation
we’ve managed our construction materials
the very complicated geo-political context.
coupled with an energy crisis and the un-
very well, and we're looking at only increas-
While there is still a fairly high demand on
availability of some regional manufacturers
ing prices by one digit,” Tuncer notes.
the market, people prefer to wait and avoid
or raw material suppliers due to the recent
making decisions at the moment, which is
events in Ukraine. Another aspect to consider
follow those of materials, because the entire
understandable,” says Tinu Sebesanu, CEO
are the stock shortages that might occur,
economic context is pointing us in that direc-
at Impact Developer & Contractor. “So, there
which would eventually lead to even higher
tion. However, we are not expecting increases
will be an exponential increase in construc-
prices,” Parvulescu adds.
to be that sharp. The resulting chain reaction
that push up the cost of credit.
“Construction prices will undoubtedly
will probably push the overall prices of new
tion costs, which will lead to a rise in selling
properties up by about 10-12 percent,” says
units. The challenge is finding the balance
CAREFUL PLANNING FOR FUTURE BUILDINGS
between our need to raise prices immediate-
Big developers are affected by the rising cost
is still under the influence of the initial shock
ly—because we’re buying the goods now—and
of materials too, albeit not to the same extent.
generated by the state of affairs and that the
customers’ pace of absorption, which can be
“Though we are one of the biggest players in
entire construction industry needs more time
much slower.”
the industry, we are also affected by this price
to readjust.
prices, including for completed residential
Prices of construction materials had been
increase. I would say that prices have risen by
Razvan Parvulescu, adding that the market
The situation is not much different on the
growing since 2020, and they peaked at the
20 percent on average, but I want to point out
office segment. While demand is still high,
beginning of this year. Although we had start-
an important difference. Compared to small
rising costs are driving up the prices of new
ed to notice a price moderation at the end of
developers or those with boutique projects,
buildings, while the global turmoil is putting
last year, especially for steel-based products,
contracts for the development of Cosmopo-
transactions on hold. “Normally, there would
this year we are facing a different scenario
lis are signed in advance, and we buy large
still be a very high demand on the market,
that would have been impossible to foresee
quantities, so the financial impact is not so
which could not be covered by the develop-
www.business-review.eu Business Review | April 2022 May 2016
”UNFORTUNATELY, ALTHOUGH EARLIER THIS YEAR WE WERE ESTIMATING A RISE OF UP TO 10 PERCENT IN THE PRICES OF CONSTRUCTION MATERIALS, THIS THRESHOLD IS VERY LIKELY TO BE EXCEEDED DUE TO THE VERY COMPLICATED GEO-POLITICAL CONTEXT,”
COVER REAL ESTATE STORY 19 14
“CONSTRUCTION PRICES WILL UNDOUBTEDLY FOLLOW THOSE OF MATERIALS, BECAUSE THE ENTIRE ECONOMIC CONTEXT IS POINTING US IN THAT DIRECTION. HOWEVER, WE ARE NOT EXPECTING INCREASES TO BE THAT SHARP. THE RESULTING CHAIN REACTION WILL PROBABLY PUSH THE OVERALL PRICES OF NEW PROPERTIES UP BY ABOUT 10-12 PERCENT,”
“WE BUILD HUNDREDS OF UNITS EACH YEAR SO CUSTOMERS ARE GUARANTEED TO MOVE IN IMMEDIATELY, HOMES ARE COMPLETED ON TIME, AND PART OF THE COST OF MATERIALS CAN BE OFFSET BY CAREFULLY PLANNING THE
the first few months of the year, the trends
RAZVAN PARVULESCU,
medical clinic, and we increased budgets for
of the pandemic period were maintained.
BTD CONSTRUCT & AMBIENT
TINU SEBESANU, IMPACT DEVELOPER & CONTRACTOR
ment pace of recent years. But given the delicate global situation we are going through, people are currently in waiting mode. In
People still want more spacious homes and
DEVELOPMENT PROCESS,” OZAN TUNCER, COSMOPOLIS work and continued to invest, and even budgeted additional investments for the infrastructure of the neighbourhood, we opened a social responsibility projects,” Ozun Tuncer explains. “Today, I see no reason to stop
a complete living experience, which means
investing. We are now working on the master
not only a comfortable home, but also having
measures and policies that will be imple-
plan for the expansion of the residential area
easy access to various services,” says Tinu
mented at the EU level for a swift economic
on the land we own, and the development of
Sebesanu.
recovery in all affected industries,” Razvan
Cosmopolis will continue through to 2034.
Parvulescu notes.
We are going to have more than 11,000 hous-
And while smaller market players may
ing units and a community of over 30,000
Many construction projects in the public
be hesitating, big developers are confidently
people, a population comparable to that of
sector have stalled due to the rising prices
sticking to their plans. “Cosmopolis has
towns like Campina, Campulung Muscel or
and the fact that legislation does not allow
always been a special project, and this has
Sighisoara,” the head of Cosmopolis adds.
changes to be made to older contracts that
probably allowed us to become leaders so
specify certain prices which were much lower
quickly. We are a real estate developer with
accurate estimations for the coming period
than today’s. But the private sector is much
more than 14 years of experience on the mar-
amid the delicate circumstances we are all
more flexible and it can mitigate costs in vari-
ket, and we’ve taken all the right measures to
facing, including higher inflation, rising
ous ways, so construction projects should not
be prepared for this situation. In 2020, when
energy costs, and the conflict happening near
get stuck. “In the short-medium term, we do
the pandemic changed everyone's lives, we
our borders, investments in construction
not expect the industry to come to a stand-
could either be scared or remain resilient. We
projects will continue as demand will remain
still. The pace of construction might slow
chose to buy more land, continued investing,
high. “Despite these uncertainties, the real es-
down, but this will mainly depend on inves-
and followed our master plan. In 2021, many
tate market continues to be one of the safest
tor perspective and flexibility. Meanwhile, we
were talking about the economic crisis. And
options for people who want to invest,”
are optimistic about the upcoming support
while others got scared, we did our home-
Tinu Sebesanu concludes.
INVESTMENTS WILL CONTINUE
Even though it is quite difficult to make
www.business-review.eu Business Review | April 2022
20 HR
Adopting a data-centric, digital-first approach Alina Gamauf, HR, CSR & Corporate Affairs Board Member at Carrefour Romania, sat down with Business Review to discuss the digitalization of the company’s HR department and explain how Carrefour contributes to the development of a new generations of leaders. By Anda Sebesi an industry where things are happening very quickly, and the HR team helps us find the best tools to support our colleagues in their daily activity and their development. That’s why digital transformation in HR has become a priority for us, and it is also in line with our group-level strategy, announced in November 2021, which is built on a “data-centric, digitalfirst” approach. My team and I analysed all of the company’s HR processes and we launched several projects in order to ensure a simplified employee experience, from recruitment and onboarding to learning opportunities and annual performance reviews. For example, in November 2020 we launched Ema, a simple and user-friendly chatbot interface that automates recruitment processes. We were among the first companies in Romania to invest and implement this type of digital solution, anticipating an important trend. We are constantly updating the tool in order to bring it in line with the needs of both hiring managers and candidates. The latest update, which was implemented at the beginning of this year, brought an improved user experience¬—from intuitive conversations on our career page to a better control of the process so that all our candidates receive feedback, whether positive or negative, and even other job recommendations based on
How important is digitalization for HR departments in general and how has Carrefour Romania implemented it so far? What is the added value of digitalization in your HR department?
ing such solutions to our relationship with
At Carrefour, we have an innovative mindset
customers, providing them with streamlined
their profiles. Last year we implemented the Carrefour
and improved experiences across all points of
Explorer virtual onboarding programme,
contact with us, whether in store or online.
designed to ensure a simple and complete
And alongside its customer centricity, Carre-
experience for our employees from their very
four is also defined by its wonderful team.
first day of working at the company. It is an
and we apply technical solutions to all busi-
As such, it is important for us to support
intuitive, user-friendly platform that our em-
ness areas. Innovation is part of our strategic
our colleagues in every way we can, and digi-
ployees can use to find out everything about
vision. An important part, of course, is apply-
talization plays a key role here. We are part of
our culture, organisational chart, useful con-
www.business-review.eu Business Review | April 2022
ABOUT Alina Gamauf HR, CSR & Corporate Affairs Board Member at Carrefour Romania Alina has extensive experience in HR, both locally and internationally, having worked in countries such as Austria, Germany, and Italy, where she coordinated teams and initiated projects that consolidated the department's role in the business growth strategy. Alina joined Carrefour at the beginning of 2021, supporting the improvement of internal processes and the transformation of working modes, aligning them with business requirements and colleagues’ needs.
