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ROMANIA

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THE EUROPEAN TIMES

ROMANIA INTRODUCTION

FINANCE & BANKING

• Prime Minister Highlights Romania’s Exceptional FDI Potential

• Central Bank Governor Outlines Financial-Sector Goals

• PSD Vice President Discusses Romania’s Evolution

• World Bank a Long-Term Supporter

• Fastest-Growing EU Economy

• Banking Sector Enjoys Comfortable Cash Reserves

• Ambassador Highlights Romania’s European Identity 10 • Ambassador to the Netherlands Aims to Forge Stronger Bilateral Ties

GOVERNMENT • A True Democracy: Member of the EU and NATO

NON-BANKING FINANCIAL SECTOR • Reliable Regulator in Romania

• Fast-Growing Non-Banking Financial-Services Sector

• Allianz-Tiriac Private Pensions

BUSINESS & INVESTMENT OPPORTUNITIES

ECONOMIC PARTNER: AUSTRIA

• Prominent Chamber Offers Extensive Services for Investors

• Austrian Ambassador Highlights Bilateral Ties 19

• Iowemed Medical Centre

• Putting Romania Back on Global Investment Map

• Top Target for FDI

• Aaylex Group

• Everest Printing House

• Romania Participating in Expo Milano 2015

• Tonucci & Partners Law Firm

• Oxygen Public Relations

ROMANIA

• Long-Term Investor Committed to Romania’s Future 39 • Austria and Romania Forging Even Stronger Ties

AGRICULTURE • Minister highlights Significant Potential of Agriculture Sector

• Agrofam Grup

• Agriculture continues to Draw Major Investment

Country Manager: Laurentiu Liferi – Project Manager: Carleen Crug – Project Coordinators: Jelena Baric, Matthew Levinsky – International Business Analyst: Alex Burns – Production Coordinator: Ivana Atanasoska – Copy Editor: Vicky Kox – Editorial: Emily Emerson-Le Moing – Design: Martine Vandervoort, Johny Verstegen, Walter Vranken, Dirk Van Bun The European Times PO Box 685 66 – London EC1P 1XP – United Kingdom – Phone: +44 (0)208 371 2356 – Fax: +44 (0)208 371 2410 – info@european-times.com – www.european-times.com The European Times is a trading name of Crystal Mediacorp Ltd In partnership with: This guide is protected by copyright. All rights reserved. This publication, or any part thereof, may not be reproduced, stored electronically or transmitted in any form, without the prior written permission of European Times. Every effort has been made to ensure information contained in this publication is correct and up-to-date. The authors and publisher accept no responsibility for any errors it may contain, or for any loss, ﬁnancial or otherwise, sustained by any person using this publication.

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ROMANIA

TRANSPORT • Port of Constanta Undergoing Significant Upgrades 47 • Upgrading Road Infrastructure with Private-Sector Support

• World Class

• Hotel Epoque

• Europa Royale Hotel Bucharest

• Rent Smart Offices

BRASOV COUNTY

RESEARCH & DEVELOPMENT • Focus on Innovation and Applied R&D

• COMOTI

• ELI-NP Project Puts the Spotlight on Research in Romania

TOURISM

• Brasov County Rolls out Red Carpet for Investors

• Armatti Hotel

• Regiotrans

• An Investment Destination in the Heart of Transylvania

82 84

• A Hub for Entrepreneurship

• Brasov: Thriving Crossroads with Investment Appeal

• Hotel Marshal Garden

• RAMB Sistem

• Culture, Natural Beauty, Historic Landmarks and More

• Brasov City: Strategic Business and Investment Hub

• Premier Palace Spa Hotel

• Pilvax Restaurant

• Aro Palace

• Festival ’39

• Pensiunea Warthe Hotel

• Positioning Romania as Top EU Tourism Destination

• Romania’s Top Sites for Visitors

• Unique Hotel Bucharest

PRAHOVA COUNTY BUCHAREST CITY • Bucharest: Modern European Capital with

• Prahova County: Dynamic Business Base

• Coral Impex

• Romanian Hub for Industry and FDI

• Prahova Centre of Romania’s Oil and Gas Sector

Investment Appeal

• Vacamuu Restaurant

• Strong Fundamentals and EU Subsidies Attracting Foreign Direct Investment

• New Kopel Group

• Dynamic, Business-Friendly and Beautiful Prahova County

• Bucharest: Romania’s Vibrant Modern Capital

• Bergenbier

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Introduction

Prime Minister Highlights Romania’s Exceptional FDI Potential Victor Ponta, Prime Minister

Victor Ponta, Prime Minister of Romania and

and strategies. He also highlights the role

with many young leaders, including the ﬁrst female Minister of Finance in Romania’s history along with several ministers under 40. In May we won 16 out of 32 seats in elections for the European Parliament. As president, I will continue this process of reforms and will continue to promote a modern approach.

economic and social development.

European Times: What are your economic objectives for Romania?

President of the Social Democratic Party,

discusses the government’s key projects of the Social Democratic Party in Romania’s

European Times: What is the role of the Social Democratic Party in Romania and how do you see it developing in the future? Victor Ponta: The Social Democratic Party has modernised and transformed itself into a progressive, centre-left party

Victor Ponta: Romania is currently achieving economic growth of 3.9%, one of the best growth rates in the EU. We have also ensured macroeconomic stability through financial and budgetary discipline. When my party took office, the country’s deficit was 4.6% and we have reduced this to 2.2%. Clever allocation of priorities has led to economic growth. We have also increased the minimum wage, unblocked all

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ROMANIA Sector

the European structural programmes, absorbed millions of euros of European Commission funds, and ensured inclusive social and economic development. We follow the new European model of budgetary discipline, economic growth and social inclusion. European Times: What are you doing to help Romania enter the Schengen area? Victor Ponta: Romania has fulfilled all requirements for Schengen, including technical and political requirements as well as achieving border security. I am optimistic that Romania will soon be accepted into Schengen. European Times: What makes Romania an attractive target for foreign investment? Victor Ponta: For both foreign investors and for Romania, it is a win-win situation. Almost every day, an executive of a large foreign company comes to my office wanting to invest in Romania, and that makes me happy. Romania offers a very positive fiscal environment with a flat tax of 16% and many EU state aid schemes. Secondly, we have very skilled people. Third, our labour costs are below the European average. We have also succeeded in keeping energy prices very competitive. In addition, we continue to create new incentives, including reducing the labour tax by 5%. We are focussing on guaranteeing stability and predictability for investors, and Romania is now among Europe’s top countries in FDI attractiveness. Romania has also proved to be a very reliable partner for the EU and NATO. We have always supported Moldova, Ukraine and Georgia, and this is very important because in moments of crisis you can see who you can and cannot count on. Romania has proven its pro-European and pro-NATO commitment. We have also established partnerships and trade ties with many countries all over the world, including Poland, Turkey, China and Japan. European Times: Can you discuss some of Romania’s high potential economic sectors? Victor Ponta: In the energy sector, we launched three very successful IPOs of state-owned companies in less than six months, listing them on the Romanian and London stock exchanges, which resulted in around €1 billion in new financing. We will continue to privatise energy enterprises and there are many opportunities

in this sector. In the automotive industry, Romania has attracted investment from global leaders Renault (Dacia), Ford and Daimler, as well as many other companies. Then there is Romania’s traditional wealth: agriculture. Last year, for the first time in 20 years, Romania became a net exporter of agricultural products, especially organic food products, which have increased by 400%. Our tourism sector is also growing rapidly, for example in the gorgeous Danube Delta.

“I honestly believe that Romania has a very strong future and it is up to us Romanians to promote this potential.” European Times: What progress is Romania making in achieving energy independence? Victor Ponta: We import 25% of our gas from Russia while some of our neighbours are dependent on Russia for up to 90% of their gas needs, so Romania is fortunate. We are continuing to invest in our gas production and energy infrastructure. We are very optimistic regarding offshore exploration and non-conventional resources, including shale gas. Exxon and Chevron have both made major investments in Romania. I believe that in ﬁve years, Romania will produce enough gas and electrical power to fulﬁl our national energy needs as well as those of Moldova. European Times: What is your personal message to our readers? Victor Ponta: Romania is a country with enormous economic potential but with a negative international image. I think we should tackle the biggest problem of our image directly, which is the integration of the Roma people. We have to be very pragmatic in explaining to European society that Romania is a democratic country now, a country committed to European values, and we are working to continue to improve. I honestly believe that Romania has a very strong future and it is up to us Romanians to promote this potential. The Romanian government will continue to focus on stability and reliability, and this means we offer real incentives for international investors.

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Introduction

PSD Vice President Discusses Romania’s Evolution European Times: Can you describe the role of the PSD in Romania’s political and economic spheres? Ilie Sarbu: The PSD today is characterised by a new, younger management, with improved policy and strategy. It is a modern European party which has attracted many young people, and young minds have changed our approach. In the elections for European Parliament in May, the PSD won in all but two counties in Romania. The party is committed to openness, cooperation and political stability. European Times: Why should investors choose Romania? Ilie Sarbu, Vice President of the PSD (Social Democratic Party), is a Romanian theologian, economist and politician who has represented

Timis County in the Romanian Senate for ten years since 2004. He discusses Romania’s

rapidly developing economy and the country’s

political stability as well as the role of the PSD in contemporary Romania.

European Times: What are the milestones of your political career? Ilie Sarbu: The most important moment in my life was the 1989 revolution, because it gave me, like all Romanians, a chance to start a new life and new businesses. In those early years of capitalism in Romania I was involved in the agriculture sector together with a German company, Fangmeier, which attracted investment from international enterprises such as Convent and McDonald’s. I began my political life in 1993 as a member of the PSD and have served in many posts, including as Minister of Agriculture for four years in the ﬁrst term and nine months in the second one. In this post I helped Romania meet EU standards for the agriculture sector, which was crucial for the country’s EU membership. I began my third term as senator from Timis County in 2012. I am also the leader of the PSD Parliamentary Group in the Senate. With almost 80 members it is the largest group the Senate has ever had.

Ilie Sarbu: Romania has great natural beauty along with a rich cultural heritage and wonderful people. The country also offers potential in many sectors, including agriculture (particularly organic agriculture), ICT, minerals, oil and gas, the automobile industry and tourism. Romania has been a mystery through history but the presence of big companies on the market shows that there are plenty of investment opportunities in Romania. European Times: What do you predict for the presidential elections to be held in Romania this fall? Ilie Sarbu: I am convinced that Victor Ponta will win the presidential elections in November this year and will cooperate productively with the future prime minister. I also believe that Romania’s political leaders now understand that things have changed, both in the world and in Romania. We have been a member of the EU for a while and we have new priorities in terms of how we should perceive work, transparency and in business and political relationships. Everybody should align to the new reality. European Times: What is your personal message about Romania? Ilie Sarbu: I invite investors and visitors to visit our country and get to know the real Romania for themselves. There are many successful investment stories in Romania about companies which are running a stable business and make good proﬁt. For most of them Romania has become another homeland. Young people who are working hard to improve Romania’s present are the future of this country.

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MASTER ROMANIA REGIO

Fastest-Growing EU Economy © Dianazaharia26 - Dreamstime.com

Romania’s economy was the fastest-growing in the EU in the first half of 2014, according to a recent World Bank report.

Despite the eurozone debt crisis and upheavals in Ukraine,

Romania has weathered Europe’s recent economic downturn better than most countries. In fact, Romania’s GDP rose 3.9% in the first three months of 2014, surpassing estimates.

Bucharest’s National Institute of Statistics announced in February this year that the Romanian economy grew by 5.2% year-on-year in the ﬁnal quarter of 2013, for an average annual growth rate of 3.5% in 2013. This growth was well above the IMF’s prediction of 2.8% for the year. Meanwhile inﬂation, once a serious concern for Romania, fell to an all-time low of 1.1% in January 2014. Even more encouraging is the fact that Romania’s economy is steadily diver-

sifying. Whereas the country’s 2013 GDP was driven mainly by exports – thanks, in part, to a bigger-than-average agricultural harvest – the latest ﬁgures show that the economy is now being driven by improving domestic demand. An increase in the minimum wage in January 2014 (monthly salaries rose by an average 4.4% in May) has boosted private consumption, while industrial output, particularly in the automotive sector, is also on the rise, with 10.9% growth reported in April.

Around 2.8% GDP growth predicted for 2014 Eurobank forecasts that Romania’s GDP will grow by an average 3% this year, and in June the World Bank boosted its outlook for the Romanian economy in 2014 to 2.8%, up from 2.5%. The Romanian central bank also takes a positive view and has announced it will continue its policy to forego further rate cuts. Despite a slight slowdown in the second quarter of this year, the economy should still reach 2.8% growth for 2014, according to Minister Delegate for Budget Liviu Voinea. In mid-August, he commented, “We are on track for the 2.8% annual increase in 2014 which the budget is built upon.” In another vote of conﬁdence in the Romanian economy, the Deloitte Central Europe Top 500 2014 report

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Introduction Sector

ranks Romania fifth in the region and notes that 29 leading Romanian companies reported an increase in revenues in 2013 compared to 2012. The biggest growth was achieved by Ford Romania. “Against the quite austere Central European landscape, Romania has recorded some positive moves when compared to Central Europe’s flat average. This is proof of the continuous and growing capacity of Romania, whose economic performance has not yet matched its potential in size and population,” says George Mucibabici, Chairman of Deloitte Romania. Romania’s task now is to make the most of this strong performance. The latest Deloitte Central Europe Top 500 report confirms the economic growth Romania has registered, but with the increasingly uncertain geopolitical situation that leaves little room for optimism, companies will have to continue to reinvent themselves through innovation in order to continue on their path to growth,” says Ahmed Hassan, Managing Partner of Deloitte Romania. He adds, “Many companies will have to focus more on product and services efficiency and talent development to attract the investment they need and develop alternatives to their traditional goods and services.”

Impressive progress since 1989 While challenges remain, Romania has made impressive progress since it began the transition from communism in 1989. An EU member since 2007, Romania has beneﬁted from the support of the IMF, the World Bank, the EU and

Romanian Rebound Growth in Romania has been picking up 4,00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% -0.50% -1.00% -1.50%

■

2010

2011

2012

* World Bank forecast

other international lenders in its drive to achieve macroeconomic stability, a diversiﬁed economy and sustainable growth.

GDP

2013

2014*

2015*

Source: World Bank, Euobank | WSJ.com

are seen as economic drivers for Romania.

Targeted growth sectors

To stimulate this growth, the government is enacting new legislation, including a plan to reduce the number of corporate taxes from 39 this year to 13 in 2020. The government also aims to improve Romania’s ranking in the Corruption Perception Index from the current 69 to 40 by 2020 and to reduce the role of the underground economy in the country’s GDP from the current 30% to 15%. Building 500 km of highways to support business development is also included in the strategy.

A recent report by the Romanian government noted that Romania will focus on boosting the performance of key economic sectors in a move to increase the competitiveness of the Romanian economy by 2020. These sectors include energy, ICT, the auto industry, tourism, agriculture, textiles and pharmaceuticals, all of which

Investor appetite for a €1.5 billion Romanian bond issued in January 2014 – which was oversubscribed five-fold – reflects international confidence in Romania’s fiscal consolidation and economic growth potential. No wonder some observers are calling Romania Central Europe’s new economic tiger.

Top-performing sectors for Romania today, according to the Deloitte report, include energy, which achieved €19.1 billion in total revenues in 2013. The energy sector was followed by consumer business and transport with €12.1 billion; manufacturing with €8.1 billion; and ICT and media with €2.3 billion.

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ROMANIA

Ambassador Highlights Romania’s European Identity accession for Romania, a director general for EU Affairs and a member of the Convention on the Future of Europe which drafted the Lisbon Treaty. The highlight of my career, however, is my 12-year service as Romania’s Ambassador to Brussels and the UK. I have been witness to events that will go down in history, including the revival of the RomanianBritish Strategic Partnership. European Times: What are your current priorities as ambassador?

Dr. Ion Jinga, Romania’s Ambassador to Great Britain and Northern Ireland, discusses his

country’s accomplishments and aspirations.

European Times: You have won awards for your diplomatic service from the leaders of Romania, France and Belgium, you were named “Ambassador of the Year” in Brussels in 2007 and in London in 2012, and you were awarded “The Freedom of the City of London” in 2014. Can you tell us about your career? Ion Jinga: In my 22 years in the Ministry of Foreign Affairs, I was a member of the team which negotiated EU

Ion Jinga: When I came to London in 2008 I established four priorities for the Romanian Embassy: to bring a new dynamism to the Strategic Partnership between Romania and the UK; to boost bilateral economic cooperation; to promote Romania’s image in the UK; and to protect the interests of the Romanian community living in the UK. After almost seven years, I am proud to quote the former British Foreign Secretary William Hague, who said that bilateral relations between Romania and the UK have never been better. Our strategic partnership includes intensive political dialogue and excellent cooperation in areas such as defence and security, economy and trade, justice and home affairs, social affairs and culture. The economic cooperation between the two countries has seen spectacular developments in recent years, marked in 2013 by a record level of bilateral trade in which Romania came out ahead by almost €800 million. The promotion of Romania’s image in the UK is done through cultural, economic and social events organised by our Embassy, as well as by the public statements, interviews and articles I published in the British media – only in 2013 it was more than a hundred. I have travelled all over the UK to meet Romanian communities in order to know their problems and to help and reassure them of the permanent support provided by the Romanian authorities. European Times: What is your position on liberalising the labour market for Romanian citizens? Ion Jinga: Alarmist media have provoked unreasonable fears about the lifting of restrictions on the labour market in January 2014. Now, Romanians living in the UK have

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Introduction Sector

the same status as other EU citizens, including British citizens living in Romania. The vast majority of Romanian workers play a positive role in the economies of destination countries as they are working in fields which lack sufficient manpower. In the UK, Romanians are contributors, not a drain to the public purse. They are mainly employed in the healthcare, research, financial services, construction and public services sectors. Not to mention the 6,000 Romanian students enrolled in British universities. Removal of restrictions significantly reduced cases of labour exploitation.

Ion Jinga: Romania is one of the most high-potential markets in Central and Eastern Europe. On average, 17 companies with British capital are registered in our country each month, and Romania now has a total of around 5,000 UK companies. Sectors of particular interest for British investors are petrochemicals and oil extraction, green energy, ICT, light industry, agriculture and food processing. British and other foreign investment in Romania will certainly increase in the near future because Romania offers highly skilled labour force, access to European funds and many business opportunities.

“Romania is one of the most high-potential markets in Central and Eastern Europe. On average, 17 companies with British capital are registered in our country each month, and Romania now has a total of around 5,000 UK companies.”

European Times: What are the challenges that a European investor should expect when starting a business in Romania?

European Times: What is your strategy for improving the image of Romania and Romanian nationals in the UK? Ion Jinga: Promoting a fair and accurate image of Romania in the UK is a top priority for me. My strategy is to be always credible in what we do and say. Credibility is the most important asset of a diplomat. It is important to be a good communicator and to have access to those circles where perceptions are shaped and messages are sent to the public. You cannot get everyone’s agreement on everything, but you can make the others respect your opinions. The best way is to build partnerships, to identify and maximise RomanianBritish common interests. European Times: What makes Romania attractive for UK investors?

Ion Jinga: After the economic crisis that affected the entire continent, macro-economic stabilisation measures taken by Romania are starting to pay off. The “Ernst & Young European Investment Monitor 2013” ranks Romania tenth in the number of jobs created due to FDI and fourth in attractiveness for foreign investment among all Central and Eastern European states. This means that investors find in Romania the right conditions for business success. European Times: What is your personal message to our readers? Ion Jinga: Through its history, traditions, culture and geography, Romania has always been part of the European civilisation. Between the two World Wars, Romania was a regional power, the national currency was convertible and fully covered by gold deposits, and the Romanian elites were educated in London, Paris and Berlin. Without the 42 years of communism, my country would likely be as developed today as the UK, France or Germany. When it joined the EU, Romania did not return to Europe but rather was rediscovered by Europe. I strongly believe in an exceptional future for Romania and I am proud and honoured to serve the interests of my homeland as a diplomat.

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MASTER ROMANIA REGIO

Ambassador to the Netherlands Aims to Forge Stronger Bilateral Ties based on a renewed image of Romania in Dutch society. We want Dutch people to see Romania as it really is today: a member of the EU, an ally in NATO, and an important EU business partner. European Times: How would you describe Romanian-Dutch relations?

