BR/04/2022

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

34

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

Publicație auditată pe perioada Apr 2015 - Mar 2016

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

www.business-review.eu Business Review | April 2022

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

GOLD PARTNER

www.business-review.eu Business Review | April 2022

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.

SILVER PARTNERS

www.business-review.eu Business Review | April 2022

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.”

STRATEGIC PARTNERS

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.”

NET-ZERO EVENT POWERED BY

MEDIA PARTNERS

www.business-review.eu Business Review | April 2022

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.”

GOLD PARTNER

www.business-review.eu Business Review | April 2022

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.”

SILVER PARTNERS

www.business-review.eu Business Review | April 2022

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.”

STRATEGIC PARTNERS

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.”

NET-ZERO EVENT POWERED BY

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.”

MEDIA PARTNERS

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.