HR 21
There is no single right approach; this is
opment opportunities and to provide people
why last year we launched an internal survey
with concrete tools. By focusing on empower-
to understand our colleagues’ views, and the
ing people, companies will reap numerous
majority said hybrid should be the new way
benefits over the long term.
of working. We are continuously adapting our tools to the current needs of our employees and we focus on keeping an open communi-
What does Carrefour do to develop the new generations of leaders?
cation to make sure that everyone is aligned
Carrefour invests in developing mentoring
with the company strategy.
and coaching programmes, as our current and
A signature Carrefour platform is SWOW,
future colleagues' growth is very important
the personal efficiency compass, designed to
to us. One of the biggest initiatives we’ve
respond to the new ways of working. SWOW
already launched in this area is the School
is an interactive guide to hybrid working,
of Leaders, in partnership with the Bucha-
where you can access information about
rest University of Economic Studies. It is a
things like team rituals (for better collabora-
tailor-made programme for future leaders,
tion), good practices for physical and mental
offering relevant learning and development
well-being or available tools for remote
opportunities. We have an e-approach to HR
working. It has come in handy particularly in
processes, meaning that we also apply digital
tacts, ongoing projects, and general employee
recent times, when remote or hybrid working
solutions to learning and development.
benefits. In addition, all our new colleagues
have become mainstream. The platform was
Earlier this year, we launched a new Learning
receive an email with a welcome video from
implemented in 2020, very well received by
Management System that offers a complete
the company's top management. The first
our colleagues, and extended to the group
learning experience to all our colleagues,
day at Carrefour, the first impression, the first
level as well. We are always updating the con-
from general mandatory training to individ-
feeling of being part of the team are all im-
tent, especially that related to rituals, so that
ual programmes that are specific to each role
portant to us. We are constantly updating the
our colleagues enjoy each day at Carrefour.
and seniority level. Managers can follow up
content of the platform, so that our colleagues
We are currently working in a hybrid manner
on each team member’s development plan,
find all the information they need throughout
and this will likely remain the new “normal”.
for the actions that are tightly connected to learning initiatives, from completed to future
their entire journey at Carrefour.
With the pandemic in a visible regression, what do you think the new ways of working will look like in the future?
What are some current expectations and challenges for an HR specialist in this almost fully digitalized work environment?
training sessions. We are promoting a culture of learning across our teams, making career development
We are on the right path from a digital per-
a personal responsibility for each and every
Carrefour Romania is represented by 17,000
spective. All our initiatives in this regard have
one of us. In terms of mandatory training,
colleagues, of which only 5 percent are locat-
a clear purpose: to help our colleagues enjoy
the platform supports the HR practice and
ed in our headquarters, as everyone has the
the experience of each HR process, increase
ensures that all our colleagues are aware of¬—
option of working from home. I believe that
their engagement, and make them proud of
and compliant with—the internal rules.
working remotely for a long period of time
the fact that they are working in a company
might affect one’s sense of belonging to an
where innovation is a priority.
organisational culture and, more importantly,
We want to give them the tools they need
Another relevant project for us has been the implementation of a new performance management module in Success Factor, a
that colleagues start to feel disconnected
to achieve their own goals by increasing ef-
digital tool. We build tailor-made forms that
from each other and miss the interpersonal
ficiency and freeing up time for value-adding
provide quick access to annual individual
connection, which can affect their creativ-
activities rather than administrative tasks.
goals, self-assessments, and feedback from
ity. On the other hand, remote means more
One challenge is identifying the right way to
superiors and peers, in a 360-degree ap-
flexibility: less time commuting translates to
communicate the benefits of each new HR
proach. Following this yearly process, we will
more time with family, friends, and hobbies,
tool or process so that our colleagues may un-
have a clear image over Carrefour’s talent
and choosing where you work from means
derstand what’s in it for them and how it will
pool, as we are also assessing the potential of
having more control over your environment.
support their daily activity or professional
our workforce.
An important priority of our HR team in
development.
When it comes to annual performance, this year we’ve started to implement a compensa-
2022 will be to support organisational and
tion module that will be used to calculate an-
right way to involve colleagues in defining the
What should companies do to prepare the leaders of tomorrow for more sustainable and healthy businesses growth?
new ways of working.
In my opinion, it is essential to create devel-
criteria.
cultural change in business by continuously investing in digital HR, but also by finding the
nual bonuses, which provides more transparency and a clear understanding of eligibility
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22 MAIN STORY
Romanian labour market highly dynamic and adaptable to change
From L to R: Anda Sebesi, Madalina Racovitan, Roxana Abrasu, Marius Budai, Loredana Alexe, Andrei Frunza
From L to R: Anda Sebesi, Doina Filip, Nevenca Doca, Oana Pascu, Monica Daliu, Ionut Gherle
EVENT ORGANIZED BY
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MAIN STORY 23
Local market welcomes Ukrainian jobseekers Attending Business Review’s recent Working Romania HR Conference, Labour and Social Protection minister Marius Budai received a number of interesting questions from both the BR editorial team and the live audience. Unsurprisingly, most of these questions were related to the pressing issues of the day—the war in Ukraine and the resulting refugee crisis— which represent major challenges for Romanian authorities and companies but, if managed properly, could become one of the best examples of successful collaboration between the public and private sectors of the past few years.
“
By Mihai Cristea
“The labour market is a very
The minister also noted that several
important sector, but it’s also
governmental working groups had
very complicated. Romania has
been established to work in close col-
transitioned from having a very large
laboration with local authorities from
and well-prepared workforce and a
the northern counties of Romania to
high unemployment rate to having low
set up a framework that could encour-
unemployment but a significant work-
age such initiatives. Budai also pointed to the fact that
force shortage, so while development is
after the start of the Ukraine war, the
happening, there’s a negative side to it
Ministry had issued an emergency or-
as well,” Budai said. Romania is also experiencing difficulties due to a three-pronged
dinance which would allow Ukrainian citizens coming from conflict
crisis made up of security, economic, and health challenges all hap-
areas to work in our country under the same conditions as Romanian
pening at once. But even though countries around the world¬—and
citizens. “Since they are coming from a warzone, we can’t ask for
Eastern European ones in particular—are dealing with a security
papers and official certifications of their skills. However, they can
threat the likes of which they haven’t faced since the end of World
demonstrate their skills through work trials, and they can also cer-
War II, the situation might also bring economic opportunities that
tify their skills by attending specialised courses and passing exams at
our country could capitalise on.
the end of those courses,” the minister said.
One such opportunity could come from the potential relocation of
So far, around 600 Ukrainians have been employed by compa-
manufacturing capacity from the conflict zone. “In March, German
nies in Romania, most of them as blue collar workers. But Budai
wire producer Leoni AG—which operates in several counties in Ro-
argued that Romania had the capacity to absorb Ukrainian work-
mania—came to the Labour and Social Protection Ministry to ask for
force over the long term, adding that authorities would adapt to any
our support in their endeavour to hire Ukrainians who were fleeing
new developments in terms of the number of Ukrainians who may
the war. In addition, company representatives and a parliamentary
decide to remain in the country for an indefinite period. “Since the
group will visit the Republic of Moldova to begin discussions around
beginning of the conflict, we’ve identified schools and foster homes
the potential relocation of several production plants,” Budai noted.
in the northern part of the country—that’s where the biggest impact
He added that he had personally talked to a water pump manufactur-
is—and now we have several families of Ukrainian teachers to whom
er in Botosani who had already initiated relocation discussions with
we’ve provided homes and jobs,” he noted. Although the number
a company in Ukraine that had a similar specialisation.
of Ukrainian refugees entering our country has seen a significant
“This shows that opportunities are being generated by the current
drop over the past few weeks, Romania should continue to monitor
conflict, but local authorities need to provide incentives to compa-
and respond to developments and provide refugees with social and
nies that are interested in establishing operations here,” Budai said.
professional inclusion opportunities in Romania.