Ireny Comaroschi, Romania’s Ambassador to the Kingdom of the

Netherlands, discusses Romania’s priorities in its relations with the Netherlands and with the EU in general. Highlighting Romania’s

commitment to being a productive member of the EU and NATO, the Ambassador also comments on Romania’s significant attractions as an investment target and base for business. European Times: What are your priorities as Romania’s Ambassador to the Netherlands? Ireny Comaroschi: Since July 2012, when I began my mandate as Ambas-

112

sador of Romania to the Netherlands, I and my colleagues have been focussing our efforts on strengthening bilateral relations in all ﬁelds, intensifying political dialogue and consolidating economic and commercial relations,

Ireny Comaroschi: RomanianDutch relations are dynamic and focussed on our common future in Europe. Therefore, our cooperation on the European agenda has intensiﬁed considerably. Romania’s political cooperation with the Netherlands has increased and our economic ties continue to grow. The Netherlands is the biggest investor in Romania, with more than €7.7 billion invested in 4,534 companies with Dutch capital as of July 2014. Our bilateral trade registered a record value of €3.5 billion in 2013, a 12% rise over 2012. For 2015, our objectives are to boost Dutch investments in Romania to more than €8 billion, increase our exports to the Netherlands, and cooperate with Dutch companies not only bilaterally but also in third markets while maintaining the Netherlands as one of Romania’s main trade partners. 2015 will be a special year for Romanian-Dutch bilateral cooperation, as we will celebrate 135 years of diplomatic relations. European Times: What are you doing to improve Romania’s image in the Netherlands? Ireny Comaroschi: We have had to cope with negative stereotypes about Romania and Romanians. The only

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Introduction Sector

way to change this is to provide more information about Romania, including facts about its economic growth – the greatest in the EU in 2013 – as well as its economic potential, stable and predictable environment for foreign investments, high level of education, well-trained and highly skilled labour force, cultural heritage and tourist attractions. We are already seeing positive results. European Times: Can you comment on Romania’s failure to achieve Schengen accession even though it has met all the criteria? Ireny Comaroschi: Schengen accession is an obligation that Romania assumed under the Accession Treaty. We fulfilled all the obligations provided by the Schengen acquis, a fact acknowledged by both the EU Council and the European Parliament. Through our efforts at the legislative, financial and human-resources levels, Romania has shown its willingness to play a constructive role in the EU. Our efforts were mainly focussed on increasing security at Romania’s EU borders, for the benefit of all EU citizens. Romania already meets Schengen standards and participates in all activities to guarantee freedom, security and justice in Europe. We ask our European partners to assess Romania’s accession to Schengen honestly, based on the fact that we have fulfilled accession criteria. We believe that there is sufficient evidence to result in a positive decision as soon as possible. Romania’s accession to the Schengen Area will generate positive

effects for all EU member states, including more investment opportunities, economic growth, and the consolidation of the internal market, as the Dutch business community in Romania has repeatedly pointed out.

“The Romanian economy is among the fastestgrowing economies in the EU and has the potential to achieve even more impressive development.” European Times: Why should Dutch investors target Romania? Ireny Comaroschi: Romania is a large market both in size and population. It is served by the Danube and by three Pan-European transportation corridors, and has a strategic location connecting the Balkans, the Middle East, Northern Africa and Asia. Romania has remarkable economic potential thanks to its cost-competitive business climate, cost-effective tax policy (a 16% ﬂat tax, one of the lowest in the EU), sustainable economic growth (3.5% GDP growth in 2013, the EU’s highest, with 2.8% growth estimated in 2014), and a decreasing inﬂation rate (3.2% in 2013 and 2.5% targeted for 2014). Romania also has rich natural resources (fertile agricultural land, oil, gas, coal, gold and more); a skilled labour force at com-

petitive prices with high knowledge in technology, IT and engineering; developed mobile telecom infrastructure, including 4G; and good industrial infrastructure. Constanta Port is the biggest port on the Black Sea, and the EU-Danube strategy offers numerous investment possibilities. I am conﬁdent that Romania has the potential to attract even more Dutch investors, through both direct investments and public-private partnerships in major infrastructure projects, water management, manufacturing (particularly of automotive parts, aerospace and wood products), renewable energies, ITC, agro-industry and food processing, pharmaceuticals and chemicals, consumer goods, tourism and other areas. For Romanian investors, the Dutch economy offers opportunities in services, construction, ITC, creative industries, high-tech projects, and developing cooperation in third markets. European Times: What is your personal message about Romania? Ireny Comaroschi: Romania is a predictable country. The Romanian economy is among the fastest-growing economies in the EU and has the potential to achieve even more impressive development. Romania is well endowed with hard-working people, natural beauties and resources, and a remarkable technological, scientiﬁc and cultural tradition. We invite you to act in a sustainable way and believe in Romania as a prosperous place and a reliable partner.

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Government

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A True Democracy, Member of the EU and NATO Government

Romania is an independent republic whose government is a multi-party democracy with

separate

executive,

legislative

and

judicial branches. The country proclaimed

its independence from the Ottoman Empire in 1877 and this independence was oﬃcially recognised the following year in the Treaty

of Berlin. Romania became a constitutional

monarchy in 1881 and has had several constitutions; the current one was first adopted in 1991 and amended in 2003.

Separation of Powers Executive Branch Romania’s Chief of State is the President, currently Traian Basescu (since 2004). The Head of Government is the Prime Minister, currently Victor Ponta (since 2012). The Prime Minister is assisted by Deputy Prime Ministers, currently Liviu Nicolae Dragnea, Gabriel Oprea, Daniel Constantin and Kelemen Hunor, (since March 2014). Romania’s cabinet is the Cabinet of Ministers, who are appointed by the Prime Minister. Legislative Branch Romania’s legislative branch is a bicameral Parliament (Parlament) made up of the Senate (Senat) and the Chamber of Deputies (Camera Deputatilor). The Senate currently has 171 seats. The Chamber of Deputies has 403 seats.

Judicial Branch The judicial system is headed by the High Court of Cassation and Justice and is organised into Civil Section and Intellectual Property, penal, commercial, contentious administrative and ﬁscal business, and joint sections. Its judges are nominated by the Superior Council of the Magistracy, a 19-member body made up of judges, prosecutors and law specialists. High Court of Cassation and Justice judges are appointed for six-year renewable terms. Romania also has a Supreme Constitutional Court with nine members, six of them elected by Parliament and three of them appointed by the President. All serve nine-year non-renewable terms. Lower courts include the Courts of Appeal; regional tribunals; ﬁrstinstance courts; and military and arbitration courts

Key leaders President Traian Basescu, a centre-right leader of the Democratic Party, was born in Constanta County in 1951. He is a former naval ofﬁcer and politician. He graduated from the Institute of Civil Marine in 1976 and completed advanced management courses concerning the maritime-transport industry at the Norwegian Academy in 1995. He served as an ofﬁcer on large-tonnage ships at NAVROM Constanta 1976-1981 and as a Captain of the Merchant Navy 19811987. He then served as Chief of NAVROM in Antwerp, Belgium, 1987-1989. In 1989, he was General Director of

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ROMANIA Sector

the State Inspectorate for Civil Navigation in the Ministry of Transport and then Undersecretary of State and Chief of the Naval Transportation department, also in the Ministry of Transport (1990-1991). He has served twice as Romania’s Minister of Transport (1991-1992 and 1996-2000) and has been a member of the Chamber of Deputies, Vice-President of the Chamber of Deputies Commission for Industry and Services, President of the Bucharest Organisation of the Democratic Party, Mayor of Bucharest (2000-2004), President of the Democratic Party (PD), and Co-President of the DA (Justice and Truth) Alliance. Elected president in 2004, he was suspended in 2007 but re-assumed the presidency later that year after a referendum in which he received strong support from the public. He was re-elected for a second term in December 2009. An impeachment referendum against him was launched in July 2012 but failed to receive sufﬁcient public support and he remained in ofﬁce. Having served the maximum two terms as president, he will not be running in the next presidential elections. Prime Minister Victor Ponta, who represents the centre-left Social Democratic party, was born in Romania’s Gorj County © Albertophotography - Dreamstime.com

Palace of the Parliament

in 1972. An attorney and politician, he has diplomas from the University of Bucharest and from the Carol I National Defence University. He has served as a member of the Chamber of Deputies in the Romanian Parliament; a member of the Committee on Foreign Policy in the Romanian Parliament; a member of the Joint Commission of the Chamber of Deputies and Senate to develop a legislative proposal to revise the Constitution of Romania; a member of the Committee for Legal Matters, Discipline, and Immunities in the Romanian Parliament; Minister Delegate for Liaison with the Romanian Parliament; Minister Delegate for the Control of International Grant Programmes Implementation and for Monitoring the Application of the EU Acquis; Secretary of State and Head of the Romanian government’s Control Body; member of the Special Committee on criminal acts committed by government ofﬁcials; member of the Supervision and Guidance Board of the Authority for Bank Assets Capitalisation; Prosecutor and Coordinator of the Romanian Unit for Combating Money-Laundering; President of the Social Democratic Party (PSD); Expert Assessor, GRECO programme, Council of Europe (European Group for Combating Corruption); and in many other posts.

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Government

Elections The President is directly elected by a two-round system for a five-year term. The President may serve two terms. During his/her term in office, the President may not be a member of any political party. Presidential elections were last held in November 2009 with a runoff election in December 2009. The next presidential elections will be held in November 2014. The first round of the elections will be held on November 2 and the second round on November 16. Prime Minister Victor Ponta, who will run for president, has a comfortable 40% lead in pre-election opinion polls, however four other politicians will be running against him. These include Klaus Iohannis, the liberal of ACL alliance, a German-speaking mayor of Sibiu, a Transylvanian town popular with German investors and tourists; Calin PopescuTariceanu, a liberal from PRL who is forecast to get around 10% of the vote; Monica Macovei, an independent, who is a member of the European Parliament and a former justice minister who pushed through reforms when Romania’s EU membership was threatened by corruption; and Elena Udrea, a former Minister of Tourism who formed her own political party, the Popular Movement, earlier this year. Romania’s Prime Minister is appointed by the President with the consent of Parliament. Members of Parliament (Senate and Chamber of Deputies) are elected by popular vote to serve four-year terms. Elections for the Senate and for the Chamber of Deputies were last held in December 2012. The next legislative elections are scheduled for December 2016.

Minister of National Defence: Mircea Dusa Minister of Public Finance: Ioana-Maria Petrescu Minister of Economy: Constantin Nita Minister of Justice: Robert-Marius Cazanciuc Minister of Transport: Ioan Rus Minister of Health: Nicolae Banicioiu Minister of Environment and Climate Change: Attila Korodi Minister for the Information Society: Alexandru-Razvan Cotovelea Minister of Labour, Family, Social Protection and the Elderly: Rovana Plumb Minister of National Education: Remus Pricopie Minister of EU Funds: Eugen Orlando Theodorovici Minister of Youth and Sports: Gabriela Szabo Minister Delegate for the Budget: Darius-Bogdan Valcov Minister Delegate for SMEs, Business Environment and Tourism: Florin-Nicolae Jianu

The Cabinet of Ministers

Minister Delegate for Higher Education, Scientific Research and Technological Development: Mihnea Cosmin Costoiu

Vice Prime Minister and Minister of Regional Development and Public Administration: Liviu Nicolae Dragnea

Minister Delegate for Waters, Forests and Fishers: Doina Adriana Pana

Vice Prime Minister and Minister of Internal Affairs: Gabriel Oprea

Minister Delegate for Energy: Razvan-Eugen Nicolescu

Minister of Agriculture and Rural Development: Daniel Constantin

Minister Delegate for the Liaison with Parliament: Eugen Nicolicea

Vice Prime Minister and Minister of Culture: Kelemen Hunor

Minister Delegate for Romanians Abroad: Bogdan-Dragos-Aureliu Marian-Stanoevici

Minister of Foreign Affairs: Titus Corlatean

Minister Delegate for Social Dialogue: Aurelia Cristea

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• Putting Romania Back on Global Investment Map • Top Target for FDI • Romania Participating in Expo Milano 2015

Business & Investment Opportunities

“Romania has the most strategic location in South-East Europe and the largest Black Sea port.” Mihai Daraban, President Chamber of Commerce and Industry

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Business & Investment Opportunities

Prominent Chamber Offers Extensive Services for Investors European Times: What are the main goals of the Chamber of Commerce and Industry? Mihai Daraban: As the largest Chamber of Commerce in Romania, we are committed to improving the business environment and to serving as productive partners for the Romanian government as well as the private sector. European Times: What are some of the challenges the business sector faces?

Mihai

Daraban,

the

youngest President of the Chamber

Commerce

and Industry in Romania’s history, previously served

as the head of Constanta’s Chamber

Commerce

and has a background in the shipping industry. He describes

the

Chamber’s

current goals and projects.

Mihai Daraban: The two main challenges are the need for a more businessfriendly tax system and high energy costs. The Chamber of Commerce and Industry strongly supports diversifying Romania’s sources of energy, particularly gas, and I personally support shale gas. European Times: What kinds of help can the Chamber of Commerce and Industry provide to investors? Mihai Daraban: The Chamber of Commerce and Industry is Romania’s only business organisation present in every county in the country. Investors should make use of our services. We can help them choose a project and the right location for the project, help them develop the correct strategies, and serve as a liaison between investors and the government as well as local authorities. Our advice is free of charge, and we are not politically motivated. European Times: Why should investors choose Romania?

Mihai Daraban: Romania is probably the safest country in the region, even in Europe. Our neighbours in the south face problems with organised crime, but Romania does not. Romania’s energy and agriculture sectors in particular are very promising, and each region in the country has its own advantages. Romania also has the most strategic location in South-East Europe and the largest Black Sea port. Now we are working to make the Danube navigable year-round. Using European Corridor 7 and the Danube canal, companies can reach Serbia, Hungary, Slovakia and Austria from Romania.

“We welcome investors to come to Romania, the safest country in Europe for business.” European Times: What is the Chamber doing to improve the business environment? Mihai Daraban: We are very active in helping Romania absorb EU funds, especially for professional training to make sure Romania’s labour force fulﬁls the needs of today’s economy. We are also promoting ROMEXPO as a key partner in Europe for fairs and exhibitions. We welcome investors to come to Romania, the safest country in Europe for business.

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Prestigious Clinic Illustrates Potential of Private Healthcare Iowemed Medical Centre opened in 1995 as one of Romania’s first private clinics. It was founded

by Dr. Ionica Ciortan, a paediatrician, and her husband Teofil Ciortan, an engineer.

She explains, “I decided to open this clinic to focus on patient care. Our guiding principle is to love and serve our patients. I am completely at my patients’ service, day and night, and this was not possible in the state-run system of the past.” Dr. Ionica Ciortan has assembled a staff of around 130 highly trained medical professionals who share her commitment to ensuring the patients’ well-being. In addition to the quality of its care, the clinic stands out for its modern technologies and equipment, including a state-of-the-art laboratory developed in partnership with Bioclinica Laboratories SA, the Romanian representative of Germany’s prestigious Limbach Laboratories. Dr. Ionica Ciortan says, “Having our own laboratory allows us to conduct quick and accurate medical analyses so that we can diagnose problems and ﬁnd treatments.”

Successful business venture Another key to the success of Iowemed Medical Centre is its management by Teofil Ciortan, who has boosted the clinic’s growth through his modern management style, awareness of healthcare trends and business expertise. Rather than relying on outside financing, they have reinvested the clinic’s profits so that it will continue to improve and grow. Teofil Ciortan advocates changes in Romania’s healthcare sector which would stimulate the development of high-quality private healthcare services. He says, “Allowing the private health insurance companies to access part of the mandatory contributions of Romanian employers to the National Health Insurance Fund, would lead to better financing of the private healthcare sector and then naturally to better services for patients.”

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Teofil Ciortan

Dr. Ionica Ciortan

Romania’s healthcare sector offers significant investment appeal, Teofil Ciortan believes, since per capita healthcare spending for ambulatory care in Romania is only around two to three euros per year. “Compare this to the amounts allocated for healthcare in Germany or the Czech Republic, and you have an idea of the potential of the Romanian healthcare market,” he points out. The Ciortans want to expand Iowemed Medical Centre to meet growing demand and they welcome partnerships with strategic investors. Teofil Ciortan explains, “We are willing to share part of our business with a strategic investor in a real partnership. With the right investment, we could double or triple our turnover very quickly.” Dr. Ionica Ciortan adds, “Since we are in an emerging economy, it will be more difficult for us alone than with a partner. Together, as a European team, we can be stronger and better.” Iowemed Medical Centre Str. I.C. Bratianu 2-4, Constanta Tel.:+40 241 587 676 office@iowemed.ro - www.iowemed.ro

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Business & Investment Opportunities

Putting Romania Back on Global Investment Map Romania is positioning itself as a top choice for foreign investors,

according to Alexandru Nastase, Secretary of State and head of Romania’s Department for Infrastructure Projects, Foreign

Investment, PPP and Export Promotion. He says, “I believe in a proactive approach. We must show foreign investors that Romania has a healthy and growing economy, skilled labour, a

business-friendly government, steadily improving infrastructure, and in general better conditions than investors would find in other countries in the region competing with Romania in attracting FDI.

The Department of Foreign Investments is committed to providing

the best possible assistance to investors. We want Romania to be the investors’ destination of choice in the EU.”

The message is getting across. FDI flows in Romania have been increasing since 2012, after a decline following the global financial crisis. Romania’s recent economic performance is definitely a draw. Romania achieved 3.5% GDP growth in 2013, the highest in the EU, along with 7% industrial growth (the second-highest in the EU) and 26.8% FDI growth. This made Romania the number one FDI recipient in South-eastern Europe with €2.7 billion in FDI. Furthermore, Romania achieved an additional 10% growth in industrial output in the first quarter of 2014. Romania also offers a 16% flat tax rate, one of the lowest in the EU, as well as a new tax exemption on reinvested profit and reduced financing and operational costs.

Seeking investors who will add value Romania welcomes long-term investors who will bring added value to the Romanian economy. Alexandru Nastase notes, “Romania wants to attract foreign investors who will support the communities where they operate, help protect the environment, and promote

Alexandru Nastase, Secretary of State and head of Romania’s Department for Infrastructure Projects, Foreign Investment, PPP and Export Promotion

Romania as an investment destination. Examples of the kind of investors we are seeking include Renault, Daimler and Ford. All of them have achieved high profits from their investments in Romania. Bottom line is that we want investors who not only bring their know-how, technology and business to Romania but who will also love the country and be willing to support its economic development.” High-potential opportunities for investors in Romania include public-private partnerships for major infrastructure projects, manufacturing (particularly of auto parts, aerospace and wood products), renewable energies, ICT services, agro-industry and food processing, pharmaceuticals and chemicals, consumer goods, and tourism. Alexandru Nastase concludes, “The Department of Foreign Investments is Romania’s one-stop shop for foreign investors and the main interface with foreign companies for project implementation in Romania. Our mission is to put Romania back on the global investment map. I invite entrepreneurs and multinational companies to benefit from our core expertise and proficiency.”

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MASTER ROMANIA REGIO

Top Target for FDI The international investment community is betting on

Romania. FDI in Romania in 2013 totalled €2.71 billion, a 26.8% increase over 2012,

while the country drew €1

billion in FDI in the first five months of 2014, 13.9%

more than the same period last year. Of this investment, equity

stakes

reinvested totalled while

€910

(including earnings)

intercompany

million

loans

accounted for €181 million.

Romania attracted €535 million in FDI in July 2014 alone, topping a record €306 million in foreign investments in May this year. The largest capital investment recorded in July was by Austrian group Egger, which allocated €155.8 million for its Romanian subsidiary – a wood-products factory in Radauti – after making a €34 million investment in its Romanian operations earlier this year. The Romanian enterprise’s sales in 2013 totalled €209 million with net proﬁts of €14.3 million.