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24 MAIN STORY
HR in 2022: trends, opportunities, and challenges The Romanian labour market will be influenced this year by several unprecedented factors, according to industry experts, the most obvious and pressing one being the massive influx of Ukrainian citizens caused by the armed conflict in their home country. This topic, and many others, were discussed in detail by business leaders and HR specialists during the first panel of Business Review’s recent Working Romania HR conference, which tried to shed some light on this year’s most important developments on the local labour market. By Mihai Cristea
M
any private companies and numerous volunteers have
this unexpected influx of workforce? Andrei Frunza, the CEO of
stepped up in support of war-stricken Ukrainians
BestJobs, one of the biggest online recruitment platforms in Ro-
through an unprecedented mobilisation, offering their
mania, offered some insight into this matter. “After resolving their
homes, their resources or their services. But apart from the obvious
most urgent needs—a home, food, immediate support—refugees will
need for accommodation and food, the refugees will also require
eventually need ways to provide for themselves. What our platform
various support measures and humanitarian assistance, education,
did was to develop a section dedicated to Ukrainian-friendly jobs.
medical services, and of course, employment.
The section was populated quickly, with up to 1,000 jobs listed
The panel debate was kicked off by Roxana Abrasu, Partner and
already. This means that companies’ support and their willingness
Head of the Employment Practice at NNDKP, who tackled today’s
to help are very real and visible. The challenge now is reaching
most pressing issue: the legislation around foreign workforce, which
these refugee communities with our solutions and promoting the
has become highly relevant amid the Ukrainian refugee crisis. “The
opportunities that are available in our country,” Frunza explained,
main problem here had to do with the immigration process, with
in the context in which only 600 cases of employment of Ukrianian
how we can help these people stay in our country and facilitate their
refugees had been reported by the Labour Ministry, despite the
employment. Once this was sorted out, things went quite smoothly.”
thousand job openings posted on the BestJobs platform alone. “We
But how have Romanian companies and employers reacted to
hope that, together with companies and authorities, we can find a
Roxana Abrasu, Partner and Head of Employment Practice at NNDKP “The work-life balance concept tries to bring balance between what happens in our family lives and what happens at work. We’ve somehow lost this balance with remote work as people tended to forget about the boundaries between the office and the home. Balance should also be pursued between men and women from a working relations perspective. Paternity leave is a good example of what the EU’s Work-life Balance Directive has introduced, and it’s now been included in our national legal framework as well.”
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Loredana Alexe, Service Delivery Manager at Majorel Romania “Employers need to be more connected to the values of Generation Z, to understand them and take them seriously. Gen-Zers are surprisingly thoughtful about what they want, and they have other priorities than previous generations. Those priorities might sound childish to older people, but they’re not! It’s astonishing how welldefined their desires are. A sure-fire investment for any company would be to place people who understand the values of Gen-Zers in key recruitment roles.”
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MAIN STORY 25
way to better highlight employment opportunities by promoting
Romania. “Obviously, HR departments and professionals have had
vacancies at a local level,” the BestJobs CEO concluded.
a very important job throughout this period. First and foremost,
Another important topic discussed during the first panel of
they had to make sure that their people were healthy and safe. This
this spring’s edition of Working Romania were the recent changes
transformation of our working habits has had a direct impact on
in people’s perception of a “good employer,” as well as the things
what organisations must do to attract and retain talents. Indeed,
people are looking for in a job today versus what they would have
as Alexe showed, employees now have different expectations, and
sought before the pandemic. “The essence of what people are look-
companies should do their best to meet them. Flexibility is an im-
ing for when searching for a long-term professional commitment
portant aspect of this trend, but we need to fully understand what
remains the same as before the pandemic, but this essence is often
flexibility means. We need to know what best fits each organisation
just the core of a person’s much larger set of needs and desires. To-
and each employee.”
day, we’re seeing more people who are searching for companies that
Adding to the discussion around work flexibility, Roxana Abrasu
are closer to their own values. We’ve also observed a change in the
of NNDKP noted that the pandemic had forced employers to imple-
way employees relate to their companies’ involvement in the social
ment remote work and make work schedules more flexible. “Tele-
and environmental issues that are close to their hearts,” says Lore-
working became a reality of our lives once the pandemic struck and,
dana Alexe, Service Delivery Manager at Majorel Romania. “People
in my view, it is here to stay. But as the pandemic restrictions are
have moved past the mindset of just wanting a stable workplace;
lifted, we will start balancing things out. The hybrid concept will
they now want an employer with an established brand, one who can
become our new reality as companies are currently analysing the
offer an attractive salary and benefit package, and, more recently,
right split between working from home and working from the office
they’ve been paying much more attention to a good healthcare
for their employees. From what I’ve seen, a mix between telework
package and have been closely following companies’ environmental
and office work will be required, creating a hybrid work model.”
campaigns, which for some can make a difference in the recruit-
The panel ended on a lighter note, with a Q&A session during which an audience member asked what companies should do to
ment and onboarding processes.” But in the context of a workforce shortage, what can companies do in terms of organisational culture, work flexibility, and benefit
retain their employees after investing in their development. Andrei Frunza of BestJobs said that like any other investment,
packages in order to retain and even attract new talents? “There
investing in employees comes with some risk, and if the company is
are many things companies can do after two years of working from
not competitive in certain regards, that level of risk increases.
home. Our priorities, our lifestyles, our ways of working have
Madalina Racovitan of KPMG responded with an anecdote:
changed, and companies have faced significant challenges due to
“The CFO of a company asked the CEO: ‘what are we going to do if
all these changes. I believe that this health has introduced new
we invest in our employees and they end up leaving us?` The CEO
perspectives in our society and in our organizations,” said Madalina
answered: ‘but what if we don’t invest in them and they end up
Racovitan, Tax Partner and Head of People Services at KPMG in
staying?`”
Madalina Racovitan, Tax Partner and Head of People Services at KPMG Romania “The ESG agenda will take hold in the near future; we are only seeing its first steps. HR is closely linked with the S in ESG, the social component of the concept, where it has the most impact. Organisations and HR departments must be responsible for the health and security of their employees, on all levels. But ESG also contains an Inclusion, Diversity & Equality component, and we will be seeing organisations taking more and more action on this front.”
EVENT ORGANIZED BY
Andrei Frunza, CEO at BestJobsa “Recruitment is a much more lopsided market nowadays, and its supply chain has been hit not just by war, not just by the pandemic— it’s a trend that started a few years ago and has only been deepened by the recent crises. Competition is very tough, it’s becoming harder and more expensive to recruit people, but our mission is to identify talents on the market and to succeed in making them available to companies in a smart and efficient way, so that the time and effort associated with recruitment is minimal.”
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26 MAIN STORY
New ways of working: get inspired by the best Recent crisis have taught HR departments that people’s needs may change unexpectedly and that everybody must be able to adapt. The second panel of Business Review’s Working Romania HR Conference was titled New Ways of Working: Get Inspired by the Best. The debate focused on the ways companies can adapt to situations like the pandemic and on the trends that have emerged together with the need to feel safe while still keeping in touch with co-workers. Plenty of resources and solutions were found to keep employees safe as well as to help them enjoy working with others and strengthen team bonds. By Aurel Constantin
T
he pandemic has made us all a lot more sensitive to some
of wellbeing, then we created a platform called Wellbeing Recogni-
things, and the way we react to different situations now is dif-
tion to respond to our colleagues’ needs. Employees needed safety,
ferent. For Orange Romania, a company celebrating 25 years of
including with the people they interacted with, people who could
operating in our country this year (under the Mobilrom name for the
help them psycho-emotionally when they needed it. We brought all
first 5 years), the concept of wellbeing used to mean free fruit, mas-
the elements of wellbeing into the platform,” said Doina Filip, Head
sage chairs, and other fun stuff being provided at the office. “After
of Reward and HR Budget at Orange Romania.
the pandemic started, the idea of wellbeing got a completely new
Communication was paramount for all employees during the
meaning. So, we tried to take it further and took an inventory of the
pandemic. There were businesses that weren’t able to send all their
‘good’ things. That's how I discovered that recognition was also part
people to work from home, so they had to find ways to keep things
Oana Pascu, Owner at Complice.ro “The demand for object-based rewards has dropped significantly as they were replaced by these experiences, which existed before as well, but they were reserved for management or those with high potential. Back then, it was easier because we could simply find out what a person or a team liked, and now it’s harder because it is difficult to find something that everyone likes. That’s why I had a Flexi Box that people could access and find the experiences they were looking for.”