Major investments in wide range of sectors The second-largest investment in July (over €90 million) was made by meat enterprise Smithﬁeld Romania, the country’s top pork producer. Smith-

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field Ferme, the pig-farm business, generated sales of €173 million last year and a net profit of €23.8 million, while Smithfield Prod, the group’s processing company, achieved turnover of €187 million. US group Smithfield was taken over by China’s Shuanghui Group last year. The third-biggest foreign investment in Romania in July was a €67.4 million capital infusion by beer producer Heineken in its Romanian operation. Heineken owns four beer factories in Romania employing a total 1,200 workers. In 2013, the company achieved €250 million in turnover and a net profit of €35.6 million. Other foreign investments in Romania this year included one by US group Honeywell, which operates Honeywell

Friction Materials in Romania. The operation, based in Ploiesti, produces components for automobile braking systems. EDP Renewables, part of Portuguese group Energias, invested this year in its Romanian company EDPR RO PV, which operates photovoltaic power-generating plants with a total capacity of 400 MW. The ICT sector is another popular investment target in Romania, for both local and foreign investors. The Romanian property market has attracted signiﬁcant FDI recently. Raiffeisen Evolution, the real-estate investment arm of Austrian group Raiffeisen, invested €27.7 million in July in its ﬁve Romanian companies which are involved in developing a major mixed-use real-estate project near Petrom City outside Bucharest. In

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Business & Investment Opportunities

Foreign direct investment in Romania in 2012

ties between the US and Romania, a move strongly supported by AmCham Romania and the American-Romanian Business Council (AMRO). The plan focuses on ensuring predictability and transparency in government legislation and regulations concerning the business environment and foreign investment.

FDI STOCK AS OF 31 DECEMBER 2012

by country of origin Total FDI (EUR 59,126 million) percent

4.3

3.7

1.8 3.1 2.3

1.8 1.7

1.7 1.6

7.7 22.4

Reasons to invest in Romania

4.5 5.0

18.5

8.9

11.0

The Netherlands

Austria

Germany

France

Italy

Cyprus

Greece

Switzerland

USA

Luxembourg

Spain

Belgium

Czech Republic

United Kingdom

Hungary

other *

As an FDI choice, Romania offers a wealth of attractions. These include the possibility for foreigners to own buildings and land; public-privatepartnerships; a 16% ﬂat tax rate; skilled labour at competitive prices; modern civil and criminal codes; the seventhlargest domestic market in the EU (over 21 million inhabitants); a strategic location joining the EU, the Balkans and CIS countries; three important pan-European transport corridors; the biggest port on the Black Sea at Constanta; rich natural resources; vast potential for tourism; a stable political system; free-trade agreements with EU, EFTA and CEFTA; highly developed industrial infrastructure; and rapidly improving transport infrastructure.

September, Secure PropertyFDI DevelopUpgrade by Standard & in greenfield enterprises** ment & Investment (SPDI), a property- Poor’s (EUR 27,940 million) development and investment company incorporatedpercent in Cyprus, invested In a significant sign of confidence in €3.3 million in 122 apartments in2.5 Romania, Standard & Poor’s upgraded 3.4 2.7 2.3 2.7 2.0 2.3 3.9 investment Bucharest, its3.2third in Romania’s credit rating 10.5 to investRomania7.7this year. “With Romanian ment grade in May this year, citing GDP well on the rebound, demand for the Romanian government’s progress Romania has been allocated around residential property in Bucharest far in lowering external indebtedness. In €23 billion in EU Cohesion Policy 6.7 supply, and we are expecting outstrips September, Fitch ratings service confi rmed funding up to 2020. This funding will 20.6 residential prices and rental values to its investment grade for Romania, noting be used to build over 124,000 km of increase, creating even more value for that Fitch expects Romania to keep within motorways and to improve 923 km of the company,” says Lambros Anag- its budget-deficit target of 2.2% of GDP national roads, along with other projects 18.4 nostopoulos, SPDI’s CEO. and to11.1 achieve accelerated GDP growth to boost Romania’s economic competitiveness. Government agency Romania in the coming two years. Major additional foreign investments Trade and Invest (CRPCIS) offers oneThe Netherlands Austria France are anticipated in Romania’s energy One Germany boost for FDI is the Romanian stop-shop support for investors, just one sector. Romania’s top oil andCyprus gas group parliament’s to discuss more reason foreign investors should Italy Greece recent decision Switzerland Petrom and US ExxonMobil jointly own an action plan to increase business look into opportunities in Romania. USA Luxembourg Spain Belgium Domino-1, the first deep-water exploration well in Romanian waters.Hungary In 2012, Sponsored by United Kingdom other * the companies said they had discovered 142-84 billion cubic metres (bcm) of gas * countries which there, invested lessearlier than EUR reserves and this 500 yearmillion they ** greenfield enterprises – enterprises established as greenfield investment companies began drilling a second deep-water well in the area. 23

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ROMANIA

Healthy Food and a Healthy Business The Aaylex Group has been

providing top-quality chicken products for over two decades and

demonstrating

the

potential of Romania’s food sector.

The

company

sells

around 5,000 tonnes of its

popular Coco Rico brand of

chicken products every month. The group exports Coco Rico chicken to the Netherlands, Germany, Italy, France, Greece, Macedonia, Slovakia, Malta, the UK, Cyprus, Bosnia and Albania. In Romania, Coco Rico products are sold in special Coco Rico shops and through major retail chains, including Carrefour, Metro, Selgros, Kauﬂand, Mega Image, RealCora, KFC, Auchan and others. Coco Rico products meet all EU food standards and stand out for their exceptional quality. All chickens that will become Coco Rico poultry products are raised humanly and fed with a mix of grains and soya mills. The chickens are never given growth hormones and the meat is never injected with water, saline solutions or other additives. To maintain the quality of its chicken, the Aaylex Group uses only top breeds and employs Tony Marangos, an internationally known nutritionist, as a consultant. In addition, every stage of the Aaylex Group’s production process, from breeding and hatching chicks to distributing meat, is controlled rigorously to ensure natural, tasty and healthy

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products. Coco Rico chicken has obtained all necessary international quality certiﬁcations, including ISO 9001/2000 and ISO 22 000, and Aaylex implemented the HACCP system of quality management in 2007.

Commitment to quality and the environment Now with almost 2,000 employees, including 900 in the company’s new slaughterhouse, the Aaylex Group is a major employer in Romania. The company sells fresh meat rather than frozen, employing state-of-the-art packaging and distribution to ensure a longer shelf life without compromising quality and food safety. The group has two cold-storage facilities (in Buzau and Bucharest) with a total capacity of 1,000 tonnes and operates its own ﬂeet of transport vehicles. The Aaylex Group’s production facility is environ-

mentally friendly; in fact, it is the only bio-gas chicken waste processing plant in Europe. The Aaylex Group is a benchmark in Romania’s private sector. It has followed a policy of reinvesting its proﬁts and has invested around €70 million in chicken farms, a new slaughterhouse and other projects to ensure sustainable growth. Aaylex Group’s Management explains the company’s strategy which is to continue to grow. They highlight the importance of Romania’s numerous natural resources and hard working people. The company is open to partners who share its commitment to the highest standards of quality in food products. Aaylex Group Str. Nicolae Caramfil 71-73 Sector 1, 014142 Bucharest Tel.: +40 372 179 800 www.cocorico.ro

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Business & Investment Opportunities

Dynamic Printing House Offers Full Range of Services Everest Printing House, founded in 1994, has expanded to become one of Romania’s leading

enterprises in the printing and publishing sector. The company demonstrates the potential of the

Romanian private sector to operate according Dan Abraham, CEO

to the highest international standards and

achieve sustainable growth. Everest Printing

House oﬀers high-quality printing services for local and global clients and it welcomes international partnerships.

CEO Dan Abraham, founder of the family-owned enterprise, explains that he started the company with used equipments and few employees, and has built it up step by step to its market-leading position today. Everest Printing House now has more than 100 employees, modern equipment and a new headquarters. He adds, “In 2012 we acquired RH Printing and turned two medium-sized printing businesses into one big business. A year after the merger, we had doubled our turnover.”

support for its customers, from magazines and books to signs, billboards, banners, displays, commercial products, packaging, leaﬂets and more. Dan Abraham says, “We have a large team that can do basically everything. We handle 60 to 70 orders a day, making adjustments depending on each client’s desires. Our diversity and ﬂexibility are our main competitive advantages.

As a full-service printing house, Everest Printing provides all types of printing

Everest’s clients include advertising agencies, printing brokers, private

Tailor-made services to meet each client’s needs

companies and individuals, all benefiting of a maximum efficiency. From the sales department to production, every team of the company is ready to assist the client in taking the best decisions for his work. For international customers, Everest Printing can provide full consulting services as well as logistics and distribution support in Romania and beyond thanks to Everest’s strong partnerships with international couriers. Everest Printing has invested in the latest equipment to meet the highest international quality standards. As for the future, Dan Abraham together with his team and the Marketing Executive of Everest Printing, is currently working on developing an international marketing strategy for the company. Dan Abraham notes that Everest Printing works to establish more international partnerships. He says, “We want to have a bigger presence in the international market. We offer reasonable prices, skilled human resources, and high-quality equipment and technologies. Our partners can trust Everest Printing, and we welcome the chance to support foreign investors in Romania, a market with excellent growth potential.” Everest Printing House B-dul Timisoara 121-137 6th district 061327 Bucharest Tel.: +40 21 433 07 01 / 02 office@everest.ro www.everest.ro

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ROMANIA

Romania Participating in Expo Milano 2015 Georgian Ghervasie, Commissioner General of Romania

to improve relationships between Romania and other countries through strategic partnerships as well as demonstrate Romania’s potential to the world.” Around 20 million visitors are expected to attend Expo Milano 2015. To date, the UN, CERN, the EU and 144 countries are scheduled to participate.

Romanian pavilion’s theme to be “Living with Nature”

As part of its commitment to serving as a

productive member of the global community, Romania will participate in Expo Milano 2015,

to be held in Milan, Italy from May to the

end of October next year. The theme of the high-profile 2015 event is “Feeding the Planet,

Energy for Life”; crucial issues as the world’s food resources are declining even as the global population is increasing.

The ﬁrst Universal Exposition, or World’s Fair, was held in London in 1851. Since then, the prestigious event has been held in many locations, and Romania was one of the ﬁrst countries to participate. The Romanian government is committed to supporting Romania’s presence at Expo Milano 2015. Georgian Ghervasie, Commissioner General of Romania, comments, “Expo Milano 2015 is a non-commercial universal exposition and with our participation we aim

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Romania will have its own two-storey, 887 sq m pavilion in Expo Milano 2015 with the theme “Living with Nature”. The pavilion will focus on five main areas: Biodiversity, Sustainable Agriculture and Green Energy, Fruits and Vegetables, Culture and Tradition, and Gastronomy. Exhibits on the ground floor of the pavilion will concentrate on Romania’s natural resources, in a modern digital concept, while the upper floor will highlight Romanian traditions. On the upper level, visitors can explore an authentic Romanian wooden house complete with a real garden. The Romanian pavilion will host several events during the six-month run of the exposition, including ones demonstrating Romania’s exceptional biodiversity. Exhibits on Romania’s diverse regions as well as a restaurant serving ethnic cuisine will help introduce visitors to Romanian traditions and culture. Romania Expo Milano is organising the pavilion and related events, and is currently seeking private-sector investors and partners. Georgian Ghervasie says, “We would like to have the funding to boost the pavilion’s potential, for example by showcasing Romanian agricultural bio-products, manufactured goods, renewable technologies and more. We want to represent Romania in the best possible light and to show its advantages in the automotive industry, engineering, organic agriculture, energy and rural development. We also want to establish new ties to Italy and other countries. Visitors to Expo Milano 2015 will see for themselves what Romania really is.”

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Business & Investment Opportunities

Reliable Legal Guidance for Successful Romanian Investments Daniel Urdoi, Partner

lations. Until the new regulations are more uniformly applied by authorities and the courts, in order to secure the investments from a legal point of view, the support of experienced legal professionals is highly recommendable. European Times: What kind of legal assistance can your law ﬁrm provide to an investor?

Tonucci & Partners, an international law firm present for over

13 years in Romania’s legal services sector, has developed significant expertise in providing high-level legal assistance to investors in the Romanian market. The firm’s local partner, Daniel Urdoi, is confident about the growth potential of the Romanian economy and believes that expert assistance concerning the legal challenges related to investments can contribute to the success of a business. European Times: What are the main advantages of investing in Romania? Daniel Urdoi: Various factors make Romania an interesting destination for investments including the low level of taxation, particularly the 16% flat rate for corporate taxes, low property prices for both agricultural and residential land, relatively low labour costs compared to those in other European countries and EU financing programmes for the development of agriculture, infrastruc-

ture and tourism. All these factors give the Romanian economy an important growth potential. European Times: From a legal perspective, what are the main challenges an investor in Romania should expect? Daniel Urdoi: Following Romania’s accession to the EU in 2007, new provisions aimed at modernising the legal framework were adopted, including new civil and criminal codes and signiﬁcant changes in the regulations for many important sectors such as real estate and construction, agriculture and energy. The adoption of such an important number of new regulations within a relatively short period of time has generated some difﬁculties related to the uniform application of such regu-

Daniel Urdoi: Our team of legal professionals is composed of highly qualified professionals with excellent academic backgrounds who are able to provide legal assistance in several languages. They also have vast expertise in providing investors in Romania with a wide range of customised legal services which are designed to maximise the benefits Romanian legislation offers. Along with our team’s solid experience, we offer a dynamic vision for providing flexible and effective solutions. Not only do we constantly update our clients via newsletters about regulatory changes which will have a possible impact on their businesses, but we also use specialised communication channels in order to always be in touch with customers interested in specific sectors. To better meet our clients’ need to be constantly updated concerning relevant legal matters, we have developed two blogs on two sectors of particular interest in the Romanian economy: renewable energy (lawrenewablenergy.com) and agriculture (www.lawagriculture.com). Tonucci & Partners Law Firm Str Academiei 39-41 Etaj 2, Birou 2.1, Sector 1 Bucharest Tel.: +40 31 425 4030/1/2 bucharest@tonucci.com, www.tonucci.it

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Successfully Managing your Company’s Reputation What do employees believe about you? What are your customers’ expectations and perceptions? How are your competitors perceived in the market? An extensive perception map for all stakeholders needs to be prepared and updated, in order to bridge the gap (if any) between your reputational targets and stakeholders’ views of your company.

One of the founding fathers of the United States once said that it

takes many good deeds to build a good reputation, and only one bad one to lose it. Those are wise words that still stand today. Reputation is a fundamental quality of every organisation – what internal and external stakeholders believe about it, expect from it and say about it to others. A company’s reputation inﬂuences purchase decisions for customers, strategic partnerships and even attracting talent. If your aim is to conduct successful business in a market – recruit talent, grow your customer base, expand fundraising, inﬂuence policy – you must build your image. In many companies nowadays, reputation is factored into the shareholding value. Combined with increasing demands for good corporate governance and transparency, issues affecting reputation are ever-more important to corporate performance.

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A company’s reputation is shaped by both its actions and its positioning among key stakeholders. Doing what you say will gain you trust with your employees, partners and customers. Positioning yourself in the market as a leader, as an employer of choice, a responsible actor in the community or a reliable partner to government authorities is all part of managing your reputation in a way that is beneﬁcial to your business. Reputation management is a strategic function performed by communications experts in conjunction with top executives. Listening to your audiences is a key part in understanding perceptions and expectations related to your company.

Especially with the speed of the digital world and the possibility of a local crisis becoming global, companies need to be increasingly aware of all external and internal factors that may affect their reputation. Is your company prepared to handle a crisis? Are there procedures in place? Being aware of what news organisations or online inﬂuencers are saying about you and your brand, assessing reputational risks in a timely manner, as well as having a plan in place, are essential in maintaining the image a company has built diligently over time. At Oxygen, we believe that communication is as essential for a company’s long-term success as oxygen is for people. Our communication experts have successfully shaped and managed the reputation of local and international companies and brands from the ﬁnancial sector, FMCGs, ICT, healthcare, real estate, retail and other industries. By: Tereza Tranakas, Managing Partner, Oxygen

OXYGEN PUBLIC RELATIONS Str. Nicolae Caramfil 71-73 Sector 1, Bucharest www.oxygenpr.ro www.facebook.com/OxygenPR

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• Central Bank Governor Outlines Financial-Sector Goals • World Bank a Long-Term Supporter • Banking Sector Enjoys Comfortable Cash Reserves

Finance & Banking

“Romania offers macroeconomic stability and is committed to European integration.” Mugur Isarescu, Governor National Bank of Romania

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ROMANIA Sector

Central Bank Governor Outlines Financial-Sector Goals Mugur Isarescu, Governor of the National Bank of Romania (the country’s central bank) for over two decades, discusses financial-sector developments.

European Times: What are your main goals as Governor? Mugur Isarescu: The clear target that I set out for myself in the beginning and have followed all this time is to be part of the efforts to transform Romania from a dictatorship with a planned economy into a successful market economy with a banking system led by a central bank and with commercial banks in competition. In pursuing this goal, the Romanian National Bank has benefited from the support of several European central banks, including those of the Netherlands, France, Belgium, Italy, Austria, England and Germany. European Times: Why should international investors choose Romania? Mugur Isarescu: Romania offers macroeconomic stability and is committed to European integration. We have brought inflation to low levels, kept our external and fiscal deficits under control, levelled off public debt to less than 40percent, and kept our currency relatively stable. Romania is also the country with the biggest potential in the region and the Romanian market is significantly large by European standards. Romania also has rich natural resources, highly skilled human resources and a strategic location - connecting the Black Sea, the Balkans and the Middle East. European Times: Eurozone?

European Times: How will the central bank continue to support Romania’s economic growth?

When will Romania join the

Mugur Isarescu: Our original target was 2015 but, like peer countries (Poland, Hungary, Bulgaria, the Czech Republic), it seems we were too optimistic. Maastricht criteria are now being better understood especially in regards to sustainability in order to ensure that accession to the Eurozone brings advantages and does not lead to widening gaps as for southern European countries which joined the Eurozone

without being adequately prepared. We want to join as soon as possible but only when we are well prepared. I believe that the single market and monetary union will bring a number of advantages to Romania provided that Eurozone institutions function properly.

Mugur Isarescu: Our monetary policy focuses primarily on price stability and also on ﬁnancial stability. The National Bank of Romania has gradually eased its monetary stance, including lower interest rates in line with declining inﬂation. We want Romania’s commercial banks, with both local and foreign capital, to resume lending by awarding healthy, solid credit lines and improving cooperation with their clients. This new process should decrease lending costs and stimulate borrowing, which will lead to economic growth for Romania.

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Finance & Banking

World Bank a Long-Term Supporter Elisabetta Capannelli, World Bank Country

Manager for Romania, discusses the Bank’s projects there.

European Times: Can you describe the World Bank’s history in Romania? Elisabetta Capannelli: The World Bank has been active in Romania for 42 years. The bank has supported a transition to a market economy, has helped with reforms in energy, education, poverty reduction, EU convergence, and the alleviation of the financial crisis. European Times: What are some of the World Bank’s projects here in Romania? Elisabetta Capannelli: The bank has supported agriculture through our Complementing EU Support for Agricultural Restructuring (CESAR) project, the Irrigation Rehabilitation and Reform project, and the Modernizing Agricultural Knowledge and Information Systems project. In 2013, the Ministry of Environment and Climate Change and the bank signed a comprehensive reimbursable advisory services project on Climate Change and Green Growth. Bank support to the health sector has been provided via the Health Services Rehabilitation Project, Health Adaptable Program Lending series, and the Health Sector Reform Project for Improving Health System Quality and Efficiency. Romania’s social inclusion agenda was advanced through the Social Inclusion project. The project includes the development of new guidelines for inclusive early childhood education, teacher training, and rehabilitation of kindergartens in communities with a significant Roma population.

A new country partnership strategy covering 2014-17 was submitted to the Board this May. The proposed strategy focuses on creating a 21st century government, sustainable and inclusive growth, job creation, a more efﬁcient internal market, and a competitive enterprise sector. European Times: What progress has been made through the World Bank’s programmes here? Elisabetta Capannelli: The World Bank was – and is – instrumental in helping Romania meet the criteria for joining and converging with the EU. We support the government’s reform agenda. Romania has achieved many results, but let me emphasize the need for sustained reform and inclusive growth. What makes the Bank unique is that we support our investments with technical assistance and advisory services. European Times: What are your main goals for Romania? Elisabetta Capannelli. We would like to see a 20% to 30% reduction in the poverty rate, increased social inclusion – including the Roma population – an improved business environment, and sustainable economic growth. European Times: What is your personal message about Romania? Elisabetta Capannelli: Compared to most European countries, Romania has done really well in terms of ﬁscal consolidation and macroeconomic stabilisation. It has great development potential. I am optimistic about Romania’s future. I am convinced that convergence with the EU will continue over the next decade at a pace similar to the past decade.

Banking Sector Enjoys

Comfortable Cash Reserves Romania’s banking sector plays a key role in financing the national economy.

According to a recent report by the World Bank, the sector maintains appropriate capital buﬀers and provisioning, although it is facing pressure concerning assets quality and foreign-bank deleveraging.

Nonperforming loans in the banking sector increased to around 21.9% in 2013, but capitalisation remained strong in most banks. The World Bank report praises the National Bank of Romania for its efforts to ensure that Romanian banks maintain sufficient capital and liquidity and, in coordination with the EU and the IMF, regularly conduct solvency and liquidity tests. According to the head of the National Bank’s Supervisory Directorate Chief, Nicolae Cinteza, Romanian banks will face a difficult year in 2014, marked by a decrease of funding lines from abroad and by competition in attracting resources from clients, but comfortable solvency levels will protect banks from severe problems. Fitch ratings service also predicts a difficult year for Romanian banks in 2014 but notes that the banking sector’s financing profile is improving and the credit-deposit ratio dropped by 10% in the third quarter of 2014. In addition, as Fitch points out, Romanian banks enjoy comfortable cash reserves. Between July 2013 and February 2014, the National Bank reduced the interest rate from 5.25% to 3.5% per year and reduced the level of banks’ minimum compulsory reserves in lei and hard currency which commercial banks must deposit with the central bank. National Bank Governor Mugur Isarescu says, “I think these measures will boost lending in general.” Leading banks in Romania include Romanian Commercial Bank, part of the Austrian group Erste; BRD Société

Générale; Transylvania Bank; Unicredit Tiriac Bank; Savings Bank; Raiffeisen Bank; ING Bank; Alpha Bank; Volksbank; Bancpost, part of Greece’s EFG Eurobank; and Garanti Bank.

Leading bank working with clients, for clients Garanti Bank, ranked 12th in Romania, is owned by Turkiye Garanti Bankasi, Turkey’s second-largest private bank in terms of assets. With a loan portfolio of almost €1.1 billion, Garanti Bank Romania has earned a stellar reputation for its high standards and personalised services for corporate, SME and individual clients in all sectors of activity. Garanti Bank Romania has 78 branches and partners with the non-banking institutions within Garanti Group, Garanti Leasing and Garanti Consumer Finance, to provide a full range of services and support for customers. CEO Ufuk Tandogan explains, “If you are looking for a serious and stable partner in Europe, Garanti Bank is the perfect choice. We work with the client, for the client.” Sponsored by

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• Reliable Regulator in Romania • Fast-Growing Non-Banking Financial-Services Sector

Non-Banking Financial sector

“We have more than 10 million consumers and investors operating in the non-banking financial sector.” Misu Negritoiu, President Financial Supervisory Authority

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MASTER ROMANIA REGIO

Reliable Regulator in Romania

Misu Negritoiu, President of the Financial Supervisory Authority

Autoritatea de Supraveghere Financiara

(ASF),

the

Financial Supervisory Authority

in English, is still a rather

young institution. Formed in April 2013 as a result of the integration of the Supervisory Commission of Private Pension

Systems (PPSSC), the Insurance Supervisory Commission (CSA), and the National Securities

Commission (CNVM), ASF is singlehandedly responsible for

the oversight and regulation of

the

entire

financial sector.

non-banking

Misu Negritoiu, who served as a minister in Romania’s fledgling government after the fall of communism, recently took the helm at ASF. Drawing on a dearth of experience within the private sector, including more than seven years serving as the chairman and chief executive of ING Romania, Misu Negritoiu is confident that ASF can play a critical role in Romania’s deeper integration into the EU and the country’s ongoing economic development. “In terms of participants, we have more than 10 million consumers and investors operating in this market and a sizable asset capitalisation of more than €30 billion in the non-banking financial sector which is roughly 25% of GDP,” Misu Negritoiu explains.

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“We are working in the growing market and our ﬁnal mission is to channel the resources from these markets into the real economy.” Misu Negritoiu, who spent the early years of his career working to promote a newly capitalist Romania to foreign investors, believes the country has much to offer potential investors. “Romania has proven that it is reliable,” he emphasises. “This is the right time to invest, grow and be present on the market.” Misu Negritoiu recognises that attracting investors to the country hinges not only on a positive message, but also on Romania’s ability to abide by European and international standards. “We’re looking to strengthen the institutional framework, to update the legal framework at our level and at the level of the parliament in both local and

European terms. We are in the process of permanent integration of European directives and the local legislation.” As the key government regulator for the non-banking financial sector, ASF sees foreign direct investment as a critical piece of the puzzle in Romania’s future. “Whenever we have foreign investors, our markets move forward much faster. We have some strong players but not enough and not in all subsectors. International financial institutions, bulge brackets, investment peers, global insurance, life insurance, mutual funds, capital markets and foreign financial investors can all have an impact here.” Although still a young institution, under capable leadership, ASF will undoubtedly play a big role in the future growth of Romania’s non-banking financial sector.

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Non-Banking Financial sector

Fast-Growing Non-Banking Financial-Services Sector Romania’s financial-services sector has been growing rapidly

and includes both banking and non-banking financial-services providers operating according to EU and international standards.

The sector has embraced many global industry trends, such as multi-channel distribution strategies, GSM, telephone and Internet banking, investment management, and innovative investment and insurance products.

Legislation adopted in 2009 sets up the regulatory framework for non-banking financial institutions in Romania, and the regulations are enforced by the National Bank of Romania, the country’s central bank. According to the 2009 law, an authorised non-banking financial-services provider in Romania is any legal entity involved in consumer credits, mortgage and other secured loans, trade financing, financial leasing, factoring and discounting, guaranty and surety activities, and other credit financing. The National Bank of Romania has the authority to determine whether an institution qualifies as a licensed non-banking financial-services provider in Romania and monitors the activities of all these institutions. The National Bank issues guidelines and undertakes regular inspections of these companies. The non-banking sector is also overseen by Romania’s financial-services regulatory authority, the Autoritatea de Supraveghere Financiara (ASF).

ﬁnancing for the private sector as well as leasing, factoring, consumer credit and mortgage credit which stimulates the ongoing development of the Romanian economy in general.

“Taking into account the accession of Romania to the EU, updating norms and legislation at the level of the European Union becomes an important target for the near future.”

World-class standards for non-banking entities

The Financial Companies Association in Romania (ALB), established in 2004, is the professional organisation for nonbanking financial institutions in Romania. The non-profit association provides legal and commercial information about Romania’s non-banking financial sector to both member companies and to the general public through the ALB web site.

According to the 2009 law, all non-banking ﬁnancial institutions in Romania must meet certain standards. These include a minimum share capital of €200,000 or, if the company provides mortgage lending, a minimum share capital of €3 million. Non-banking ﬁnancial institutions are playing an increasingly important role in Romania through providing

Making sure non-banking institutions in Romania meet EU standards is a key goal for ALB. As ALB Secretary General Adriana Ahciarliu points out, “ALB Romania is a non-proﬁt association aiming to work for a better business environment and a more professional framework for the ﬁnancialservices market in Romania. The members of the association

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ROMANIA Sector

are well known actors in the local leasing and other nonbanking financial-services market, representing well-known institutions in this field. Taking into account the accession of Romania to the EU, updating norms and legislation at the level of the European Union becomes an important target for the near future.” One fast-growing segment of the non-banking financial-services market in Romania is pension funds. The total net profits of mandatory (Pillar II) and optional (Pillar III) private pension funds in Romania reached €105 million in the first half of 2013, a year-on-year increase of 41%. Pillar II funds achieved €100 million while ten optional funds reached €5 million.

BRD Pensii Services A leader in Romania’s pensions segment is BRD Pensii (BRD Pensions), which brings world-class pension services to the Romanian market. Launched in 2007 by BRD-Group Société Générale, BRD Pensii offers long-term, stable, 100% bancassurance designed to help Romanian customers achieve long-term ﬁnancial security.

“BRD Pensii thinks globally and acts locally. We keep our portfolios very balanced and work hard on developing strong relationships with our customers.” Rozaura Stanescu, General Manager, explains “BRD Pensii thinks globally and acts locally. We keep our portfolios very balanced and work hard on developing strong relationships with our customers, who need to understand that private pensions are not a choice anymore; it is a responsibility. This is a highly regulated market that continues to improve as we, the administrators, and the ﬁnancial-sector authorities gain more experience and learn to work together.’’ Reliable nonbanking ﬁnancial-services providers like BRD Pensii add to Romania’s appeal as a business base and FDI target. Sponsored by

Sector

Private Pension Funds Securing Clients’ Future Allianz-Tiriac Private Pensions combines the international expertise and high standards of the global Allianz network with in-depth knowledge of the Romanian market.

Crinu Andanut, General Manager, explains, “We are managing the investments of 1.5 million participants. Our customers need to be sure that at retirement age they can count on their pensions. Allianz-Tiriac Private Pensions is fully prepared to handle this important responsibility.”

Allianz-Tiriac Private Pensions has a very strong reputation in the Romanian market, where Crinu Andanut, General Manager it is known for seriousness, transparency, efficiency and trustworthiness. The company serves all types of customers and strives to establish long-term relationships with all of them. One of Allianz-Tiriac Private Pensions’ tasks in Romania is to encourage the local population to arrange their own pension support instead of relying only on the state pension. “It is our duty to financially educate people to take their future into their own hands,” Crinu Andanut says. It is worth to mention the average market return results of the pension funds is over 11% since inception, in the benefit of the members. In order to maintain its solid financial position, AllianzTiriac Private Pensions is currently optimising its processes and risk-management framework. Crinu Andanut is positive about the future of Allianz-Tiriac Private Pensions and of the Romanian economy. He says, “Romania is a market with huge potential. I truly believe in a bright future for Romania, based on a better education for the younger generations and solid economic development.” Allianz-Tiriac Pensii Private Societate de administrare a fondurilor de pensii private S.A. Str. Siriului 42-46, et. 4, sector 1 014354 Bucharest, Tel.: +40 21 207 2166 info@aztpensii.ro, www.aztpensii.ro

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• Austrian Ambassador Highlights Bilateral Ties • Austria and Romania Forging Even Stronger Ties

Economic Partner: Austria

“Romania is a fascinating country with enormous potential for growth.” Michael Schwarzinger, Austria’s Ambassador to Romania

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Austrian Ambassador Highlights Bilateral Ties Michael Schwarzinger, Austria’s Ambassador to Romania, discusses relations between the two countries.

Laurentiu Liferi, Country Manager European Times, Rosemaria Schwarzinger, Ambassador for SOS Children’s Villages in Romania and Michael Schwarzinger, Ambassador of Austria to Romania (from left to right)

European Times: How would you describe Austria-Romania relations? Michael Schwarzinger: At the political level, the two countries cooperate in international organisations and have had many high-level exchanges. For example Austria and Romania are working together with other countries in the Danube Basin initiative, which includes around 400 EU-funded projects. At the economic level, Romania has attracted signiﬁcant FDI from Austria, for example in agriculture, wine-making, forestry, oil and gas, banking and insurance, retail sales, and industry, particularly the automotive industry. Austria’s two most important foreign investments in

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Romania to date are Austrian OMV’s acquisition of a 51% share of Petrom and Erste Bank’s 100% acquisition of Romanian Commercial Bank (BCR). These two investments totalled several billion euros. Austria and Romania are both middle-sized members of the EU with an extremely strong interconnection and interdependence. Our two economies are closely linked so we need to collaborate. European Times: How are Austria’s relations with Romania affecting the country’s accession to Schengen and the OECD? Michael Schwarzinger: I think Romania deserves to be part of the OECD, and I think we are near the end

of a long process to make Schengen completely operative for Romania. European Times: Why should international investors target Romania? Michael Schwarzinger: Romania is a very good country for foreign investors. Romania offers investment opportunities in many sectors, including agriculture, wineries and renewable energies. There is a broad acceptance in Romania for Greenﬁeld investments which creates new jobs. Austrian companies have created more than 100,000 jobs in Romania to date, and these are generally good jobs with higher-than-average pay as well as security. As for the privatisation of state assets, this is an issue which must be decided in Romania but we have already seen the beneﬁts privatisation can bring to the Romanian economy. FDI has boosted Romanian exports, and foreign investors in Romania are committed to corporate social responsibility. European Times: What is your personal message to potential investors around the world? Michael Schwarzinger: Romania is a fascinating country with enormous potential for growth. In addition to the other advantages I have mentioned, Romania has a strategic location linking Central Europe with the Black Sea region and it is the gateway to the Balkans for investors. Romania is a strong member of the EU and Austria is happy to enjoy good relations with this country.

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Economic Partner: Austria

Long-Term Investor Committed to Romania’s Future Baumit has made a long-term commitment to

Romania. Since it was launched in 1995, the enterprise, which is part of Austrian Schmid

Industrie Holding, has invested in cutting-edge manufacturing

facilities,

created

jobs

and

trained local workers in Romania. Baumit also

plays a key role in bringing new technologies and practices to the Romanian market. Far from entering Romania for quick profits, Baumit is in the country to stay.

CEO Laurentiu Lupusor explains, “Schmid Industrie is involved in the production and distribution of construction materials throughout the EU and beyond and has manufacturing facilities in many countries. The group initially traded imported products in Romania and then we developed our own manufacturing facilities here. We now have three plants in Romania as well as a national distribution network.” Baumit is the market leader in its sector in Romania.

Bringing long-term beneﬁts to Romania Baumit is also a benchmark in practices which will help Romania’s business sector survive the European economic recession. Laurentiu Lupusor says, “In the 18 years that I have been running the company, we have been constantly analysing the market and trends in order to adapt to evolving conditions. Baumit is the Romanian leader because of its ﬂexibility and extensive European and international expertise. We have also brought high-quality buildingmaterials solutions to Romania’s construction projects, from private homes to major developments, and we have trained a generation of local professionals.” Through its success in Romania even during the recession, Baumit demonstrates to the international investment community that Romania is a market with potential.

Laurentiu Lupusor, CEO

Laurentiu Lupusor points out, “Baumit showed that foreign investment in Romania can be profitable and other companies have followed our lead.” One of Baumit’s innovations in the Romanian market is thermal insulation of buildings and the company is promoting not only this product but also its proper use. “Baumit is a trendsetter and we are trying to educate the market through our own activities, publications and interaction with local decision-makers. We promote the use of highquality products in the right ways,” Laurentiu Lupusor says. Laurentiu Lupusor urges international investors to take a closer look at Romania’s high-potential opportunities. He concludes, “Romania offers well-educated and qualified people who master their skills and are willing to put a lot of energy into projects. Romania also has a large consumer market and can easily serve as a bridge to markets in the Middle East and beyond.” Baumit Romania Com SRL B-dul Iuliu Maniu 600A, sector 6, 061129 Bucharest Tel.: +40 21 350 01 03 / 06 office@baumit.ro, www.baumit.ro

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ROMANIA

Austria and Romania Forging Even Stronger Ties Floreasca Sky Tower

At the Austria-Romania Roundtable Business Conference and Awards held in March 2013, Austria’s Ambassador to Romania, Michael Schwarzinger, emphasised the increasingly strong economic links between the two countries since Romania joined the EU. He said, “Austria and Romania are partners within the EU, members of the internal market, and are both part of the European Monetary and Economic Union. We should not overlook these facts when we talk about our bilateral relations.” Today, 6,741 companies with Austrian capital are registered in Romania and more than 1,000 Austrian investors are active there. These Austrian investments had created more than 100,000 direct jobs as of April 2014.

Austrian FDI targeting range of sectors

Austria and Romania are strengthening their long-standing cultural and business connections. In 2010, the two countries

celebrated 90 years of bilateral relations, and Austrian investments in Romania now total more than €10.9 billion,

accounting for 18.5% of Romania’s total FDI. In fact, Austria is Romania’s top source of foreign investment by far.

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Austrian investors in Romania have targeted a wide range of sectors, from ﬁnance to energy. These investors include Raiffeisenbank, which acquired Romania’s Banca Agricola in 2001; Vienna Insurance Group, which invested €150 million in Romania’s Asirom that same year; Porsche Bank, which launched operations in Romania in 2004; Erste Bank, which acquired a majority share of Romania’s BCR for €3.75 billion in 2005; and OMV, which acquired a majority share of Romanian energy group Petrom for €1.5 billion in 2004 and subsequently invested millions of euros in modernising Petrom’s facilities and infrastructure. OMV-Petrom is now ranked one of the most successful enterprises in Romania and the source of some 25,000 jobs. The €130 million Petrom City develop-

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Economic Partner: Austria

ment opened in Romania in 2010 and in 2011 OMV-Petrom opened Romania’s biggest gas-fuelled power plant to date. The 860 MW, €500 million plant provides power for 8% of Romania’s average annual energy consumption.

Austrian investment in Romania amounts to 10.9 bln Euro - 18.5% of total FDI.

Romania’s first infrastructure PPP Another successful Austrian investor in Romania is Strabag, which, in a consortium with Vinci (France) and Aktor (Greece), won a tender in late 2013 to build 58 km of highways in Romania, including tunnels and bridges. The consortium will build a new route over the Carpathian Mountains from Comarnic to Brasov through Romania’s first mayor public-private partnership for transport-infrastructure development. Raiffeisen Evolution is responsible for Bucharest’s tallest building, the 137-metretall Floreasca Sky Tower. The development includes the Promenada Mall covering 55,000 sq m on six floors above a massive underground parking structure completed by Strabag in 2013. Austria’s Schweighofer expanded its FDI in Romania last year through a €150 million investment in a wood-processing plant in Covasna. Schweighofer already operates plants in Sebes, Radauti, Siret and Comanesti and is the leading investor in Romania’s wood-processing sector. In the auto industry, Porsche invested €15 million in 2013 in a new showroom and service centre for Audi, Porsche, Bentley and Lamborghini vehicles in Pipera, Bucharest. With its portfolio of Volkswagen, Audi, Porsche, Skoda and Seat vehicles, Porsche Romania is the source for Romania’s best-selling imported automobiles. In the retail sector, Austria’s Billa supermarket group has expanded in Romania and now operates 80 outlets there, making it one of Romania’s biggest supermarket chains. Meanwhile Österre-

Source: National Bank of Romania as per December 31, 2012

ichische Post AG (Austrian Post Group), which entered Romania in 2011 when it acquired a 26% share of Post Master Romania, bought the remaining shares of the company in 2012 and is now Romania’s leading alternative postal services. Targeting renewable energy, Austria’s Verbund completed the ﬁrst phase of 99 MW wind park at Casmicea in Romania’s Dogrugea region in 2012 and expanded the park to boost its capacity to 226 MW last year. Focusing on the steel industry, Austria’s Voestalpine opened a €20 million, 8,500-square-metre steel-services centre in Giurgiu in 2012 which produces more than 130,000 tonnes of ﬁnished steel products per year.

The company sources its sugar beets from local farms and makes an important contribution to Romania’s agricultural development by providing free consulting support to farmers. Gabriela Petrea explains, “The potential of agriculture in Romania is huge, and Agrana has made a long-term commitment to this country.” According to Advantage Austria, Austrian investments in Romania in the ﬁrst half of 2014 targeted the woodworking industry, the oil and gas sector, renewable energy, the automotive industry, steel processing, infrastructure and property construction, food processing, retail trade and more. Austrian FDI in Romania is clearly on the rise.

Agrana playing key role in agriculture sector Agrana, which leads the way in Romania’s sugar sector, illustrates the potential of the Romanian market. The Austrian enterprise entered Romania in 1998 and now operates three sugar-processing facilities there. “We have invested over €20 million in our factories in the last three years to enhance our performance in both quality and environmental protection,” explains CEO Gabriela Petrea.

Agrana Romania Soseaua Straulesti nr. 178 – 180 sector 1, 013339, Bucharest Tel.: +40 372 381 000 oﬃce.romania@agrana.com www.agrana.ro

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ROMANIA

• Agriculture Continues to Draw Major Investment

Agriculture

“The sector’s very positive results in 2013 demonstrate the potential of agriculture in Romania.” Daniel Constantin, Minister of Agriculture and Rural Development

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Agriculture

Minister Highlights Significant Potential of Agriculture Sector initiatives and achieved a positive trade balance for the first time in two decades. European Times: What are some of Romania’s top agricultural products? Daniel Constantin: In 2013, Romania was the biggest producer of corn in the EU and the third-biggest producer of sunflowers and wheat. Romania also produces excellent fruits, vegetables and wine and has become a leader in organic food products. Romania was named “country of the year” at last year’s BIOFACH fair in Nuremberg. Romania has ideal conditions for organic agriculture since our soil has received little chemical treatments for the past 20 years. European Times: What are some of the challenges the agriculture sector faces?