Monica Daliu, Regional Head of People, Development, and Recruitment for Central Europe at Endava “In my view, happiness has more to do with your personal life, not with your work. But I agree that we must experience satisfaction at the end of the working day; it is very important. There are two significant aspects here: the first is feeling like you’re doing something tangible that has an impact on society or on the environment, and the second is professional development.”
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MAIN STORY 27
secure, but also fair for all their workers. “In the Banca Transilvania
their time well and create a separation between their professional
network, we have around 5,000 team members who can't work
and private lives.”
from home because they work at front offices, while around 3,000
Apart from financial benefits and healthcare, the need for ad-
colleagues can work remotely as they have back-office roles. But
ditional rewards has resurfaced in the pandemic. “Working from
how fair is that? It wasn’t really fair to people who had to be at the
home was no longer a desire; it was a necessity. And sitting at home,
office, so we all worked at home for two out of four weeks. The
we discovered how much we needed experiences rather than and
only ones who worked exclusively from home were those who had
things or products. The demand for object-based rewards has
various health problems and were vulnerable,” said Nevenca Doca,
dropped significantly as they were replaced by these experiences,
Senior Executive Human Resources Director at Banca Transilvania.
which existed before as well, but they were reserved for manage-
She added that communication was a challenge, but that the team
ment or those with high potential. Back then, it was easier because
was helped by the experience of the two pre-pandemic acquisitions
we could simply find out what a person or a team liked, and now
made by the bank¬¬—Volksbank and Bancpost—when they had to
it’s harder because it is difficult to find something that everyone
find ways to effectively communicate with new colleagues.
likes. That’s why I had an app that people could access and find
Healthcare projects and professional development are trends that will remain important even after all restrictions are lifted.
the experiences they were looking for,” said Oana Pascu, Owner at Complice.ro.
“Healthcare-related projects were very successful during the pan-
A different challenge of the pandemic was described by Ionut
demic period. At the same time, professional development is also
Gherle, CEO at UCMS Group Romania by AROBS, who explained
very important, as everyone wants to grow. And it is up to each of us
that, apart from integrating new colleagues, the most difficult thing
to find our way and become the best at what we do. But of course,
was to keep the solutions that his company provided to over 1,300
a job is also defined by the benefits everyone receives,” said Monica
clients up to date with legislative changes. “It was also difficult to
Daliu, Regional Head of People, Development, and Recruitment for
adapt functionalities to meet new needs, such as working from any-
Central Europe at Endava. She noted that the company has different
where, including from abroad—luckily, in our field, we can do this
benefit programmes such as like Employee Benefit Trust and Shares
relatively easily, but other economic sectors had a harder time. But
Save Plan. “For the company itself, the pandemic did not bring
we also developed functionalities for those who wanted to continue
significant new challenges, but employees had to learn to manage
working from the office,” Gherle explained.
Nevenca Doca, Senior Executive Human Resources Director at Banca Transilvania “Employees’ needs changed, so we had to go back to the basics of making them feel safe and secure, especially if they were coming to the office. Only at the end of 2020 did we realise that the impact of the measures we had taken was huge, and many of those measures had been suggested by our employees. For example, we bought six oxygen concentrators. We didn't need them ourselves, but we had colleagues that did need them for their family members. It was great to have them on hand for such cases.”
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Doina Filip, Head of Reward and HR Budget at Orange Romania “We created a platform called Wellbeing Recognition to respond to our colleagues’ needs. Employees needed safety, including with the people they interacted with, people who could help them psycho-emotionally when they needed it. We brought all the elements of wellbeing into the platform, and we’ll continue to do so, as it is very important to have all these elements together. It is important to have all these elements together.”
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Ionut Gherle, CEO at UCMS Group Romania by AROBS “One of our challenges was adapting functionalities to meet new needs, such as working from anywhere, including from abroad—luckily, in our field, we can do this relatively easily, but other economic sectors had a harder time. But we also developed functionalities for those who wanted to continue working from the office. In terms of collaboration, we use all types of contracts (employment contracts, self-employed workers, contractors) and we do not make any difference between them.”
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www.business-review.eu Business Review | April 2022
28 MAIN STORY
Technology starts playing major role in HR processes Business Review’s recent Working Romania conference featured a segment titled Stage Time Spotlight Interview: HR Talks with a spark, where we spoke to Aurelian Chitez, Sales Director at Romanian Software, about HR technologies, their impact on the new ways of working, as well as the challenges companies face in deploying effective employer branding strategies. By Mihai Cristea What types of obstacles do companies face when trying to create an employer brand?
companies to put people at the centre
The biggest challenge for companies in
their employees where they are and al-
2022 is attracting and retaining talent.
low them to get where they want to go.
For the potential future employee, a
And they can only achieve that through
company’s image is made up of what
technology.
of everything they do to keep their best professionals. Managers need to meet
they see online and the opinions they hear from friends and acquaintances— because there are few offline cam-
How critical is the role of technology in hybrid working scenarios?
paigns and events taking place at the
The right technologies can improve HR
moment. Employers have a reasonable
professionals and managers’ ability to
amount of control over their online
manage teams, track their progress,
presence, but the real test comes when candidates meet the first
and facilitate close collaboration, among other benefits. From the
employees of those companies: the HR specialists.
employee’s point of view, collaboration, performance improvement,
At that point, the HR department is responsible for upholding the
and connectivity will happen more naturally with tools that allow
company’s image as being a place where any candidate would like
the perfect integration of internal staff into dynamic teams regard-
to work in the future. And this is not always possible, because their
less of whether the work is being done from the office or from home.
internal recruitment processes are long, complicated, and need to be followed carefully. If we add a large number of vacancies to this sce-
What types of technologies does a hybrid workforce need?
nario, we’ll understand why recruitment experiences are not always
First of all, they need technologies that facilitate flexible workforce
the most pleasant.
management. For example, electronic employee files and documents are easy to generate, access, and find because businesses can carry
What can companies do to balance expectations between their employer brand and reality?
out paperless administrative processes. A recruitment software (ap-
They should redefine their processes and standardise them wherever
intend to extend their recruitment strategy to the national level or
appropriate, giving HR specialists more time to work on proving
have rather ambitious goals to increase the number of employees in
that their companies are as impressive in real life as they are online
a relatively short period of time.
from the very first meeting. Current HR technologies are helping
plicant tracking system) is equally necessary, especially if employers
Once recruited, candidates should go through an induction
specialists from the early stages of the recruitment process and then
period. Digital onboarding is a feature we developed at the beginning
continue to streamline everything related to preparing the employ-
of the pandemic to help companies more easily support a work-
ee’s file and the onboarding process. By automating repetitive tasks,
from-home model, but it is just as useful today for hybrid work.
HR professionals can shorten the recruitment process and leave the
Through digital onboarding, employees get through the period of
administrative work to the software to focus on candidates and new
integrating into the new work environment much more easily. The
employees.
software helps monitor and manage employee induction as it has options for tests and questionnaires, tasks, trainings, and 1-to-1
What is the most significant change happening today in the field of HR technologies?
sessions. In addition, companies need to develop the way they carry
As working becomes more flexible than ever, next-generation HR
of course, let’s not forget about payroll. The new way of working and
technology is shifting from employee management to employee con-
the increase in flexibility have turned part-time employees or self-
trol. Given the intense competition over great talent, it is essential for
employed individuals into more viable options for many companies.
out their Learning & Development and Assessment processes. And,
www.business-review.eu Business Review | April 2022
HELPING COVERHANDS STORY 29 14
Public and private organisations finding ways to help out Ukraine's population As more and more Ukrainian citizens flee their country to escape the war, Romanians are mobilising to help out people seeking refuge in our country—mostly through local businesses, NGOs, and individual initiatives. By Oana Vasiliu
T
he entire CODE FOR ROMANIA team
SPRIJIN DE URGENTA – a national plat-
and over 500 volunteers working in
form for the management of all resources for
specialised volunteers made available to the
shifts have managed to deliver an
Ukrainian refugees. It can also be accessed
Department for Emergency Situations for
through DOPOMOHA and contains sections
internal use.
ecosystem of six digital solutions for Ukraine.
DOPOMOHA (IN UKRAINIAN: HELP) – a
where users can request or offer multiple
RVM – a platform for the management of
UNICEF is working together with the
unique portal of resources and informa-
types of help, as well as a map of all collec-
Romanian Government, local authorities,
tion for Ukrainian refugees. Through the
tion centres where individuals can make
the UNHCR (United Nations High Commis-
DOPOMOHA.ro platform, which is available
donations or register as volunteers.
sioner for Refugees), other UN agencies, and
in four languages, Ukrainians can find out
UKRAINE CHILD CANCER HELP – pro-
non-governmental organisations to monitor
what documents they need to enter Roma-
viding quick access to specialised support
the inflow of Ukrainian refugees and their
nia, learn about the asylum procedure, find
and treatment for Ukrainian children and
needs or vulnerabilities and offer immediate
contacts of relevant authorities, etc. It also
cancer patients who arrive in Romania. Cases
support for the most vulnerable children,
includes a conversational guide in Ukrainian,
registered by users on the platform are taken
women, and their families.
Romanian, and English to help those who
over by the Donate Wings Association and
need help.
the Romanian Society of Pediatric Onco-He-
launched the HOW TO HELP UKRAINE NOW
The Global Shapers Community has
matology. The platform also offers logistical
website, where they list various ways in
the management of safe accommodation
and social support for family members who
which people can help—from donations to
that has been verified by the authorities.
accompany these children.
humanitarian help, housing, and the loca-
UN ACOPERIS – a national platform for
The platform can be accessed through the
CRIZA DIN UCRAINA. STIRI OFICIALE – a
tions of peaceful protests.
DOPOMOHA central portal by those who
platform that centralises governmental com-
People have also been using Facebook
want to register an offer or a request for ac-
munication and action related to the Ukraine
to coordinate initiatives, with over 200,000
commodation. Various needs are taken into
crisis. Access to accurate, non-panic-fuelled
account in the process of allocating accom-
information helps readers remain vigilant in
Romanians having gathered on the UNITI PENTRU UCRAINA (UNITED FOR UKRAINE)
modation, including proximity to a hospital
the way they access, assimilate, and distrib-
public group to offer accommodation, food,
for the chronically ill as well as appropriate
ute the news being presented in the media
funds, transport, medical assistance, and
for children, pets, etc.
about the war in Ukraine.
other types of help to Ukrainian refugees.
www.business-review.eu Business Review | April 2022
30 TECH
Immersive 3D audio and the power of Super Apps Thanks to their versatility, super apps have quickly become ingrained into users’ daily lives, as they are adopted by more and more users. Having everything just one click away, especially during times when the pace of living is at its highest speed yet, represents a great advantage on the market. By Romanita Oprea ferred to as the geophony; and environmental sounds created by humans, the anthropophony through a sub-set called controlled sound, such as musical composition, sound design, and language, work, and sounds of mechanical origin resulting from use of industrial technology. Crucially, the term soundscape also includes the listener's perception of sounds heard as an environment—how that environment is understood by those living within it and therefore mediates their relations. Immersive audio is the new multi-dimensional approach to audio storytelling that brings listeners into an expanded sonic field that goes beyond traditional surround sound. Immersive audio is the new multi-dimensional approach to audio storytelling
I
While surround sound exists in a horizontal plane around the listener, immersive audio is designed to produce a fully immersive experi-
mmersive listening ushers in the next
designed to have a specific emotional impact
ence where audio is perceived as coming from
generation of audio experiences, accord-
on listeners—from encouraging relaxation and
all around you. The sound can now come
ing to Wunderman Thompson’s Top 100
focus to destressing.
from above or below, at any time, opening
Trends list. Across its product line, Apple is
In November 2021, Cartier brought its
up a new, dynamic audio field. In 2019, the
rolling out new spatial audio features that
immersive audio experience, The Great
Recording Academy changed the name of the
create immersive, multidimensional sound
Animal Orchestra, to the Peabody Essex
“Surround Sound” category in the annual
that mimics surround sound. At its October
Museum in Salem, Massachusetts, for its
Grammy Awards to “Immersive Audio.” Still,
2021 Unleashed event, Apple announced that
North American debut. The exhibition, which
according to Immersive Audio Album, the
its new AirPods 3 and MacBook Pro laptops
was first launched in Paris in 2016, featured
concept of immersive audio is far from being
will be equipped for spatial audio, after first
soundscapes of biodiversity across North
new, as Disney actually experimented with
unveiling the Dolby Atmos-powered func-
America, Latin America, Kenya, Rwanda, and
surround sound at some select screenings of
tionality for Apple Music in June 2021. “Apple
Zimbabwe, recorded by soundscape ecologist
Fantasia as early as the 1940s. Their idea was
Music is making its biggest advancement ever
Bernie Krause.
to try to make it seem like a bee was flying
in sound quality,” says Oliver Schusser, vice
A soundscape is a sound or combination
around the room.
of sounds that forms or arises from an im-
The widely-accepted birth of surround
mersive environment. The study of sound-
sound was in 1957. Musician and artist Henry
new home speaker systems with 360-degree
scape is the subject of acoustic ecology or
Jacobs created concerts that were audio/vi-
spatial sound mapping technology for an
soundscape ecology. The idea of soundscape
sual in nature and took place at the Morrison
immersive listening experience, while audio
refers to both the natural acoustic environ-
Planetarium in San Francisco. The concerts
company Spatial unveiled its first suite of
ment, consisting of natural sounds, including
are understood to have been the first that
products. The new startup creates immersive,
animal vocalisations, the collective habitat
utilised surround sound as we know it.
interactive soundscapes for public spaces,
expression of which is now referred to as the
including lobbies, retail stores, offices, and
biophony, and, for instance, the sounds of
speakers or headphones has the capacity
even hospitals. The bespoke soundscapes are
weather and other natural elements, now re-
to deliver a seamless illusion of alternative
president of Apple Music and Beats. Moreover, in 2021, Sony introduced two
“Immersive sound produced over loud-
www.business-review.eu Business Review | April 2022 May 2016
COVER STORY TECH 31 14
reality and change the way we relate to and
to Accenture, a super app is an umbrella app
behave in sound. It can revolutionise how we
that offers a full ecosystem of services shaped
India. It enables users to complete a multi-
interact with, listen to, and live with music. It
around users’ everyday lifestyle needs, us-
tude of tasks centred around payments and
can redefine how we entertain, how we com-
ing one integrated interface or platform. It
investments. Core features include bill pay-
municate, and how we collaborate. It opens
usually involves a marketplace of third-party
ments; booking trains, flights, movie tickets,
creative possibility that we’ve never imagined
offerings which are fully integrated into the
and more; stock and mutual fund invest-
before, and it has the potential to improve the
ecosystem and makes use of vast amounts
ments; and a full banking suite.
quality of life. Immersive sound is strategical-
of data to engage with users and offer a wide
ly aligned with the future of communication
variety of experiences and services.
and entertainment,” writes Wieslaw Woszc-
Super apps offer multiple functions on a
Paytm is the most popular FinTech app in
WeChat, owned by Tencent (China’s equivalent to Facebook), integrates a ton of customer services, including mobile pay-
zyk in “Immersive Sound: The Art and Sci-
single seamless platform, from messaging
ments, social media, gaming, and retail, all in
ence of Binaural and Multi-Channel Audio,” as
to ecommerce to payments and financial
one app.
quoted by highfidelity.com.
services. Indonesia’s Gojek started as a mo-
According to Wunderman Thompson’s
torbike ride-hailing service to help people cut
Chinese tech giants invested early in Southeast Asian platforms and exported
trends list, social media platforms such
many of the super-app concepts pio-
as Instagram have driven a hyper-focus
neered back home to their neighbours.
on visual elements over the past decade.
As Chinese tech firms face increasing
Now, especially as digital platforms
regulation, they are more likely than ever
mature and engagement evolves, focus
to look abroad for growth opportunities.
is shifting to multisensory elements—au-
By integrating other merchants and
dio, in particular—for a truly immersive
third-party services, super apps create
experience. “Spatial Audio has been even
ecosystems that monopolise the user’s
cooler than we expected. From musi-
time as they don’t need to use a variety of
cal performances to storytelling rooms
apps, leading to greater customer loyalty.
and debates, it has really improved the
As well as providing a wide range
experience on Clubhouse… so now we’re
of experiences and services to engage
rolling it out to everyone,” Clubhouse
users, super apps have grown popular
representatives wrote.
for a more practical reason: one super
“Sound and the mind are very, very
app generally takes up much less phone
intricately linked, and yet we almost
memory than downloading dozens of
never pay attention to sound. Sound is al-
single-purpose apps, all of which will re-
ways there. It's our early warning system.
quire regular updating and may increase
It's also our emotional driver. It's our
data usage—a big topic in lower band-
attentional driver. Everything you hear has
through Jakarta traffic, and it now delivers ev-
some kind of an impact on you and changes
erything from food to medicine to masseurs.
how you respond to the rest of the world,”
In 2021, in a deal valued at USD 18 billion, it
a sub-industry of services that exist to sup-
Seth Horowitz, auditory neuroscientist at
announced that it was merging with Tokope-
port their infrastructure. Companies such as
Brown University, explained for NPR.
dia, the country’s largest online marketplace,
Appboxo enable any app to become a super
which also offers fintech and logistics ser-
app by offering a marketplace of services that
THE POWER OF SUPER APPS
vices. The combined entity, named GoTo, has
can then be provided to users.