Daniel Constantin, Minister of Agriculture and

Rural Development, discusses the sector’s key role in the Romanian economy. He also highlights the strong growth potential and investment appeal of Romanian agriculture.

European Times: How important is agriculture to Romania’s economy? Daniel Constantin: Agriculture is the main driver of the Romanian economy, accounting for 6% of the country’s GDP compared to the EU average of around 1.7%. Romania’s agriculture sector has great potential thanks to our fertile soil, temperate climate and extensive agricultural areas covering around 62% of the country’s surface. In 2013, the agriculture sector received around €2.7 billion in public-sector support through subsidies and rural-development

Daniel Constantin: We need to upgrade our irrigation systems using environmentally friendly technologies. With the right investment and technologies we should be able to irrigate around 1.5 million hectares of arable land. We also want to continue to upgrade and support organic agriculture, and we need to step up our promotion of Romania’s agricultural products. We are focussing more and more on supporting small and medium-sized farms, including young farmers and family farms. We are also working to develop agricultural associations. European Times: What is your personal message to potential investors and partners? Daniel Constantin: Romania has a strong tradition in the agricultural sector, extensive fertile land, qualified human resources, financial support for rural infrastructure, agricultural subsidies, and superior-quality agricultural products. The sector’s very positive results in 2013 demonstrate the potential of agriculture in Romania. With the correct policies and financial support, Romania’s agriculture sector will play an even bigger role in the EU. Local and foreign investors can be sure that the Romanian agricultural sector is a winning bet. The government of Romania will continue to create opportunities and the right conditions for investors to evolve in a dynamic sector that is still far from reaching its full potential.

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ROMANIA

Family-Owned Agriculture Enterprise with World-Class Standards Agrofam

–

family-owned

agricultural enterprise founded and run by trained agronomists

– is set to play a key role in the development of Romania’s high-potential

agriculture

sector. CEO Stefan Poienaru explains, between big

“The

players

agriculture

diﬀerence

and

that

other

Romanian we

are

specialists in the industry. My wife is also an agronomist.

The Agriculture business in Romania

can

profitable

even without an agricultural background, but to be done

properly farming should be done with a lot of knowledge, experience and heart.”

The company has grown from a very small operation into a major enterprise which farms around 17,000 hectares of prime farmland to produce cereals (around 100,000 tonnes per year), oil-seed crops and more. Stefan Poienaru built the business from the ground up by reinvesting his proﬁts and taking a long-term view. He has also assembled a team of experienced agronomists, economists, legal advisors and others. Stefan Poienaru places a high priority on supporting the Romanian people, the local agriculture sector and his

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Stefan Poienaru, CEO

employees. Everyone who works for the company (around 400 employees) has the right to 100 kg of grain per month or the equivalent in cash, a free meal each day, loyalty awards, shared profits and bonuses, and the right for all employees’ children who graduate from university to have a job in the company. “Our employees are motivated to work efficiently,” Stefan Poienaru says. The Romanian agriculture sector offers outstanding investment potential, Stefan Poienaru believes. He is currently looking for investors and partners to help him expand Agrofam, for example concerning livestock production and organic food products. He says, “We have a farm with 3,000 sheep and 1,500 goats and we are producing milk and milk products which will soon be certified organic. The Romanian market is flooded with

inferior products so we want to market our products in the EU and we prefer to work with private investors.” Agrofam offers a number of advantages for investors, including its ideally located prime farmland on Great Brãila Island in the Danube within easy access of a major motorway and port facilities. “We own all the land on the island and we have good equipment and a great team as well as ample water for irrigation and efﬁcient transport links nearby,” Stefan Poienaru says. To potential partners, he adds, “Romania has exceptionally rich soil, and when you love the land, the land will love you back.” SC Agrofam Holding SRL str. Rozelor Vila Z29, Fetesti Tel.: +40 243 363 368 contact@agrofam.ro magazin.agrofam.ro

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Agriculture

Agriculture Continues to Draw Major Investment © Association of Romanian Travel Agents

ticularly since large land areas are ideal for organic farming.” Thanks to growing interest among investors, farmland prices in Romania have almost tripled since 2007, rising from an average €927 per hectare that year to €1,972 in 2011, according to a DTZ Echinox report in 2012. Prices continue to rise, but DTZ Echinox notes that Romanian agricultural land is still a bargain, selling for three to seven times less per hectare than in most other EU countries with high-quality farmland.

Romania’s food products were a big hit at a tasting held in the European Parliament in September, highlighting the potential of Romanian agriculture and food processing. The event showcased a traditional Romanian meat dish, mici, which in June this year got the green light to be sold in the EU.

Increasing access to EU markets – along with fertile soil generally uncontaminated by chemical fertilisers and insecticides, a long agricultural tradition, and the best season Romania’s farmers had seen in 20 years last year – have combined to boost FDI in Romanian agriculture. The Romanian government’s new competitiveness strategy singles out agriculture as one of Romania’s top 10 sectors for development up to 2020.

Advantages of EU membership Through the terms of its EU accession, Romania now allows foreigners to acquire agricultural land, but in fact foreign investors have long been involved in farming in Romania through working with local partners. Bogdan Badea, Managing Director of consulting ﬁrm Accace Romania, explains, “Land in Romania presents major advantages for investors, par-

EU membership has given a major boost to Romanian agriculture. Through the Common Agriculture Policy, Romania received €13 billion in EU funding for agriculture between 2007 and 2013 and will receive €20 billion more between 2014 and 2020. EU Commissioner for Agriculture and Rural Development Dacian Ciolos points out, “Romania enjoys all the EU’s free-trade accords with other markets which are net consumers of food products, such as Asia, Arab countries, Eastern Europe and Latin America. In Asia in particular, the EU has very great potential for exporting food and farm products. Romania could be competitive in these markets due to its low production costs for certain products.” The Commissioner adds, “As the Romanian food industry develops, and as Romania turns its agricultural products into higher-value-added food products, it will be able to use millions of euros in EU funds to promote Romanian brand names in Europe and beyond.” Romanian agriculture will continue to offer signiﬁcant advantages for investors.

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ROMANIA

• Upgrading Road Infrastructure with Private-Sector Support

Transport

“The Black Sea has enormous economic potential and the Port of Constanta will serve as a key shipping and logistics hub.” Valeriu Nicolae Ionescu, CEO Constanta Port Authority

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Transport

Port of Constanta Undergoing Signiﬁcant Upgrades Valeriu

Nicolae

Ionescu,

CEO of the Constanta Port Authority, is turning Romania’s port on the Black Sea into a thriving commercial operation

which adheres to the highest international standards.

An engineer with a successful career in investment banking, he brings a privatesector, market-oriented perspective to port development. He discusses current projects designed to enhance the Port of Constanta’s facilities and services. European Times: What is your mandate as CEO of the Port Authority? Valeriu Nicolae Ionescu: My mandate is to transform the port into a successful operation as part of the government’s programme to privatise formerly stateowned enterprises and to retain only a minority share. The Port Authority now serves as an administrator, while all the operators at the port are private. Before 1989, the Port of Constanta was fully state-owned and mainly served Romania’s heavy industry, but now it handles lighter but more valuable products, such as automobiles, along with liquid and dry bulk cargo, grains, coal, iron and more. While container trafﬁc has declined at our port during the past few years as a result of the ﬁnancial crisis and increased competition from other Black Sea ports, Constanta Port is fully prepared to accommodate containers of 4,000 to 5,000

TEUs. This is the most advantageous container capacity for the Black Sea basin because of the limitations created by the Bosporus Strait. The Port of Constanta has natural depths ranging from 16 m to 19.5 m, which means it can accommodate ships up to 300 m long and with high capacities, including 200,000 DWT bulk carriers, 150,000 DWT oil tankers and 100,000 DWT port containers. The port’s current capacity is around 90 million tonnes per year, and last year we handled around 55 million tonnes of cargo. European Times: What improvements do you plan for the port? Valeriu Nicolae Ionescu: We want to upgrade the port’s infrastructure to be able to increase its operational capacity and enhance its intermodal connections, which will strengthen the Port of Constanta’s role as a core port in the TEN-T network. The Port of Constanta is the only Black Sea port with direct connections to the Rhine-Danube Corridor. We strongly believe that Black Sea oil for EU

markets will be one of the main cargos passing through the port in the future. We will continue to attract EU funds to improve the port’s facilities and services. The port still has room to expand and we welcome partnerships with investors who present good business plans. European Times: What changes do you anticipate in the port over the coming 10 years? Valeriu Nicolae Ionescu: The port’s infrastructure will be much more efﬁcient, and the services offered by all operators in the port will be more userfriendly concerning quality, costs and time. More cargo will be shipped to and from the Danube through the southern part of our port as a result of modern technology and productive partnerships. We would also like to partner with other ports in the region. The Black Sea has enormous economic potential and the Port of Constanta will, for sure, serve as a key shipping and logistics hub.

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Upgrading Road Infrastructure with Private-Sector Support ROMANIA

The National Company of Motorways and

National Roads (CNADNR) is developing modern

road

infrastructure

support

Romania’s continued economic development. CNADNR

maintaining,

responsible operating,

for

developing,

upgrading

and

expanding all national roads and highways in Romania, including border crossings and other related facilities and services.

As part of Romania’s long-term programme to rehabilitate its road network, CNADNR has overseen upgrades to some 11,300 km of Romanian roads since 1994. While it has been an independent organisation since 1990, CNADNR operates as the representative of Romania’s Ministry of Transport to select winning bids in tender programmes for Romania’s road-infrastructure projects. Narcis Stefan Neaga, President of the company since 2013, has transformed CNADNR into a dynamic, forward-thinking organisation. He has also implemented a new strategy aimed at stepping up the use of EU funding for road projects from 2014 to 2020. He has taken a strong stand against corruption Picture provided by the Department for Foreign Investment

Picture provided by the Department for Foreign Investment

and is planning to split CNADNR into separate divisions for highway and road projects in an effort to achieve greater efﬁciency. He says, “The main objectives of CNADNR are to promote progressive, innovative changes in Romania’s road infrastructure.” As part of this commitment to innovation, CNADNR now has its own research institute.

Selecting most competitive companies Infrastructure development is crucial for Romania’s sustainable economic growth, and Narcis Stefan Neaga aims for CNADNR to ensure that this development is handled properly. He explains, “I am a strong believer in upgrading Romania’s infrastructure sector overall, including through performing better feasibility studies and reaching out more to the private sector to find the most competitive companies to entrust with Romania’s road projects.” Narcis Stefan Neaga adds that Romania needs EU funding to reach its infrastructure targets and that it is crucial for the country to allocate EU funding for road projects more efficiently. In spite of the availability of EU financing for road development since Romania joined the EU, the country’s road network is still below par. The private sector has a key role to play in the on-going improvement of Romania’s road infrastructure, according to Narcis Stefan Neaga. He welcomes foreign investors and says, “I believe in competition among private companies seeking to do infrastructure projects in Romania, and Romania needs the expertise of private investors and companies to complete infrastructure projects in the right way. We are prioritising projects which are part of the Trans-European Transport Network (TEN) initiative.” For foreign investors, CNADNR’s projects represent outstanding potential.

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• Focus on Innovation and Applied R&D • ELI-NP Project Puts the Spotlight on Research in Romania

Research & Development

“Romania has extraordinary innovation potential thanks to a long research tradition and our educated and qualified workforce.” Mihnea Cosmin Costoiu, Minister-Delegate for Higher Education, Scientific Research and Technological Development

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ROMANIA

Focus on Innovation and Applied R&D national. The universities in Romania already have very well-developed research activities. Now we are working to integrate higher education and research more closely with the economic environment. We are focussing on applied research and partnerships with the private sector. In the ﬁrst part of 2013 alone, Romania invested €100 million from our EU funds to support applied research and this attracted the same amount in matching funds from our private-sector partners. European Times: How is the Romanian ICT sector performing? Mihnea Cosmin Costoiu: Back in 2002 I insisted that the government provide incentives to keep our talented computer-science graduates in Romania. In 2003, Romania adopted a full tax exemption for ICT employees and now the country is a hub for the ICT sector. Multinationals like Oracle, IBM, Continental, Intel and many others have thousands of employees in Romania, and successful Romanian ICT enterprises include award-winning Siveco and MB Telecom. Romania is now in a position to take the next step and invest in innovation. The potential in this sector is huge and in 2013 the government implemented new incentives for investors in innovation, including a 50% tax deduction for investments in R&D. © copyright | website

Mihnea

Cosmin

Costoiu,

Minister-Delegate

for Higher Education, Scientific Research and Technological

Development,

discusses

the

government’s emphasis on innovation and R&D.

European Times: What are some current trends in R&D in Romania? Mihnea Cosmin Costoiu: I have a background in education as the former rector of University “POLITEHNICA” of Bucharest, Romania’s top scienceoriented university, and in other positions. I share with other leaders the objective to align Romanian education and research with European models and to make our education and research activities more effective and inter-

European Times: Can you comment on the ELI-NP (Extreme Light Infrastructure – Nuclear Physics) project? Mihnea Cosmin Costoiu: This is the biggest research project that Romania has seen in the past 50 years. Romania has a long history of innovation regarding lasers and ELI-NP will host two 10-petawatt lasers – the biggest in the world – as well as a gamma-ray facility. The project will create over 13,000 jobs in Romania and attract over €2 billion in investments. European Times: What is your personal message to potential investors? Mihnea Cosmin Costoiu: Romania has extraordinary innovation potential thanks to a long research tradition and our educated and qualiﬁed workforce. Romania needs an infusion of capital in order to transform all this potential into products and services.

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Research & Development

Exceptional Expertise in Aviation Research and Production Romaniaʼs National Research and Development Institute for Gas Turbines (COMOTI) specialises in cutting-edge aviation research

as well as in the production of innovative gas turbines and other products that meet the highest international standards. The

Institute is carrying on the tradition of Romaniaʼs aviation legend Henri Coanda and of George Constantinescu, who developed the theory of sonics. In fact, the worldʼs ﬁrst jet aircraft was developed in Romania.

Valentin Silivestru, COMOTI’s President, explains, “COMOTI grew out of the former National Aviation Institute, which is known in specialty circles around the world for its exceptional traditions in aviation science. COMOTI has always been a pioneer. For example, when the factory in Brasov opened between the two World Wars, it was the third aviation factory in the world at that time.”

Strong ties to EU aviation research and production COMOTI is now revitalising Romania’s tradition of global prominence in the aviation sector while strengthening its ties to the EU. As

Valentin Silivestru says, “Romanian aviation is growing and adapting to the European aviation sector. COMOTI benefits from long-established partnerships with aviation leaders throughout Europe. We are working on many research projects with EU partners, particularly in France, Germany and Italy.” To finance its activities, COMOTI has developed a project-based business line and has won tenders for major projects in many countries, including in the EU. COMOTI is an ideal partner for international companies. Thanks to its proven expertise in research and production, COMOTI can do research on the best possible products to fulfil each client’s specific needs and then produce these products tailored precisely to each individual customer. For example, COMOTI is involved in EU-funded aeronautical research projects coordinated by SNECMA (Safran Group). “The results of these research projects will be implemented in the newest Airbus and Boeing engines,” Valentin Silivestru says proudly. The institute is

Valentin Silivestru, President

also participating in the EU Clean Sky 1 programme. In the oil and gas sector, COMOTI produces a high-capacity gas compressor licensed by GHH Rand, a division of US-based Ingersoll Rand; the compressor is distributed worldwide through the Ingersoll Rand network. “COMOTI has developed compression packages which make us very competitive in the global energy market,” Valentin Silivestru explains. He urges international investors, customers and potential partners to recognise that the creativity and innovation in aviation for which Henri Coanda is known are still alive and well in Romania at COMOTI. COMOTI Iuliu Maniu Bd. no. 220D, sector 6 061126 Bucharest www.comoti.ro

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MASTER ROMANIA REGIO

ELI-NP Project Puts the Spotlight on Research in Romania The Extreme Light Infrastructure-Nuclear Physics facility

Romaniaʼs Ministry of European Funds announced in September this year that Romania will be the

target of some €60 million in new EU funding for research, development and innovation. When he made

the announcement, Eugen Orlando Teodorovici, Romaniaʼs Minister of European Funds, commented, “Research, development and innovation represent the engine of growth for a knowledge-based society in Romania while also ensuring a better life for Romanians.” This focus on research and innovation is a reason Romania was chosen to host the groundbreaking Extreme Light Infrastructure-Nuclear Physics (ELI-NP) project, which will involve the most powerful laser beams in the world. It will be built in Magurele south of Bucharest next to the Horia Hulubei National Institute of Physics and Nuclear Engineering. The project coordinator for the Romanian site, NicolaeVictor Zamﬁr, says that each laser in the project will be 10 times more powerful than any laser currently in existence. The Romanian facility, focussing on nuclear physics, will be one of three Extreme Light Infrastructure facilities to be built through the EU’s ELI initiative. The others will be in Prague, Czech Republic, where the focus of research will be

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high-energy-beam science, and Szeged, Hungary, where the focus will be attosecond-laser science.

New ﬁelds of physics research Romania’s ELI-NP will be a very complex facility which will include not only very high intensity lasers but also a new European research facility dedicated to new ﬁelds of physics, including cutting-edge research on ultra-high-intensity lasers, laser-matter interaction and other areas. Because of its unique properties, this multidisciplinary facility will provide outstanding new opportunities to study the fundamental processes involved in light-matter interaction. The research

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Research Sector & Development

carried out in Magurele will have applications in many ﬁelds, including medicine (particularly imaging and cancer treatments), pharmaceuticals, nuclear materials, management of radioactive waste, electronics, software development, optics and others. The ELI-NP project is also designed to promote technology transfer throughout Europe, both to small and mediumsized enterprises and to large ﬁrms. Another top priority on the ELI agenda is to train scientists and engineers in the numerous disciplines associated with Extreme Light.

A “laser valley” in Romania Romania’s Prime Minister Victor Ponta has announced that he would like the ELI-NP project to be the cornerstone of a “laser valley” in Romania comparable to Silicon Valley in California. He says, “Many foreign researchers will come to Magurele and work on this absolutely special project, together with Romanians, and this will be a ﬂagship project for Romania, Europe and the world. This is a great step forward for Romania. This will be the EU’s biggest research project to date, with some €260 million of the budget coming from EU structural funds. With ELI-NP, Romania demonstrates that it is capable of hosting one of the top research projects on the globe.” ELI-NP is expected to be operational by 2015, and by 2018 it is expected to be employing 262 researchers and support staff. The total cost of the project is estimated at more than €356 million, with most of the funding coming from the EU.

EECIAR: unique scanners and much more Another cutting-edge research centre in Romania is the East European Centre for Integrated Applied Research

(EECIAR), which is working with its sister enterprise MB Telecom. MB Telecom created Roboscan, a unique, fully automated scanner for trucks and containers, and Roboscan Aeria, a unique solution for aircraft scanning. Both have won prestigious international prizes in Geneva for innovation and have signiﬁcant applications in security and other ﬁelds. Mircea Tudor, President and owner of MB Telecom, founded EECIAR to build on MB Telecom’s success. He says, “EECIAR is a fully private research entity that operates with MB Telecom and through which we are able to enlarge our research spectrum by approaching other interdisciplinary large-scale projects, mainly but not only in border-security technologies.”

Building on Romanian human resources Earlier this year, Prime Minister Victor Ponta launched the construction of another major research centre, the Advanced Research for Materials, Products and Innovative Processes Institute (to be known as CAMPUS UPB), located on the campus of the Polytechnic University of Bucharest. At the inauguration, the Prime Minister commented, “This project, which is supported by EU funding, is a very clear message to all that research is a priority in Romania. The future of Romanian research is closely linked to universities, and this centre will beneﬁt from UPB’s excellence in engineering research.” The new facility will contain 41 laboratories as well as conference space and ofﬁces. Romania is clearly committed to supporting innovative research projects. As EECIAR founder Mircea Tudor puts it, “There is no resource in the world more valuable than human intelligence, and we can generate top solutions and know-how for global problems here in Romania, based on this endless resource.”

Nuclear Physics

East European Center for Integrated Applied Research

MB Telecom

office@mbtechnology.ro - www.mbtechnology.ro

“Horia Hulubei” EXTREME LIGHT National Institute for Physics INFRASTRUCTURE and Nuclear Engineering Nuclear Physics, Romania www.nipne.ro www.eli-np.ro 30 Reactorului St, Bucharest-Magurele, Ilfov county, 077125 Tel: +40214042301, dirgen@nipne.ro

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ROMANIA

• Culture, Natural Beauty, Historic Landmarks and More • Positioning Romania as Top EU Tourism Destination

Tourism

“European investors can count on the complete support of my ministry for their ventures here in Romania.” Florin-Nicolae Jianu, Romaniaʼs Minister for SMEs, Business Environment and Tourism

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Tourism

A Hub for Entrepreneurship European Times: How is your ministry supporting entrepreneurship and SMEs? Florin-Nicolae Jianu: Romania needs to build an open, business-friendly environment. The government is implementing new regulations and procedures to make things easier for SMEs. These include applying an “SME test” to all new laws, observing the “only once” principle whereby new SMEs only have to present their business applications one time, and a new law providing incentives for start-ups. In only two and a half years, the new law on start-ups has supported the creation of 14,000 new businesses with a total 26,000 employees. Our SME strategy for 2020 is to promote entrepreneurship, ensure access to financing and to markets, foster innovation, and encourage the public sector to support SMEs. We are creating offices within the ministry to promote entrepreneurship, investment and access to financing. We are also creating incubators and other initiatives to stimulate the creation of new types of businesses. Through these efforts and our “Romanian Hub” initiative, we aim to position Romania as a European hub for entrepreneurship. European Times: What are some of your ministry’s current projects in support of the tourism sector?

Florin-Nicolae Jianu, Romaniaʼs Minister for

SMEs, Business Environment and Tourism, outlines

Romaniaʼs

many

attractions

as a target for European investments. The minister previously served as the President

the

European

Union

Young Entrepreneurs and of the Young Entrepreneurs

Association

Romania,

and he is dedicated to making Romania an

ideal business environment for innovative companies. He is typical of Romaniaʼs new

breed of young ministers who have a strong background in business.

Florin-Nicolae Jianu: Our national tourism agency reports directly to this ministry concerning projects and strategies. Most companies in the tourism sector are SMEs, so our support of SMEs beneﬁts them. Our ministry is working to give the tourism sector the tools it needs to be more competitive. One recent project is tourism clusters, which are eligible for EU funding, and another is “holiday vouchers”, which the government provides to private-sector employees for tourism in Romania. European Times: What is your personal message about why foreign investors should choose Romania? Florin-Nicolae Jianu: Romania offers a stable economy, a government committed to supporting SMEs and foreign investors, and a number of incentives, including tax breaks. European investors can count on the complete support of my ministry for their ventures here in Romania. I have never met a foreign investor in Romania who was unhappy about being here.

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MASTER ROMANIA REGIO

One of Romania’s Top Ten Luxury Hotels The ﬁve-star Hotel Marshal Garden in the heart of

Bucharest oﬀers its guests world-class facilities and services in a very elegant, stylish atmosphere.

Trip Advisor ranks the hotel a “Travellerʼs Choice 2014” as well as one of the top ten luxury hotels in Romania. Hotel Marshal Garden was also

named one of the top three investments of the year in 2013 at last yearʼs Hotel Tourism and Leisure Investment Conference.

Spectacular terrace overlooking the city The hotel is famous for its seventh-ﬂoor terrace with extraordinary views of downtown Bucharest and for its elegant restaurant, Ristorante Danieli, which adjoins the terrace and offers the same fabulous views. The restaurant’s open kitchen specialises in preparing gourmet Italian and international dishes, including beef cooked Argentina-style on a hot stone. Founder and CEO Ion Antonescu explains, “Hotel Marshal Garden is very unique in terms of interior design and has an Italian style with a Missoni touch. The hotel’s restaurant on the top ﬂoor offers a spectacular panorama and is full

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of natural ﬂowers. We have made signiﬁcant investments in Hotel Marshal Garden and we provide the highest-quality services.” Hotel Marshal Garden’s lobby bar is a popular place for drinks, while the Tea Corner is a favourite among tea-lovers. Additional facilities include a sauna, a gym, massage services, room service until 11 PM, free parking and breakfast included in the room rate. Located in the very centre of Bucharest, near Romana Square and the Academy of Economic Studies, Hotel Marshal Garden is within easy reach of the city’s top boutiques, restaurants, cafés, tourism attractions and business centres. The hotel is just 15 kilometres from Henri Coanda International Airport, two kilometres from Bucharest North railway station, and a three-minute walk from the Romana Square underground station.

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Tourism

World-class amenities Hotel Marshal Garden offers 63 elegantly decorated, spacious rooms and suites, each equipped with a magnetic access card, telephones in the room and in the beautiful glass-walled bathroom, air-conditioning, cable TV with an 81-cm LED screen, free WiFi Internet connections, large beds with top-quality mattresses and the highest-quality linens, a hairdryer, a minibar, a safe, robes and slippers, cosmetics and other amenities. Each room and suite is ﬂooded with natural light from large windows. Hotel Marshal Garden is a unique hotel whose rooms have two doors that open to the terrace; one window opens from the bathroom, which ensures natural ventilation. Hotel Marshal Garden attracts cultivated guests including artists, academics, physicians and attorneys as well as international executives and discerning leisure travellers. A world traveller himself, Ion Antonescu, who was born in Romania, launched his business by founding a travel agency, Marshal Turism, which has grown to become one of Romania’s leading tourism specialists. It partners with other travel organisations worldwide and is currently expanding its booking services. He says, “I always look for new ideas when I travel, and I travel a lot. I will soon make my 100th trip to Israel, as a guide of the groups that I organise. When I hire people I look for a similar passion for this business, as that is what makes things happen and provides the highest-quality services. We are also very proud to be a truly Romanian hotel with Romanian management. As the owner, I am always available to make decisions and even to establish rates together with clients. We are fast, ﬂexible and able to adapt to market challenges.”

Ideal venue for conferences and special events Hotel Marshal Garden is the only hotel in Bucharest with six conference halls. All of them are stylishly decorated, equipped with the latest technologies, and have big windows

letting in a lot of natural light. Understandably, the hotel is preferred as a venue for business meetings and special events, including family events (weddings, christenings, birthdays…). Ion Antonescu explains, “We have events specialists who can organise a tailor-made event to ﬁt each client’s particular needs. For example, when we cater an event, we are able to offer an a la carte menu, for the main course, instead of just one set menu, even if it is a big event for 300 people.” Ion Antonescu aims for Hotel Marshal Garden and Marshal Turism to demonstrate to the world the high standards and business success which dedicated, 100% Romanian enterprises can achieve. He says, “I am committed to transparency and high quality in every aspect of my hotel and my travel agency. Romania has had bad luck in the past and many people around the world have misconceptions about this country. We are not the home country of the Roma people, for example.” Ion Antonescu urges international travellers to come to Romania and see for themselves what the country has to offer. He says, “Today, Romania has outstanding attractions, including for new business ventures, and I would like to see more FDI in our country as well as more young members of the Romanian Diaspora returning here to live and work. Romania was born again after the 1989 revolution. This new country is still young, but will grow. I welcome guests and investors!” Hotel Marshal Garden Calea Dorobantilor 50B, Sector 1, 10574 Bucharest Tel: +40 21 319 4444 oﬃce@marshalgarden.ro reception@marshalgarden.ro www.hotelmarshalgarden.ro

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MASTER ROMANIA REGIO

Culture, Natural Beauty, Historic Landmarks and More Lake Saint Ann (Lacul Sfanta Ana)

Beaches and spas For beach-lovers, Romania’s Black Sea coast features ﬁne beaches from Mangalia to Mamaia. Trading colonies were established along Romania’s coastline by Greek sailors beginning in the 7th century BC. Today, this same coastline is lined with hotels, resorts, sports facilities and entertainment options.

Romania has over 70 natural spas all over the country, many of them enjoyed by the Romans, and its Black Sea coast has long been known for cures of arthritic, rheumatic, internal and nervous disorders. Eforie Nord and Mangalia Spas specialise in mud baths as well as famed “Gerovital” and “Aslavital” rejuvenation treatments.

The prestigious Blue Guide travel guide ranks Romania one of

Count Dracula’s castle

Lonely Planet guidebooks praise Romaniaʼs warm climate, miles

sports-tourism options, and several sophisticated cities.

Romania’s cultural heritage includes a spectacular collection of medieval castles and fortresses. The most popular are the 14th century Corvinilor Castle, built on the site of a former Roman camp; elegant 19th century Peles Castle with its 160 rooms ﬁlled with priceless European art; and Bran Castle, built in the mid-1300s and legendary home of Bram Stoker’s Count Dracula.

Medieval towns, fortiﬁed churches, painted monasteries, wooden masterpieces and ancient Dacian ruins are just some of the attractions that make up Romania’s exceptional cultural heritage, and UNESCO has included 25 Romanian sites in its World Cultural

Transylvania, in central Romania, has nearly 200 Saxon villages, churches and fortifications built between the 13th and 15th centuries. Seven fortified Saxon churches (in Biertan, Calnic, Darjiu, Prejmer, Saschiz, Valea Viilor and Viscri) are official UNESCO World Heritage Sites. Some of Europe’s best-

the most beautiful countries in South-eastern Europe, while of beaches, ancient monuments, fascinating wine regions and modern resorts. As a European tourism destination, Romania has

something for everyone: great natural beauty from mountains to

beaches, a wealth of cultural attractions, historic monuments,

traditional villages, dozens of spas, all kinds of adventure and

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Heritage list. The country’s architectural treasures include the Painted Monasteries of Bucovina (in north-eastern Romania), whose exterior walls are decorated with elaborate 15th and 16th century frescoes ranked as masterpieces of Byzantine art.

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Tourism Sector

preserved medieval towns, most notably Sighisoara, Brasov and Sibiu, are also in Romania’s Transylvania.

The Danube Delta The Danube Delta, a UNESCO Biosphere Reserve and the largest and best preserved European river delta, includes over 4,000 sq km of rivers, canals, marshes, tree-fringed lakes and reed islands. It is home to some 300 species of birds and is a paradise for bird-watchers. Many migratory birds in the delta have ﬂown from as far away as China and Africa, including millions of Egyptian white pelicans as well as Arctic geese. Some 3,450 animal species and 1,700 plant species can also be found there. Romania’s unspoiled mountains are ideal for outdoor adventures. Visitors can hike, go rock-climbing, ride horses or mountain bikes, track gold eagles, photograph fossil traces of 15,000-year old cave-bear species, study endangered ﬂora, go canoeing and kayaking, discover local crafts and enjoy locally produced wine and plum brandy. Romania’s mountains also include 3,500-year-old Scarisoara glacier in Apouseni Nature Park, the second-largest underground glacier in Europe.

Developing world-class tourism services With attractions like these, Romania is set to become a top European tourism destination. Two innovative organisations are helping to establish the right foundations for Romania’s tourism industry. Hotelcon, Romania’s biggest wholesale marketer of travel services, organises hotel accommodations, airline tickets, car-hire reservations, tours, transfers and travel insurance for travel agencies, which then offer these services to customers. Hotelcon’s spin-off operation, Hotelair, a provider of airline tickets, is among Romania’s top three companies in its field and a top seller for the Romanian national airline, TAROM. From Easter 2015, Hotelcon will be working with global group Worldspan to provide its services globally. Hotelcon, which is open to investment partnerships, is very well known in Romania for its efficient, ethical operations and its in-depth knowledge of the local tourism market. The Romanian National Association of Travel Agents (ANAT) aims to promote world-class travel services in Romania. A non-profit public institution, the association now has 804 travel-agency member companies, all licensed by Romania’s Ministry of Tourism, as well as several associate members involved in the tourism industry in Romania.

In July 2013, ANAT signed the “Private-Sector Commitment to the Global Code of Ethics for Tourism” during an international tourism conference held in Bucharest. A fundamental frame of reference for responsible and sustainable tourism, the Global Code of Ethics for Tourism, adopted in 1999 by the General Assembly of the World Tourism Organisation, aims to help maximise the sector’s beneﬁts while minimising its potentially negative impact on the environment, cultural heritage and societies across the globe. ANAT’s signing of this international initiative reﬂects the commitment by Romania’s tourism leaders to developing a high-quality, sustainable national tourism industry. Romania welcomes travellers to discover everything this diverse and beautiful country has to offer.

Hotelcon Ioannis Ioannidis Mob: (+40) 722 405147 ioannis.ioannidis@hotelcon.net

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Premier Palace SPA HOTEL Unique in Bucharest

Romania’s Only Five-Star Spa Resort Premier

Palace

Spa

Hotel,

Bucharestʼs

newest ﬁve-star hotel, oﬀers Romaniaʼs only

ﬁve-star spa facilities along with a wealth of other upscale amenities. A luxurious retreat

in a quiet neighbourhood just 10 minutes from Bucharestʼs historic city centre, the Premier Palace is an ideal choice for both business and leisure travellers.

Luxurious spa for leisure and medical tourism

aqua-gym exercises, ﬁtball, swimming, and cardio and toning exercises.

The Premier Palace’s outstanding spa covers 3,000 sq m over three levels and is equipped with the latest luxury facilities, including a vast swimming pool, a hydro pool, a frigidarium, a thermarium, a Jacuzzi and more. The spa’s skilled and welcoming staff members offer more than 70 different types of treatments and therapies, including more than 20 medical therapies.

The Premier Palace has a choice of 82 exceptionally spacious guestrooms and suites, from single rooms to the Presidential Suite, all elegantly decorated in contemporary style. All rooms and suites are equipped with individually controlled air-conditioning, LCD TV, wireless Internet connections, a telephone with access to external lines as well as voicemail, a minibar, a room safe, a kettle for making tea or coffee, and a hair dryer. The 130 sq m Presidential Suite, the ultimate in luxury, has a separate living area, a dressing area, a mini-kitchen with an espresso machine, two bathrooms, a dressing area, and complimentary Salvatore Ferragamo cosmetics.

Much more than simply a luxurious place to relax and be pampered, the spa provides medical treatments which make the Premier Palace an ideal choice for medical tourism. Innovative medical treatments at the spa include electrotherapy, kinesitherapy, physical therapy, balneotherapy, Slide Styler and Iyashi Dome electrotherapy, a Thunder Shower, deep-tissue massage, stress management, detoxiﬁcation and much more. The hotel’s wellness spa provides a wide range of facilities and treatments – including the latest exercise equipment – for guests looking to relax and keep in shape. The Premier Palace offers a choice of spa packages as well as ﬁtness classes led by experienced instructors in Pilates, aerobics,

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Elegant Premier Palace Restaurant Guests at the Premier Palace can enjoy international cuisine in the elegant Premier Palace Restaurant, with its unique Art Nouveau decor featuring stained-glass windows representing the seasons. In fact, composer Antonio Vivaldi’s “The Four Seasons” is the inspiration for the restaurant’s architecture, which includes classic

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Tourism Sector

furniture, onyx-plated columns lit from the inside, adjustable lighting and wrought-iron elements. With seating for up to 220 guests, along with a stage and the latest audiovisual equipment, the restaurant is the perfect venue for meetings and special events, including elegant weddings. The Premier Palace’s skilled events team can organise any event and guarantee its success.

gies, including simultaneous-translation systems, a ﬁvesquare-metre projection screen, a digital conference table, efﬁcient audio and video systems, high-speed WiFi connections and more. Smaller events for up to 25 participants can be organised in the hotel’s Piano Bar or in the Sky Wine Bar and Lounge.

Guests can relax in the hotel’s Piano Bar on the first floor, which features piano music, a cigar humidor, a wide range of alcoholic drinks including fine cognac, and various teas and coffees served all day long. Wine-lovers will delight in the hotel’s Sky Wine Bar and Lounge on the top floor. Exceptional wines from France and Italy are served throughout the day and evening in a refined yet animated atmosphere.

Helping visitors discover Romania

World-class facilities for meetings Around 85% of the hotel’s guests are executive travellers. For meetings and events, the Premier Palace has world-class meeting rooms, including the Premier Conference and Events Hall which can accommodate up to 170 participants. It is equipped with the latest technolo-

Guests at the Premier Palace who would like to explore Romania can arrange a stay in the Premier Palace Villa which the Premier Palace Group owns in the mountains. A key player in the rapid development of Romania’s highpotential tourism sector, the Premier Palace Hotel aims to offer more travel packages designed to provide guests with the ideal holiday experience in Romania. The Premier Palace Spa Hotel deﬁnitely lives up to its motto, “More than just a hotel: a state of mind.” Premier Palace Spa Hotel Boulevard Ghencea 134, 061699 Bucharest Tel.: +40 31 407 6000, +40 722 111 155 reservations@premierpalace.ro, www.premierpalace.ro

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ROMANIA

Positioning Romania as Top EU Tourism Destination Razvan Filipescu: Romania has an exceptional natural heritage. On our web site, the UK’s Prince Charles talks about Romania’s biodiversity. Romania’s Danube Delta is a UNESCO World Heritage natural area and it has the world’s third-biggest diversity of animal and plant life. Romania also has 27 national parks, around one-third of Europe’s natural hot springs, beautiful beaches on the Black Sea coast, and one-fourth of Europe’s caves. Concerning cultural tourism, Romania has many UNESCO World Heritage cultural sites, including medieval cities and 45 monasteries, as well as opportunities for rural tourism and many festivals year-round. Romania is not all about Dracula! I would say that Romania’s top three attractions are biodiversity, cultural heritage and authenticity. European Times: What are your main goals for the tourism sector? Razvan Filipescu, President of Romaniaʼs

National Tourism Authority, discusses his plans for the development of Romaniaʼs high-potential tourism industry.

European Times: What are some recent projects for the National Tourism Authority? Razvan Filipescu: We launched a major international tourism-promotion campaign last year and we have created a tourism web site, www.romania.travel, as well as road shows and other projects. Our main goals are to improve Romania’s international image and to attract new market segments. We are focussing on Romania’s diverse tourism possibilities, from spas and health tourism to adventure travel, eco-tourism, cultural tourism and more. Concerning eco-tourism, we have established standards which match European and international ones. European Times: What are Romania’s main tourism attractions?

Razvan Filipescu: Our tourism arrivals are rising and we want to continue this growth and maximise Romania’s tourism potential. We want to increase global awareness of Romania as a tourism destination and upgrade the quality of all our tourism services. We are using EU funds to accomplish these goals. Romania will host the general assembly of the European Travel Commission and we want to build more connections with other European tourism organisations. We are already involved in several European tourism initiatives, including an effort to create a European cultural route in Romania. European Times: What is your personal message to potential visitors? Razvan Filipescu: Romania has recently invested in new hotels and infrastructure, and visitors are amazed at what they find here, including our gastronomy. We organised a culinary festival last year to showcase Romanian food, especially our organic products. I welcome international travellers to Romania. You will find unspoiled nature and authentic experiences. Come to Romania and taste something different!

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Romania’s Top Sites for Visitors Tourism

Sucevita monastery is a UNESCO World Heritage Site and one of the region’s historic painted churches.

Danube Delta - Europe’s last natural paradise.

The Sphinx (Sﬁnxul) is a natural rock formation in Romania’s Bucegi Natural Park in the Bucegi Mountains.

Sibiu is one of the most important cultural centres of Romania and was designated a European Capital of Culture in 2007.

Turda Salt Mines in Transylvania is now a subterranean museum and recreation centre. It was ranked by Business Insider as the most beautiful underground place in the world.

Targoviste is one of the most important cities in the history of Romania’s Wallachia province and was its capital from the early 15th century to the 16th century.

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MASTER ROMANIA REGIO

Exceptional Boutique Hotel Setting the Standard in Bucharest Unique Hotel Bucharest, opened in 2006 and

renovated in 2011, has carved out a niche for itself as one of the cityʼs most popular boutique hotels. Winner of the TripAdvisor Certiﬁcate of Excellence four years in a row, Unique Hotel

Bucharest is a favourite among discerning international business and leisure travellers.