A big trend of 2021 that has continued into
more than 100 million active users, 11 million
Moreover, specialists say that the super
2022 has been the rise of “Super Apps.” They
merchants, two million drivers, and revenue
apps trend is slowly shifting from Asia to Eu-
are permanently changing how companies
that represents 2 percent of Indonesia’s USD
rope and the US, where a handful of technol-
design their apps and how consumers interact
1 trillion economy. Singapore’s Grab, which
ogy firms are starting to adopt this approach.
with them. More importantly, they have the
calls itself the “Everyday Everything app,”
“By bringing together a range of experi-
potential to disrupt several industries at once,
started with ride-hailing around Southeast
ences, services, and functions on a single
leveraging a single user base. Super apps are
Asia and swiftly added delivery, payments,
platform that customers already feel con-
digital applications that offer a wide variety
and financial services, landing a digital bank
fident using, super apps provide seamless
of services: users can, for example, chat with
license with partner SingTel in 2020. Grab
experiences that keep users engaged. Also, by
friends, order takeaway, shop and book a
went public on the Nasdaq via the world’s
offering loyalty rewards, users are encour-
plane ticket—all within one app. The app thus
largest special-purpose acquisition company
aged to conduct more of their business on
becomes a multifaceted marketplace rather
deal, raising USD 4.5 billion, at the end of
the super-app to maximise those benefits,”
than just a single-service offering. According
2021.
Accenture analysts wrote.
width/income countries. The rise of super apps has already created
www.business-review.eu Business Review | April 2022
32 DIGITAL
2022’s digital advertising trends At the beginning of each year, we look back at what was good in the previous one, see what could be changed for the better, and identify new trends. Digital media has seen tremendous growth in recent years, especially during the pandemic period, so let’s talk about the digital trends we should be looking out for in 2022. By Romanita Oprea real time, which will spark faster connections and allow marketers to target different audiences and keep them engaged. The insights that will result from exploring this platform will also impact the way brands understand and actually approach their audiences. “At the same time, NFTs, which are part of the Metaverse, are also infiltrating the digital environment as a link between owners and communities. For advertisers, this is a way to build communities around their brands and expand their digital footprints. Another trend has to do with data collection: adapting to the loss of cookies and the rise of consumer privacy is a movement that was accelerated in 2021 and will continue to progress. Advertisers should make sure they create and obtain first party data, so they won’t have to rely on other platforms’ data as much as they used to in the past,” said Ciociltan adds. Catalina Ciociltan, United Media Services
A
Andrei Balan, MRM Romania
The role of media agencies is also crucial here. The way United Media Services has approached this matter has been to first make
ccording to Andrei Balan, head of
once the users are in (which they are), ad and
sure that all their clients were well informed
strategy at MRM Romania, there
e-shopping tools are in place, and every-
about both the risks and the benefits of this
are a number of noteworthy current
one gets used to working with (and not just
change. Data measurement projects that
trends in terms of digital advertising, but
scrolling through) TikTok, we will see brands
weren’t seen as top priorities before are now
most of them follow the same dynamic we
and businesses operating full-force on there
being implemented with the agency’s sup-
have been seeing over the past few years.
too—just as they’re now doing on Instagram,
port. At the same time, securing ad place-
One of these is digital transformation, which
for example,” the MRM Romania representa-
ments for clients and making sure they have
became a boiling hot topic during lockdown.
tive noted.
accurate measurements after the shift are
“We’re now seeing more and more purely
The other large social platforms are trying
among the key objectives for United Media Services right now.
digital businesses that appear, operate, and
hard to replicate TikTok’s incredible algo-
communicate on social platforms, with a
rithm—and partly succeeding. In a couple
very small—if any—offline footprint. One or
years’ time, we’ll be having the same conver-
competing with traditional commerce,
two years from now, these might breed a new
sation about the Metaverse.
making changes in the way users shop and
“Social commerce will continue to evolve,
niche: metaverse-native businesses. We also
This viewpoint is shared by Catalina
enabling and perfecting customer payments
continue to witness the explosion of TikTok
Ciociltan, digital strategy director at United
so that they can have a full shopping experi-
and an exponential development of its ad
Media Services, who says that while relatively
ence without leaving the platforms¬—pro-
format and e-shopping ecosystems.” More-
new in marketing discussions, the Metaverse
viding real-time, user-friendly, tailor-made
over, Balan thinks that in terms of TikTok
is becoming a playground for brands and
services,” Catalina Ciociltan concludes.
advertising, our market still faces a learning
advertisers as its benefits very clear: it’s a
curve, but it’s definitely getting there. “And
platform that is always active and operates in
Ioana Anescu, executive director at IAB Romania, thinks that the acceleration of
www.business-review.eu Business Review | April 2022 May 2016
COVERDIGITAL STORY 33 14
e-commerce and m-commerce (mobile com-
of volatility to marketing plans and actions,
have all experienced in the last two years, not
merce) will continue, and that the develop-
to budgets and projects. I don't think we’re
to mention the need to use imagination and
ment of big retailers’ digital platforms can
going to see more creativity in the coming pe-
creativity to escape the anxiety-generating
lead to the localisation of a quite prominent
riod. Creativity in marketing communication
avalanche of information, news, and content.
international trend: retail media. Similarly,
requires a more chilled mindset. I sincerely
“I think that in recent years, creativity has
the development of marketplaces will lead
doubt that this kind of relaxation could be
been what has kept the flame of entertain-
to a significant growth of investments in this
achieved in agencies or marketing offices at
ment burning and many of the digital cam-
area.
this moment,” Buzea says.
paigns we saw in 2021 had that daily escape
From a technology standpoint, the disap-
element,” Anescu adds.
pearance of cookies will lead to new ways of
THE POWER OF CREATIVITY
analysing and understanding stored data as
United Media Services teams strongly believe
not so much in the classic, canonical kind.
that media and creative are two peas in a pod,
Creativity is morphing. Fast times, rapid
volved in dialogue with consumers and show
because together they are more effective at
development, and convulsions of all sorts are
empathy and social involvement, especially
generating results and delivering a higher
pushing us to adapt and innovate in all sorts
in the new international context where public
ROI. They work with the support of a creative
of unexpected ways. When trying to measure
opinion is particularly sensitive to slippage
team to push creative ad campaigns, custom-
creativity one would traditionally look to-
and lack of sensitivity in communication and
ised ads, and assets for different platforms or
wards industry festivals,” says Andrei Balan,
very wary of potential advertising-based sup-
audiences. They are also very driven by their
pointing out that creativity is overgrowing
port of propaganda and misinformation.
creative minds when facing challenges in an
its traditional ways of measurement. “I think
ever-evolving digital environment, in order
we’re moving into a new paradigm where
Digitas Romania, believes that we are all ex-
to remain competitive and drive business
creativity is a matter of engineering ways out
periencing uncertainty when it comes to the
results.
of difficult situations or building a competi-
“We might talk about more creativity, but
well as to an increased need for education and a better understanding of technologies and how they are integrated into the advertising ecosystem—from creation to implementation, analysis, and reporting. “At the same time, much more emphasis will be placed on maintaining the one-toone relationship with consumers based on subscriptions, notifications, and newsletters. There will also be more emphasis on ‘retention-driven relationships.’ As for communication channels, the interest in video content continues to be fuelled by the tools provided by social platforms as well as the growing interest in the ‘attention economy.’ The huge amount of information available online is associated with a decline in users’ patience and willingness to consume written content, while the need for entertainment leads to brands being more accepting of video content,” Ioana Anescu explains. Brands will need to be more deeply in-
In turn, Calin Buzea, managing director at
economy, and that is why digital trends in the
Looking at the evolution of the quality and
tive edge in less difficult ones. I look fondly
industry are even more limited by budgets
number of campaigns entered in the MIXX
at the unlikely business transformations
than they were before. This is why he thinks
Awards or other local festivals, as well as at
that happened out there (during lockdown,
that the focus on performance will become
the award recipients, Ioana Anescu says that
for example), at the creative use of digital
the most important trend. “The second one
we may talk about greater creativity. But
platforms or tools by virtually anyone, at new
is related to raising brand awareness through
she also believes that the evolution is the
ways of integrating AI into pretty much all of
influencers in the shortest amount of time
result of the higher number of tools, insights,
our workflows or at the innovative ways of
possible, riding a certain market momentum.