The first hotel in the city to offer an in-room iPad tablet, and the first hotel in Romania to introduce free high-speed WiFi Internet access, Unique Hotel Bucharest continues to serve as a benchmark in the local hotel industry. As owner and General Manager Andreea Nicu puts it, “Our clients seem more and more satisfied with our hotel and take the time to give us great reviews. In this industry, what matters most is what guests say about you, and our guests are our biggest promoters.” With a constant improvement of amenities and services, Unique Hotel Bucharest receives an increasing rate of reviews year by year, a complete opposite to the rest of the hotelier industry, where the rate goes down with time. The hotel pampers guests with high-quality Egyptian-cotton bed linens, luxurious contemporary furnishings, state-of-the-art technologies and much more. The contemporary design is highlighted by fashionable amenities and materials emphasized by the creativity of the design architects team. With only 15 guestrooms, Unique Hotel Bucharest places a high priority on personalised service for business clients with rooms equipped with all business facilities but also for leisure travellers. Andreea Nicu points out, “Being a boutique hotel allows us to be dedicated personally to our guests, treating them as VIPs from the moment they arrive in our city. We guarantee them complete comfort and a luxurious stay. We also offer many special touches, including iPads in the rooms, fresh flowers, chocolate or a free bottle of champagne. The satisfaction of our customers is our leading goal and our success is a result of the first class service and of our commitment to high standards.”

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For business travellers, the hotel has its own conference room equipped with the latest technologies. As an additional service, the hotel’s staff can arrange visits and tours throughout Romania.

Gateway to Romania’s many attractions Unique Hotel Bucharest is helping to boost business and leisure travel to Romania. Andreea Nicu points out, “We want to bring more people here so that they can discover Romania for themselves. Visitors will ﬁnd good food, pleasant and warm people, great clubs, cultural venues and many attractions, like the Old City where you can experience the real joy life of Bucharest.” Andreea Nicu would like to open another boutique hotel and eventually establish a chain of boutique properties, all with the high standards for which Unique Hotel Bucharest is known. She says, “I would like to have a group of hotels, each one with heart and soul and with a personalised approach to service so that every guest will get even better treatment from us than they would at home.” She is open to international partnerships. She concludes, “We want to give guests the best possible experience at Unique Hotel Bucharest.” Unique Hotel Bucharest Piata Romana, Caderea Bastiliei St. 35 District 1, 010615 Bucharest Tel.: +40 21 319 4591, + 40 21 311 8196, +40 724 678 849 rezervari@hotelunique.ro, www.hotelunique.ro

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• Bucharest: Modern European Capital with Investment Appeal • Strong Fundamentals and EU Subsidies Attracting Foreign Direct Investment • Bucharest: Romania’s Vibrant Modern Capital

Bucharest City

“Bucharest is a modern European capital and a hub for business and culture.” Sorin Oprescu, Mayor of Bucharest

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ROMANIA

Bucharest: Modern European Capital with Investment Appeal structure. I often partner with mayors of other cities in the EU and all over the world, and I believe that when people visit Bucharest, they will not see any gaps between this city and any other European capital. I am trying to implement state-of-the-art technologies and speed up our development projects. One of our successful efforts is the new water-treatment plant we are completing in Glina. We are also building new roads, and we have developed industrial zones around Bucharest. European Times: What are some infrastructure projects you would like to get off the ground? Sorin Oprescu: We would like to connect Bucharest to the Danube via an existing canal built in 1967. We also want to further improve our road network. We need to make the most of the city’s strategic location at the crossroads of key European transport corridors. I would also like to bring more international business and tourism visitors to Bucharest. Many people have a negative view of Romania and Romanians, and the best way to demonstrate that this negative view is incorrect is to bring people here to see Bucharest and Romania for themselves. European Times: Why should investors target Bucharest? Sorin Oprescu, Mayor of Bucharest since 2008,

discusses his main goals for the city. He also highlights the many attractions Bucharest oﬀers to international investors and tourism visitors.

European Times: What are your chief goals as mayor? Sorin Oprescu: Since 2008, I have tried to improve the lives of Bucharest’s residents while developing the city and consolidating its position as a European capital. Since my ﬁrst mandate, I have been trying to improve the way the city operates. Priorities are to upgrade our education system and our services for our citizens, and to develop our infra-

international

Sorin Oprescu: Bucharest is responsible for 22% of Romania’s GDP. In addition, the city has a rich cultural scene, modern business services, good quality of life, many tourism attractions and a business-friendly municipal administration. Bucharest welcomes around two million visitors per year, a significant increase over five years ago when we attracted 657,000 visitors. We completed our national stadium in time for the final game of the Europa League, we are extending our mass-transit system, we have streamlined municipal services, and we will continue to improve our city. European Times: What is your personal message to potential investors and visitors? Sorin Oprescu: Bucharest is a modern European capital and a hub for business and culture. Bucharest is a place to live in, not just a place to stay.

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MASTER REGIO

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Bucharest City

Top Bucharest Restaurant Opening New Branches Vacamuuu Restaurant has been a success since

it opened in Bucharest three years ago, and

many international visitors have reviewed it on Trip Advisor as a highlight of their trips to

Romania. The restaurant oﬀers a varied menu

that includes breakfast dishes, burgers and sandwiches, all kinds of steaks, lamb, veal,

pork, chicken, a kidsʼ menu, a wide selection of tasty side dishes, salads, imported cheeses,

sumptuous desserts, and a choice of wines, beers, cocktails and soft drinks.

out, “Most of our advertising is word-of-mouth. We do not need to advertise since our restaurant is usually full! We also cater corporate events and other special events, including Christmas parties, business events and university functions.”

Opening new restaurants in Bucharest and beyond Building on Vacamuuu’s success, Bora Cokyapici is currently getting ready to open 16 more restaurants in Bucharest and outside the city and he plans to open branches of the restaurant in Frankfurt and Hong Kong. “Five years from now, I want Vacamuuu to still be number one and for us to have 40 restaurants operating,” he says. Top-quality steaks from the ﬁnest cuts of beef, including aged Angus beef, are Vacamuuu’s speciality. Owner Bora Cokyapici says, “We use only local Romanian beef. We work with local farms and pick the animals ourselves. We never serve anything that does not match our high quality standards. We are also very professional. I am passionate about the restaurant business, and I believe that a great restaurant must be professional, legal and ethical. My analogy is that anyone can buy a Ferrari, but if you cannot handle it professionally, you do not have anything.”

With its high quality and popularity, Vacamuuu serves as an ambassador of Romania’s hospitality sector. Bora Cokyapici urges international travellers to discover Romania and to dine at Vacamuuu when they are in Bucharest. He explains, “Something needs to be done to promote the image of Romania worldwide. Romania is a beautiful country with excellent growth prospects but with an inaccurately negative global reputation. It is very important to me to support the image of Romania and we hope that visitors to our restaurant will recognise Romania’s potential.”

Vacamuuu has developed a loyal following among locals, which make up around 67% of the restaurant’s diners. Additionally, the restaurant’s frequent guests include embassies, expats in Bucharest, and international travellers. Bora Cokyapici points

Vacamuuu Restaurant Calea Floreasca No. 111, Bucharest Tel.: + 40 731 351 135 oﬃce@vacamuuu.com, www.vacamuuu.com

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ROMANIA

Strong Fundamentals and EU Subsidies Attracting Foreign Direct Investment Calea Victoriei, Bucharest

Romania has long struggled with its image in the international arena, but those willing to look beyond what lies on the surface will ﬁnd a country poised to enjoy explosive growth. Savvy investors, particularly those considering the data in terms of a broader European context, are ﬁnding the country has the kind of macroeconomic fundamentals that portend a changing perception of this South-Eastern European nation.

Making austerity work

Globalworth Real Estate Investments, listed on London’s AIM in July 2013, is one such investor. Controlling more than €0.5 billion in real estate assets, the organisation is conﬁdent about Romania’s prospects. “Today we see real substance in the economy,” Dimitris Raptis, Globalworth’s Deputy CEO, points out. “We are here actively expanding and investing because we can see a very attractive window of opportunity.”

Romania now has one of the lowest public debt-to-GDP ratios in the European Union, at just 39% compared to the 86.8% average in the rest of the EU. Budget deﬁcits and inﬂation are contracting, and the country has one of the lowest unemployment rates in the EU at 7.1%, well below the average for both the greater EU (10.7%) and the CentralEastern European (10.1%) regions.

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Romania has beneﬁted from lessons painfully learned across the continent during the eurozone crisis. In 2010, the country embarked on one of the toughest austerity programs seen in the EU, slashing state wages by 25% and increasing value-added tax by ﬁve percentage points. The government’s austerity measures haven’t had an adverse impact on Romania’s growth, but quite the contrary. GDP growth in the EU’s seventh largest country hit a whopping 5.2% in the third quarter of 2013 with an annual increase of 3.5%.

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Bucharest City

International financial community confident in Romania’s prospects Optimism in the country has been buoyed by a recent vote of confidence on the part of the international community. Two bond issues in January 2014 were oversubscribed six times, allowing Romania’s government to borrow US$2 billion at globally competitive rates, whilst in April, Romania issued a 1.25 billion Eurobond at a cost of 3.7%, the lowest in its history. Six years after downgrading Romania’s credit rating, Standard & Poor’s restored Romania’s credit rating to investment grade status in May 2014, crediting the government’s success in lowering external debt and keeping budgets under control. A month earlier, Moody’s upgraded its credit forecast for the country, citing macroeconomic stability. With such strong data reflecting Romania’s potential for ongoing and sustainable growth, investors who had previously focussed their attention on other countries in the region are taking a closer look at what Romania has to offer. One area that bodes particularly well for the nation is Information Technology Outsourcing (ITO). Romania is ranked 9th globally by Jones Lang Lasalle as an outsourcing destination, and the industry publication ‘The Outsourcing Journal’ predicts that Romania will soon rank in the top position for outsourcing in Europe. Most of the major outsourcing companies already have at least one centre in Romania, lured by the nation’s high educational standards, low wages and strong language skills.

Government subsidies attracting multinationals Beyond the macroeconomic fundamentals and compelling value proposition Romania offers, the country is seeing an increase in foreign direct investment due to advantageous subsidies offered by the European Union and the Romanian government. As one of the newest entrants into the European Union, Romania is a major recipient of EU funding meant to help jumpstart economies. Some €40 billion have been allocated for the ﬁscal period 2014-2020. “For many EU countries, including Greece, Spain, Portugal, Ireland, Poland and Czech Republic, the main engine of growth since the early 1980s has been EU grants and subsidies,” Dimitris Raptis explains. “Aside from providing funding for infrastructure, agriculture, education etc., these grants also incentivize multinationals to either enter or expand in the market by subsidising R&D, social security taxes and costs that employers need to pay employees, hence promoting foreign direct investment and economic growth.”

Picture provided by Global Worth

The strategy is certainly achieving the desired result. Multinational corporations are coming in ever increasing numbers. Bosch, Daimler, Microsoft, Continental, Renault, OMV and Dell are just a few of the globally recognised organisations who have invested or expanded in Romania. Recently Deutsche Bank, which invested some €40 million to create a technology centre that will employ 500 people, benefited from €15 million in state aid. For the real estate sector, this bodes particularly well since multinational tenants sign long-term Euro denominated leases. In 2013, take up of modern office spaces soared to 276,500 square metres, a 40% year-on-year increase, and the highest rate since 2009. With analysts predicting that demand will continue to outpace supply, real estate investors with premium office space are well positioned to capitalise on the increased interest in Romania from foreign investors, particularly amongst multinationals. Yields in the Bucharest office market have stabilised and provide a healthy spread over Warsaw, Prague, and Budapest. This, combined with the strong macro fundamentals and growth potential of the economy, make the local real estate market a very attractive investment proposition. Sponsored by:

globalworth

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MASTER ROMANIA REGIO

Diversiﬁed Auto Enterprise Always Says Yes New Kopel Group, a subsidiary of

Israelʼs

biggest

enterprise,

was

auto

launched

in 2005 to take advantage of

growth

opportunities

Romania. Dudy Perry, Chairman,

explains, “We could feel that Romania was developing at

a very fast pace and that we had something to contribute. We began with car-hire and car-leasing services. There was a very small market for car hire

in Romania at that time, and leasing barely existed. We felt

we could bring added value to the Romanian market.” Since

2005 the car hire business under the Sixt rent a car brand

has grown constantly, reaching over 15 oﬃces nationwide and supplying through

mobility

the

solutions

airport-based

branches and also through chic downtown locations and on the internet site as well.

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The company’s strategy has paid off. Today, New Kopel Group is the most successful licensee in the Sixt rent a car group in Romania and Israel. It has also been importing Opel vehicles to Romania since 2010 as an equity partner of the German auto-maker. In spite of the European economic downturn, New Kopel Group has made a long-term commitment to the Romanian market. Dudy Perry points out, “During the recession, I always said that this would not last

forever, and that bad times are usually followed by better times. This is now happening.”

Fast decision-making and flexibility Defining why New Kopel Group has achieved impressive success in Romania, Dudy Perry says, “The main advantages we have over our competitors are flexibility and fast decision-making. We really live up to our well-known slogan, which is ‘Always yes!’ This is really the philosophy of the group. I really believe in it and in what is behind it, both in our internal marketing and in our relations with our customers.” He adds, “We are customer-oriented, honest, not greedy, flexible and fast. I know everyone says it, but customer service is really the DNA of our company. Our parent company in Israel began about 40 years ago with just two cars, and now it is one of the top ten companies in the country thanks to its core values, which we share.”

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Bucharest City

New Kopel Group recently won a Romanian government tender to supply 600 minibuses to Romania’s Ministry of Education. Dudy Perry says, “This is perhaps the most signiﬁcant sale we have made to the government or a public authority to date. As far as building a positive image for Romania internationally, we have the same interest as the government. I would participate in any effort by Bucharest’s Mayor Oprescu to promote Romania around the world.”

Introducing parent group’s innovative services Dudy Perry would also like to introduce to the Romanian market some of the products and services developed by New Kopel Group’s parent company in Israel. He says, “Our head group in Israel is producing extremely sophisticated parking systems, and I would love to cooperate with the mayor to bring these systems to Bucharest.” New Kopel Group serves multinational enterprises operating in Romania as well as local companies of all sizes, including SMEs. Most of the group’s leasing business is with corporate customers while most of its car-hire business is with executive travellers coming to Romania,

although Dudy Perry says that more and more Romanian companies are opting to hire cars to fulfil their short-term and medium-term needs. New Kopel Group’s Opel dealership serves both individual and corporate customers. New Kopel Group’s diversified offerings are a big plus for the company’s clients. As Dudy Perry points out, “We are one of the only companies in the business with so many activities and with so much synergy among them. We have a car dealership, a service centre, car-hire services and leasing services, all under one roof. This is a huge advantage for the customer! It is also our top priority to have mutually beneficial, long-term relationships with our partners, suppliers and customers.”

New offer ideal for investors A new service by New Kopel Group illustrates the company’s commitment to flexibility. Dudy Perry explains, “We recently launched a new product for businesses that are beginning to take advantage of the recovering economy. Hiring a car fulfils a short-term need while operational leasing fulfils mediumterm and longer-term needs. So, for those clients who are not confident enough to

commit to a lease, we allow them to start with a short-term rental and, within a given time, convert this into an operational lease contract. This offering has been very well received. For a European investor who is coming to Romania and is not sure yet what his auto needs are, I think this is a great solution.” The service mentioned by Dudy Perry, named Flexi Lease, is not only a favourable and affordable system upon using a ﬂeet of cars but is also an example of innovation from New Kopel. Such customised offers are embodied in products and services such as Dry Leasing – a special leasing product designed for the employees of the groups partners – the Sale and Lease Back service and the Trade In program. Dudy Perry anticipates continued strong growth for New Kopel Group in Romania and would like to triple the company’s business within the next few years. Inviting international investors in Romania to contact New Kopel Group for their auto needs, he concludes, “We design our services to match investors’ demands, and we always say yes.” New Kopel Group Bucuresti Ploiesti Highway 145 Sector 1, Bucharest Tel.: +40 21 9405 oﬃce@newkopel.ro, www.newkopel.ro

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Bucharest: Romania’s Vibrant Modern Capital Bucharest, Romaniaʼs capital city, is known for its wide, tree-lined boulevards, glorious Belle

Époque buildings and rich cultural scene. No wonder Bucharest was known as “Little Paris” in the 19th century. According to legend, the city was founded on the Dambovita River by a ﬂute-playing,

wine-loving shepherd named Bucur, whose name means “joy”. Today, Bucharest is a bustling contemporary metropolis ﬁlled with historic monuments, upscale hotels, all kinds of boutiques, great museums, ﬁne restaurants, the University of Bucharest, the Palace of Parliament (the worldʼs

second-biggest building), cutting-edge business services and much more. With its own international airport, Bucharest is the gateway to Romania for both business and leisure travellers.

Ancient city centre Most visitors begin a tour of Bucharest with a visit to the city’s historic district (Centrul Vechi al Orasului), particularly the Lipscani area with its ancient cobble© Masezdromaderi - Dreamstime.com

stone streets and landmark buildings. At the beginning of the 14th century, most of the city’s merchants and craftsmen, who came from all over the world, congregated in Lipscani, and many streets are named for craftsmen’s guilds. This picturesque district is now being renovated and turned into an upscale neighborhood ﬁlled with art galleries, antique stores and coffee houses. Within the historic city centre is the Old Princely Court and Church (Palatul si Biserica Curtea Veche), built in the 15th century by Vlad Tepes, also known as Vlad Dracula. The Old Court Museum was established in 1972 when an archaeological dig revealed Dacian pottery, Roman coins and other remnants of Bucharest’s long history. Next to the palace stands the Old Court Church (Biserica Curtea Veche), dating from 1559 and considered the oldest in the city.

Historic centre of Bucharest

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Other major monuments in Bucharest include the Arch of Triumph (Arcul de Triumf), built in wood in 1922 and rebuilt in granite in 1936. An interior staircase allows visitors to climb to the top for a panoramic view of the city.

The sculptures decorating the arch were created by leading Romanian artists.

Elegant 17th century avenue Calea Victoriei (Victory Avenue), dating from 1692, is the city’s most famous street. Visitors and residents enjoy strolling along the elegant avenue from Piata Victoriei to Piata Natiunilor Unite. Some of the city’s most beautiful buildings and most important cultural venues line Calea Victoriei, including Cantacuzino Palace, Revolution Square, the Military Club, CEC Headquarters and Romania’s National History Museum. Cantacuzino Palace, home of Romania’s Prime Minister Grigore Cantacuzino at the turn of the 20th century, combines neoclassical architectural style with Art Nouveau elements and houses the George Enescu Museum. The Royal Palace (Palatul Regal) was built between 1927 and 1937 in neoclassical style and was the home

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SectorCity Bucharest

Triumph Arch

of Romania’s King Carol II and his son, King Mihai I, until 1947 when the monarchy was abolished. From this palace King Mihai, then aged 18, led a coup that displaced Romania’s pro-Nazi government during the Second World War and positioned Romania on the side of the Allies. The palace contains Romania’s National Art Museum. The Royal Palace Great Concert Hall next to the palace was built in 1960 for a communist-party congress and now hosts international conferences and other major events. The Romanian Athenaeum (Ateneul Roman), another popular monument, was actually designed by a French architect in the late 19th century. With its high dome and Doric columns, the Athenaeum resembles an ancient temple. Inside, its lobby features a beautifully painted ceiling decorated in gold leaf, with curved balconies above a spiral staircase. The building houses a concert hall elaborately decorated with frescoes and known worldwide for its exceptional acoustics. It is the home of the famed George Enescu Philharmonic Orchestra. Beautiful Kretzulescu Church, on Revolution Square, dates from 1722 and has frescoes inside it that were painted in around 1860 by Romanian artist Gheorghe Tattarescu. Another famous monument is the Military Club (Cercul

Militar National), a masterpiece of neoclassical architecture built in 1912. Banquets and official events are held in its ballroom while an elegant restaurant in the building is open to the public. The Palace of the Savings Bank (Casa de Economii si Consemnatiuni), another neoclassical monument, housed Romania’s first savings bank. The arch at the entrance, with its Corinthian columns, is a highlight of any architectural tour of Bucharest. This vibrant modern capital city reflects Romania’s new identity as a top European tourism and business destination.