conversations, and collective ideas in the
supporting our northern neighbours. That is a
We are experiencing a complex political and
industry. Creativity has also been augmented
new face of creativity, and I find it quite excit-
economic crisis that transfers a high degree
by stepping out of the comfort zone that we
ing,” the MRM Romania representative adds.
www.business-review.eu Business Review | April 2022
34 TOURISM
Guinea-Bissau tourism provides new opportunities for Romanian investors A delegation from Guinea-Bissau, led by Tourism minister Fernando Vaz, visited Romania recently to present investment opportunities in the West African tourism sector. In a discussion with Business Review, Vaz outlined the benefits of investing in a country where tourism activities are just starting out, and where there are multiple opportunities for wildlife tourism, with pristine forest land and a child-friendly environment. By Aurel Constantin ism minister Fernando Vaz said. “There are several nature reserves that cover a total of 26 percent of the country's surface area. Beach and fishing tourism are very important in Guinea-Bissau, alongside many other tourist attractions. I hope that Romanian businesses will be attracted by all these investment options in my country,” he added. The biggest opportunity for tourism lies in areas that are still untouched, as well as in cultural tourism. Guinea-Bissau has ten 4-star or 5-star hotels in its capital Bissau, as well as 50 other hotels that go up to 3 stars. In total, there are about 200 accommodation units in the northern part of the country, as well as almost 50 on the islands. “The archipelago consists of 88 small and large islands, it is considered to be the most important tourist destination in Guinea-Bissau, and it is the only archipelago on the West Coast of Africa with mangrove forests covering an area of over 37,000 hectares, including UNESCO The biggest opportunity for tourism lies in areas that are still untouched, as well as in cultural tourism
G
areas of great interest. The area was also classified as important thanks to its bird migration patterns,” Vaz noted. In addition to
uinea-Bissau is a country on the West
starting with the 15th century, having mainly
the wide variety of birds, the area is also the
coast of the African continent, with
been occupied by the Portuguese, which is
home of the very rare sea hippopotamus—the
less than two million inhabitants and
why Portuguese remains its official language
only hippopotamus species that can live in
a surface area of over 36,000 square kilome-
today. Monetarily, it is affiliated with the CFA
salt water.
tres. The country gained its independence
Franc system, which provides stability, and
from Portugal in 1974, and Romania was the
it is also a member of the World Bank and the
Portugal has four weekly flights to Bissau, and
first country to recognise its independence.
International Monetary Fund.
Air Maroc has almost daily flights. Guinea-
There are two airports in the country. Air
“Guinea-Bissau is a small country, but it
Bissau currently gets about 150,000 tour-
a democratically-elected president. The
has several advantages in terms of tourism. It
ist visits per year, and it can accommodate
country has been inhabited since the early
is only a four-hour flight from the European
around 3,000 tourists at a time. No visa is
days of humanity, with evidence of agri-
continent, which makes it a proximity des-
required for visits of up to 15 days. For longer
cultural practices going back as far as 1,000
tination. The country is safe, with an almost
periods, a visa can be obtained through an
B.C. It came under European colonial rule
non-existent crime rate,” the country’s Tour-
online platform for 40 euros, while a visa
Guinea-Bissau is now a republic, ruled by
www.business-review.eu Business Review | April 2022 May 2016
COVER TOURISM STORY 35 14
obtained through the embassy costs 80 euros. Fernando Vaz also pointed out that no vaccines are required for visits to Guinea-Bissau. As for covid-19, I can tell you that we’ve only had 107 cases of infection in the two years and a single death,” the minister said.
INVESTING IN TOURISM Entrepreneur Mohammad Murad, who attended the Guinea-Bissau delegation conference, pointed out that warm and sunny countries will be increasingly sought-after in the next 50 years. “There are in-depth studies that link happiness levels to the amount of sun people get, and Guinea-Bissau gets a lot of sun,” he said, adding that tourists seek good weather, wildlife attractions, and comfort when they go on holiday. As Romanians are always looking for new and interesting destinations, local investors will certainly be interested in projects in Guinea-Bissau.
foreign-owned; there is no need for resident
“GUINEA-BISSAU IS A SMALL COUNTRY, BUT IT HAS SEVERAL ADVANTAGES IN TERMS OF TOURISM. IT IS ONLY A FOURHOUR FLIGHT FROM THE EUROPEAN CONTINENT, WHICH MAKES IT A PROXIMITY DESTINATION. THE COUNTRY IS SAFE, WITH AN ALMOST NON-EXISTENT CRIME RATE,”
shareholders. Our foreign investment legisla-
FERNANDO VAZ, GUINEA-BISSAU'S TOURISM MINISTER
But investors are also looking for other things: low bureaucracy, security, and investment guarantees. “Guinea-Bissau is a member of many international institutions, including the World Bank, the International Monetary Fund, and the West African Development Bank, all of which provide security and international competitiveness,” Fernando Vaz said. “The ease and speed of setting up a company in our country is worth noting¬: it takes about 24 hours. Companies can be fully
tion is favourable, offering tax exemptions for up to seven years. And even though the country is small, it is integrated into several large regional structures. The first gives access to a
years,” the Tourism minister noted. “We also have an office at the Tourism
insured by the World Bank and the Multilateral Investment Guarantee Agency (MIGA).
market of over 100 million consumers, while
Ministry that helps investors obtain all neces-
the second is even bigger, providing access
sary permits and authorisations within ten
for tourism ventures, with a wide range
to a market of 380 million inhabitants,” he
days from the date when documents are sub-
of natural and cultural destinations, and
explained.
mitted by the investor, minimising the risk
it has a privileged position thanks to both
of corruption and making the entire process
its geographical location and its natural re-
much more convenient,” Vaz added.
sources. Dragos Raducan, the president of the
As for bureaucracy, Fernando Vaz said that a One-Stop-Shop had been set up by the Fi-
Guinea-Bissau has significant potential
To attract investors, Guinea-Bissau
Romanian Tourism Employers’ Federation,
tation—notarial deeds, operating licenses,
authorities offer tax incentives whereby a
said that the first step would be for a group
and tax residence—so that a company can be
new company pays no taxes for three years,
of potential investors to visit the country and
set up in a single day. “The share capital is
including no customs duties, and it is exempt
examine its tourist destinations, together
symbolic, just one thousand euros, except for
from labour taxes for seven years. Tax incen-
with a delegation of local officials. He added
sectors such as fuel and aviation. To benefit
tives are applied on two levels: for the first,
that the introduction of charter flights would
from available fiscal incentives for up to 7
the value of the investment must reach at
also facilitate access to attractive destinations
years, companies must carry out a feasibility
least USD 34 million, while for the second, it
in Guinea-Bissau, putting the country on the
study, which will cover a period of up to 30
must reach USD 80 million. Investments are
map for Romanian tourists.
nance Ministry to deal with all the documen-
www.business-review.eu Business Review | April 2022
www.business-review.eu
36 LIFESTYLE Business Review | May 2016
COVER STORY 14
Winemakers adapting to pandemicrelated changes in consumer behaviour After a two year break, Alina Iancu, founder of CrameRomania.ro and Revino. ro is finally bringing the Revino Bucharest Wine Show back to Bucharest, between April 9-11, at Novotel. BR talked to her about how the Romanian wine industry has changed during the pandemic. By Oana Vasiliu
What were the long-term effects of the pandemic on the local wine industry?
Have new winemakers entered the market during these past two years?
we drink it or the time of year. For example,
I will limit myself to only giving an opin-
We’ve identified about five wineries that
ing sparkling wine.
ion of the short term, because the current,
have launched products in this period and
post-pandemic situation might bring further
they’ve been promoting themselves through
changes that I don't think anyone can antici-
wine tourism or online, but their reach has
What qualities should we look for when we want to purchase a bottle of wine?
pate.
only been local because they haven’t had the
I would not call them qualities, but reasons
chance to attend industry events to gain vis-
why we should choose a wine. When you
wine at home, ordering it online from winer-
ibility across the country. Nevertheless, two
don't have know-how, the safest option is to
ies, distributors, and specialised stores – but
years is not enough to consolidate a brand in
go to a specialty store and ask for recommen-
one addition has been that medium and
the wine industry, much less in a pandemic
dations depending on the occasion you’re
large winemakers have been more focused
situation.
buying it for, who’s going to drink it, whether
During the pandemic, people consumed
on supermarket sales. So, some of the wines
In April, at the fifth edition of the Revino
people have been developing a habit of drink-
it will be served as an aperitif or with food,
that you could only find in specialised stores
Bucharest Wine Show, there will be two
and last but not least, your budget. You can
before are now on the shelves of large chain
wineries that have released a portfolio of
find good wine at around EUR 8-12 – it may
stores. Exports have dwindled, international
wines bottled in several ranges during the
not be very sophisticated, but perfect for the
events have declined, and we are now experi-
pandemic. They’ll have the opportunity to
occasion. You can also find exceptional wines
encing price increases and a shortage of Euro-
present their products to over 2,000 visitors
with a EUR 15-25 price tag. At the same time,
pean packaging. Bottles and other packaging
and get feedback on their quality and poten-
you may end up buying a very expensive
components are not being delivered on time,
tial on this market, which is highly competi-
bottle and not be able to appreciate and take
transport has almost doubled. We'll see what
tive, especially when we take into account
advantage of its true value.
comes next.
international wines.
In your opinion, how competitive is the Romanian wine market after the pandemic?
What are the trends emerging in the wine industry these days?
Those who have used very low prices and all
The biggest trend is the desire to drink wine,
are the mother of learning. A wine tasting is
kinds of offers to get rid of stocks are now
to discover it. More and more venues are
always accompanied by a story of the wine
having trouble re-entering the hospitality
offering wine by the glass and developing a
and the producer. This is where it all begins.
sector. We must always refer to international
wine portfolio on their menus.
Visits to wineries or wine tourism, which
wines that offer good value for money, no
Through testing, we can discover what we
What tips do you have for someone going to their first wine tasting? Adding to the previous answer, wine tastings
have grown in the second half of the pan-
matter how much we talk about how good
like, learn about varieties, and the best as-
demic, help answer a series of questions that
Romanian wine is.
sociations with food, the people with whom
we ask ourselves when drinking wine.
www.business-review.eu Business Review | April 2022
ARTS 37
"I showcase what I learn about an artist in a way that everyone can understand" Until April 14, Combinatul Fondului Plastic is hosting the second edition of Art In Progress, a multidisciplinary exhibition that showcases exclusive recent creations by young Romanian artists. Curator Iselin Huluba has been able to turn her artistic vision into reality, with the support of The Institute and DIPLOMA. By Oana Vasiliu Which artists, writers, academics, curators, and other creative thinkers have influenced your curatorial practice? One of the curators that have greatly influenced me from the very beginning is Hans Ulrich Obrist from Switzerland, who is known as “the curator who never sleeps.” I immediately became fascinated with his interviews and his fast-paced work ethic. Otherwise, I am mainly influenced by the people with whom I work rather than people who have already established themselves in the industry. I learn a lot by doing and by listening.
How would you describe your own approach to curating? I don’t have a well-defined approach yet. I’m still very young and very new to this industry. (…) The only thing that’s constant
Can you tell us about your background in the arts and how you ended up working as a curator?
middleman between artists and the public
in my practice is my rapport with the artists.
or maybe a bridge between the two. While I
I always want to make sure that they feel
might spend half a day in an artist's studio,
completely represented by the way I curate
At the moment, I am working to complete
learning about their practice, chatting about
their work and concepts. If someone ever
my Bachelor’s degree in History and Theory
our everyday lives, and getting to know each
feels that their work is being overshadowed,
of Arts at the National University of Arts in
other, I cannot expect a member of the public
I make sure to find a solution that meets
Bucharest. My interest in curatorial endeav-
to do the same thing.
everyone’s needs.
ours started during my time at the university,
By choosing the right words, the right art
as I’ve been getting to know my peers from
pieces, and the right storyline, I try my best
other departments such as painting, sculp-
to showcase everything I learn about each
ture, graphic design or stage design. I became
artist in a way that anyone and everyone can
What is your favourite museum, institution, and/or art gallery in Bucharest, and why?
fascinated with the local art scene, discover-
understand.
I will allow myself to give a biased response
ing a new gallery, artist or exhibition every day. Working as a curator came more or less
and say that my favourite art space in Bucharest is Stirbei 47, a project started by Dana
organically. I found the niche that I was most
How do you build relationships with artists?
interested in and put all my energy into learn-
Most of them are a lot more inviting than
myself. It is our office, our art studio, our
ing more about curating and figuring out how
we might think. In the beginning, I couldn't
photography studio, and a space that’s meant
I would like to explore it at a personal level.
fathom the idea that an artist would take
to bring people together and give art students
Parvulescu, Diana Paun, Maria Mandea, and
time to invite me to their studio and spend
a chance to experiment with the way they
The role of the curator is always evolving. What does being a curator mean to you?
so many hours talking to me. But in fact, a lot
present their pieces. It is also a place that
of them are very excited to know that people
allows people who are interested in art to
In my view, the role of a curator is similar to
are willing to take this extra step to get to
gather without feeling pressured to be very
that of a translator. I consider myself to be the
know them better, as artists and as people.
knowledgeable about it.
www.business-review.eu Business Review | April 2022
38 CITY
Cultural calendar
By Oana Vasiliu
of the festival. This year's edition
#dogpoopgirl is a social satire di-
will feature “The Outfit,” directed
rected by actor Andrei Hutuleac,
by Graham Moore, a film that was
highlighting tragic elements of
first screened at the 2022 Berli-
the internet age. Inspired by real
nale Special. This year's festival
facts, the script brings us into the
visuals will celebrate 40 years
Romanian space of the first on-
since “ET the Alien,” a film by
line shaming case in the history
Steven Spielberg, was released.
of the internet. Cast includes Andreea Gramosteanu, Coca Bloos, Paul Chiributa, Tudor Istodor,
“Doina Levintza style” Exhibition Until April 28, Arcub Mezanin Market April 9-10 & April 15-17, Universul Palace
Cezar Antal.
Movie premiere: Occasional spies In cinemas from April 29
An invitation to a chill fair featuring local entrepreneurs, gourmet crafts, fantastic fashion and jewellery, natural cosmetics, ceramics and home decor, books, and toys for children.
RAMANENJANA𝐍𝐀 April 14-15, National Dance Centre
Visitors of this exhibition can
The exhibition includes a selec-
see shirts from the Maramures
tion of theatre and film cos-
County Museum of Ethnography
tumes, podium outfits, clothing
and Folk Art collection as well
creations, and collectibles by Ro-
as photographs taken by Gabriel
manian designer Doina Levintza.
Motica.
Each of the seven spaces at Arcub features an exhibition theme
American Independent Film Festival April 15 and 21, Elvire Popesco Cinema and Peasant Museum Cinema
dedicated to a segment of the
Director Oana Giurgiu presents a
creator's vast activity, linking all
documentary that tells a lesser-
the creative areas Doina Levintza
known story of the Second World
has worked in: theatre, film,
War, about ordinary people who
television, and fashion.
were recruited by British Intelligence and sent on a mission in
RAMANENJANA is a performa-
Movie premiere: #dogpoopgirl In cinemas from April 15
tive docu-fiction based on the events that came to define the
German-occupied Eastern Europe to find escape routes for the Allies' war prisoners and organise
“dance epidemic” of 1863 in
the resistance. The MI9 office in
Madagascar, contributing to the
Cairo decides to recruit agents
overthrow of the political regime
from among the Zionists who had
that favoured colonialism.
emigrated from these countries to Palestine before the war. Their
“Faces and Shirts” Exhibition Until April 30, National Museum of the Romanian Peasant
One of the most unconventional
mission? Find the prisoners and
indie productions of the year –
organise a potential escape. The
“Red Rocket” directed by Sean
occasional spies soon find them-
Baker, featured at Cannes 2021
selves caught up in war, politics,
– will be screened in the opening
and personal relationships.