International standards, local flavours 166 Calea Victoiriei, 1st District, 010096 Bucharest Tel: +40 212 125558, Fax: +40 212 125121 director@goldentulipbucharest.com www.goldentulipbucharest.com

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Top-Quality Fitness Clubs for Individuals and Corporate Customers World the

Class

has

international

brought ﬁtness

experience to the Romanian market. CEO Mikael Fredholm

explains that World Class began

when

Swedish

former body builder opened a ﬁtness centre in the ﬁve-star

Marriott Bucharest and later in the Radisson.

Initially focussing on premium services for a high-end market, World Class has expanded its offerings. Mikael Fredholm points out, “Our goal is to spread ﬁtness in Romania and transform the lifestyle of Romanians, so we knew we needed to collaborate with the corporate sector. Nine years ago, corporate wellness programmes were unheard of in Romania, but we established a wellness program with Comex and then our corporate market really took off.” World Class is eager to serve the corporate market by offering customised wellness programmes and services to businesses in Romania. World Class plans to launch their P4H Program at the end of this year. P4H is a corporate wellness program that allows employees to use a phone application and interact with fellow employees on their level of activity.

Bringing ﬁtness services to everyone Continuing to expand, World Class began to open new ﬁtness centres for a wider demographic. Mikael Fredholm

174

says, “We took the concept of big premium clubs with pools and spas and offered these services at an affordable price, and the response from the market is unbelievably strong.” World Class’s biggest message is that anyone can find a club or package that fits their budget. They have different prices for different services and clubs in different areas. Most of World Class’s customers think of their club as a social gathering place as well as a fitness club. Mikael Fredholm says, “Our mission statement is to be the third place in people’s lives to spend quality time, after their workplace and homes.” World Class focuses on educating the population on fitness and healthy living, with the ambition of promoting active and healthy living in Romania. From big cycling marathons in the squares of Bucharest, to marathons, and seminars around the city, World Class has begun to make its mark on Romania and the lifestyle of the population. Mikael Fredholm adds,

“Our dedicated staff members have made World Class a success.”

“World Class now has 11 fitness clubs and aims to have 25 by 2017.” Mikael Fredholm concludes, “We will open a premium club in Bucharest with a maximum of 1,500 members, but most of our business will come from mainstream clubs all over the country. Fitness clubs are still regarded as an unaffordable luxury in Romania, and we want to change this. World Class believes that fitness is for everyone.” World Class Brezoianu 27, 7th floor, District 2 Bucharest Tel.: +40 735 002 026 marketing@worldclass.ro andreea.pautov@worldclass.ro mikael.fredholm@worldclass.ro www.worldclass.ro

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Bucharest City

The Luxury Boutique Hotel in Bucharest Hotel Epoque, the top luxury boutique hotel in Bucharest,

is a 100% Romanian success story.

The owners envisaged a luxury apartment building and, believing strongly in the boutique philosophy, decided to open the high-end hotel three years ago. CEO and Owner Diana Popescu says, “Our niche is the upscale hospitality sector. Our typical guests are familiar with luxury boutique experiences, and they will always prefer the individuality of Hotel Epoque to that impersonal feel typical of international chain hotels.” The hotel has only 45 guestrooms, which means that every guest can count on a truly personalised service. Diana Popescu, a former banker who took over the family-owned property in early 2013, explains, “As an independent hotel, we can make individual decisions without the bureaucracy and inertia common to big hotel chains. This is a luxury boutique hotel with a central location but it is still in quiet and peaceful surroundings, and it offers much more than accommodation. We make it our mission to know each of our guests’ preferences proﬁle so when they return, we are already prepared to comply with their predilections.” One of the hotel’s special services is its “ﬁve-star wardrobe”, a service that offers Epoque’s guests the possibility of leaving a part of their luggage at the hotel in between their travels to and around Romania. Epoque is a unique concept on the Bucharest market, offering a complete experience that reunites all aspects of luxury: an outstanding accom-

modation structure based on a suite only concept with large living spaces, a haute cuisine restaurant with a French Resident Chef and the deluxe spa. In December, Epoque has launched the new concept of its gastronomic restaurant. L’ Atelier – art culinaire is the French gastronomy restaurant where guests can discover unique creations that smoothly accord the picturesque gourmet, the spontaneous strokes and the Chef ’s cooking happiness with the rigor of gastronomic techniques, all perfected by a remarkable service.

Popular for city breaks While it mainly welcomes the business travellers representing the largest part of Bucharest’s visitors, Hotel Epoque is attracting more and more leisure travellers, including those on city breaks. To satisfy demand, the hotel has launched special weekend offers as well as a very popular free bike-rental service. Hotel Epoque already achieves an 85% occupancy rate in peak periods, well above the Bucharest average. Most of its guests are from Germany, France and the UK,

and nearby embassies send many visitors to the hotel as well. “We are members of the Romanian-French and RomanianBritish Chambers of Commerce and we are planning to join more organisations and associations,” Diana Popescu says.

Prime business spot Always looking toward the future, Hotel Epoque’s owners have just opened a brand new conference and meetings centre this November, as well as an elegant wine and cigar club on the hotel estate. Epoque Events Gallery is offering premium spaces, full services of event management, roundthe-clock support during the organisation of private and corporate events and its own selection of catering solutions, coming right from Epoque’s famous kitchen. Diana Popescu explains, “We want Epoque to be known as a ﬁrst class business destination, as well as an exclusive location where our guests can invite their friends and partners to spend some quality time.” Hotel Epoque Intrarea Aurora 17C 010213 Bucharest 1 Tel.: +40 21 312 3232 reception@epoque.ro www.hotelepoque.ro

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MASTER ROMANIA REGIO

New World-Class Hotel in Historic City Centre

Audrius Abromavicius, General Manager

The Europa Royale Hotel Bucharest, which opened in May 2012 in a fully modernised 19th century building, brings proven international expertise to Romaniaʼs hotel sector. The hotel

is part of the Lithuanian-owned Europa Group Hotels, which includes upscale Europa Royale

hotels, Europa City business hotels, and Europa Stay budget hotels.

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The Europa Royale Bucharest is ideally located in the historic city centre and offers a wealth of amenities for both leisure and business travellers. The Unirii Metro Station is just 50 metres from the hotel and the Northern Train Station is 4.5 km away. Shuttle service between the hotel and Henri Coanda International Airport, 20 km away, is available on request. General Manager Audrius Abromavicius says, “We have 92 beautifully decorated guestrooms and we mainly serve business travellers, who make up most of Bucharest’s tourism visitors. Around 85% of our guests are from abroad, mainly from Italy, Greece, Germany and France, but we are seeing more visitors from Israel, Hungary,

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Bucharest City

save money on these things. Here at the Europa Royale, we have chosen quality.”

Conference room and business services

Lithuania and other countries.” He notes that leisure travellers usually choose the Europa Royale Bucharest because of its location in the picturesque city centre within easy access of many restaurants, bars and cultural venues. The hotel was chosen to house guests for the EU Presidency events in 2012 and works with the British Chamber of Commerce and other international organisations. Every guestroom and suite in the hotel have air-conditioning, free Wi-Fi Internet connections, cable TV and a minibar, along with an adjoining bathroom with a tub or shower and a hairdryer. Rooms on the hotel’s fourth ﬂoor offer unique views of Unirii Square.

Very positive reviews on Trip Advisor Although it has not been open long, the Europa Royale Hotel Bucharest has already earned very positive reviews from guests who have stayed there. Guests praise the hotel’s restaurant, breakfast, service, ideal location, high-quality amenities, and spacious, clean, comfortable guestrooms. Audrius Abromavicius says, “We have good ratings on Trip Advisor and on booking.com. In fact, in only its first year of operations, the Europa Royale was ranked among the top 20 hotels in Bucharest on Trip Advisor. Many of our guests are return visitors who liked our services the first time and decided to stay with us again.” One of the hotel’s draws is its restaurant, which is known for its chef and gourmet cuisine. Another advantage is that, unlike many other hotel properties in Romania, everything in the Europa Royale is new. As Audrius Abromavicius points out, “In the Europa Royale, everything works. In addition, we offer all the special amenities international travellers are looking for, like high-quality soaps, shower gels, fine linens and more. It’s obvious when hotels

A plus for executive travellers is that the hotel has its own conference rooms and can provide a wide range of services for meetings, events and conferences, from organising an event to providing high-quality catering. The hotel’s guests have access to a nearby parking facility, another convenience for conference-goers. Audrius Abromavicius explains, “We have everything needed for business meetings and events. We can set up two conference rooms, provide services for coffee breaks, serve lunches, and offer other services. As for parking, guests can leave their car at the hotel entrance and one of our drivers will park it in the parking garage.” Audrius Abromavicius looks forward to strong growth in the Hotel Europa Royale’s visitor numbers as tourism to Bucharest continues to increase, particularly next year when the city will celebrate its 555th anniversary. He says, “The city centre was practically empty of people just ﬁve years ago but now it is full of life, with many restaurants, entertainment and cultural venues. The Europa Royale’s location is a real advantage for our guests, whether they are business or leisure travellers. Those who come here on business, for example, can work during the day but in the evening they can go out the hotel’s door and take a walk in a charming area and try out one of the many local restaurants and bars. What people look for in a hotel is a good location, good customer service and new facilities that work, and that is what we offer.” International travellers are very welcome at the Europa Royale. Audrius Abromavicius says, “The Europa Royale Bucharest is new, with very up-to-date facilities which include a German key-card system, cutting-edge security and solar panels on the roof for hot water. The hotel is also in an interesting historic area, so we offer the best of both worlds. Romania is a beautiful country where tourism is just beginning, and I urge international visitors to come discover Bucharest and to stay with us.” Europa Royale Hotel Bucharest Franceza Street 60 Sector 3, 030106 Bucharest Tel.: +40 21 319 1798 Bucharest@EuropaRoyale.com www.europaroyale.com

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RENT

SMART

OFFICES

World-Class Serviced Ofﬁce Space Rent Smart Oﬃces was launched three years ago and has been growing rapidly ever since. The company

specialises in renting world-class, fully equipped

and serviced oﬃce space in north Bucharest. Melania Sotcov, General Manager, explains, “We usually

rent by the oﬃce but for bigger, more customised spaces we rent by the square meter. Our prices are

all-inclusive, with the exception of telephone calls, printing and meeting-room usage.”

Flexibility and a willingness to personalise its services to satisfy its customers give Rent Smart Offices its competitive edge. The company develops tailored solutions for its clients concerning such factors as ICT infrastructure, furniture specifications, decoration and amenities. Melania Sotcov points out, “We also offer extra services such as virtual offices and answering telephones. If a company is on vacation, for example, our reception can answer the company’s phone as if it were the company answering and even redirect important phone calls to company-managers’ cell phones.”

Streamlining the process of doing business Around 65% of Rent Smart Ofﬁces’ customers are foreign companies, particularly ICT enterprises from the US, UK, Germany, Spain, Poland and Italy. Some customers are larger companies; others are fast-growing smaller companies and start-ups. Melania Sotcov notes, “We welcome Romanian companies as well, but most of our customers are foreign companies because we make setting up a business in Romania so much easier for them. We facilitate a company’s transition to the Romanian market, because with us, all services are included. We are a local Romanian company here to help foreign companies. We welcome the chance to work with all types of companies,

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including large multinationals, to help them establish themselves here in Romania.” Rent Smart Offices is currently focussing on raising its international profile and is working with real-estate agents in the US, the UK and Denmark. Melania Sotcov is open to more partnerships with agents in other countries, on a commission earning agreement. Looking to the future, Melania Sotcov would like to expand Rent Smart Offices by opening more locations in Bucharest as well as in other cities where serviced offices are not yet available, including Sibiu, Cluj, Iasi and Brasov. To potential customers, she says, “We offer the best office accommodations in Romania and we are here to help you launch and build your business. We would be happy to meet with you and discuss how we can fulfil your needs.” Rent Smart Offices Phoenix Intl. Center Str. Calea Buzesti 75-77, Floor 9 Sector 1, Bucharest Tel.: +40 215 897 427 +40 724 312 465 +40 722 248 289 office@rentsmartoffice.ro melanie@rentsmartoffice.ro www.rentsmartoffice.ro

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• Brasov County Rolls out the Red Carpet for Investors • An Investment Destination in the Heart of Transylvania • Brasov: Thriving Crossroads with Investment Appeal • Brasov City: Strategic Business and Investment Hub

Brasov County

“Brasov is the main economic engine for the region and achieves the highest GDP. ” Dr. Mihai Pascu, Vice President for Investments, Brasov County Council

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MASTER ROMANIA REGIO

Brasov County Rolls out Red Carpet for Investors European Times: Why should Brasov receive EU funding and investments? Dr. Mihai Pascu: Brasov is the main economic engine for the region and achieves the highest GDP. We are the top region in Romania in tourism, industry, education and research, and services. Brasov is very multicultural and has a long European tradition. We welcome EU investors.

Dr. Mihai Pascu, Vice President for Investments, Brasov County Council, discusses investment opportunities in Brasov County. European Times: What is your role in attracting investment? Dr. Mihai Pascu: Brasov County is one of 41 counties in Romania. Each county has its own development plan, and Brasov County has devised a strategy to promote sustainable development to 2030. European Times: What are some of Brasov’s recent projects? Dr. Mihai Pascu: We have three very important projects which complement each other: building a new regional airport, constructing highways, and building an intermodal railway terminal. The new airport will include an intermodal terminal for cargo trafﬁc. Concerning highway development, the government of Romania is building new highways to Bucharest, Sibiu and Bacau, with connections to Hungary and Moldova. These

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highways will help stimulate growth in Brasov. As for the intermodal railway terminal project, it will connect both with the EU railway network – with a connection through Constanza to the Black Sea – and the EU highways. This railway passes through the Brasov region. The airport, highway and terminal will also beneﬁt the Harghita and Covasna regions.

European Times: What changes do you predict for Brasov in the coming five years? Dr. Mihai Pascu: Brasov is set on the ancient Silk Road connecting Europe and Asia, and it was a major trade centre for 600 years. Once our major projects are completed, Brasov will be a key business, trade and industrial hub for Romania thanks to its strategic location. I want EU investors to know that Romania is not a country of poor people begging on the streets! My advice to potential investors is to talk with investors who are already here. You will find that they are very satisfied that they are doing business in Romania.

European Times: What are you doing to attract investments? Dr. Mihai Pascu: We can offer various incentives such as providing road, water and sewerage infrastructure. In the past there were problems for the private sector because the legal framework was subject to change too often. Now there is an economical and political stability, which means more predictability for the development plans of the private sector, so we hope to see our projects move forward quickly.

DN 73, Km 128-150 507055 Cristian-Brasov Tel: + 40 268 407 000 Fax + 40 268 407 009 www.hutchinsonworldwide.com

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Sector Brasov County

Sector

Location and Style: A Winning Combination for Armatti Hotel

Regional Passenger Rail Services

Location, location, location, the old adage goes.

Regiotrans, founded in 2002, is a private rail enterprise

heart of old town Brasov, but still with its own free

regional rail transport services for passengers.

For the brand new Armatti Hotel, situated in the parking, thereʼs no question that this has played

headquartered in Brasov which mainly provides

a part in its success.

The three star property’s location, next to Central Park and just minutes away from Brasov Citadel and the Council Square, allows visiting business and leisure travellers to experience some of the charm that has made Brasov one of Romania’s tourist Meccas. With modern décor, bright colours and lots of natural light, the rooms manage to be both comfortable and stylish. The hotel has worked hard since its opening to cultivate strong relationships with the local business community. “When we opened up, we had a cocktail hour attended by the Mayor and 30 major CEOs of the biggest companies in the area,” CEO Cristian Tatu explains. “All 30 major companies that were invited are now our partners because it’s not hard to sell a good product and they have a need that we can fill.” Although a relative newcomer to the Brasov hotel scene, Armatti Hotel Brasov has already built quite an impressive following. Having garnered more than 250 reviews on Booking.com since its opening in 2013, the hotel’s rating stands at 9.3 out of ten, putting it comfortably above internationally branded, as well as five-star properties in the city. Although only a year has passed since the hotel opened its doors, there’s no doubt that the Armatti Hotel will be a fixture on the Brasov hotel scene for years to come. Armatti Hotel Str. Lunga 5, Brasov, Tel.: +40 368 443 200 reservations@armatti.ro, www.armatti.ro

The company offers railway passenger transport to destinations almost all over the country and also provides long-distance connections between Brasov and other important cities. In order to promote regional tourism in Romania, a popular steam-powered train “Dracula Express” is operated as a special train. Using a modernised rolling stock ﬂeet, Regiotrans is improving the quality of services, as well as technical performance according to national and European standards on a yearly basis. Regiotrans, a private railway undertaking, is operating under a public service obligation, offering services according to a public service contract signed with the national authority. With 1,000 employees, about 400 trains are running daily on around 2,000 km. Most of them are regional trains carrying about 18% of the passengers transported by rail in Romania. The main goal of the company is to increase the number of passengers carried, focussing continuously on improving the comfort, speed, safety and security of its trains. Investing in the business and developing it in a good partnership with other actors on the railway market is a constant strategy of Regiotrans administrators. The main target of this private railway undertaking is to bring people to the train, the safest and greenest transportation mode. Regiotrans Oltului 2, Brasov, Tel.: +40 26 842 93 15 contact@regiotrans.ro, www.regiotrans.ro

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Brasov

County

MASTER ROMANIA REGIO

and

its

capital have much to oﬀer investors, from a steady

supply of young, educated human

resources,

well-established industrial base and proven touristic appeal.

The nation’s seventh largest city, Brasov, sits in the shadow of the Carpathian Mountains in the country’s sprawling Transylvanian region. Romania’s last census, conducted in 2011, estimated that the city itself is home to more than a quarter million people, with nearly 300,000 more within county lines. The area has sizable German and Hungarianspeaking populations; people that trace their roots in the region back hundreds of years. Due to its popularity as a tourist destination, English is widely spoken as well, particularly within the tourism industry.

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Brasov

An Investment Destination in the Heart of Transylvania Developing Transport Infrastructure An international airport in Ghimbav, eventually capable of servicing 1 million passengers annually, is in the works. Much of the project’s 2,820 meter runway has been completed, and in May 2014 the site saw its ﬁrst plane successfully take off and land. The eventual completion of the project will be a huge boon for Brasov City and the surrounding areas, but the lack of an airport has not hindered economic development as much as one might think. Brasov’s location practically at

the centre of Romania also means that the city is well served by the country’s rail network, with 18 trains daily from Bucharest.

Manufacturing Hub The region has long been a bastion for manufacturing in Romania, with industrial activities in the region for the better part of the last hundred years. Romanian ﬁghter jets used to ﬁght the Soviets in World War II were produced here and the manufacturing sector has remained a major

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Brasov County

economic contributor ever since. “Under communism, there were as many as 50,000 people working in the manufacturing sector here at any one time,” Draexlmaier Romania’s Managing Director Marius Suranyi says. When Romania achieved independence in the early 1990s, private sector investors had an overabundance of skilled workers to choose from. To this day, manufacturing is of signiﬁcant importance to the region, with factories producing everything from textiles to elevators; helicopters to hydraulic transmissions.

Vast Touristic Appeal From a touristic perspective, the region attracts hundreds of thousands of visitors annually. Old Town in Brasov’s city centre is home to sights of historical importance, such as the imposing Gothic ediﬁce of the Black Church, purported to be the largest Gothic style church in South-eastern Europe. There’s a cable car to the top of Tâmpa Mountain, a historic citadel, and the narrowest street in Romania. Bran Castle alone, believed to be the inspiration for Dracula Castle in Bram Stoker’s classic novel, attracts an estimated 560,000 visitors annually. Poiana Brasov, site of the European Youth Olympic Winter Festival in 2013 and Romania’s most popular ski resort, helps to draw winter tourists to the region.

International Investment Hotspot International auditing giant KPMG points out, “Brasov offers many advantages for new investors in the peopleintensive industries, capitalising on a strong education system with high emphasis on foreign languages.” This emphasis on bilingual teaching has played a role in attracting multina-

Brasov

tional corporations to the area, with Brasov emerging as a viable alternative for multinationals with head ofﬁces in Bucharest due to low wages, an affordable cost of living, and an above average quality of life. Local businesses are quick to point out their willingness to support incoming investors. Elecon, a 100% Romanianowned electrical services provider, has a broad client base, ranging from large private sector corporations and government accounts to individual homeowners. Guta Bradut, Elecon’s Director General, credits Elecon’s success to the organisation’s wide spectrum of services and willingness to customise solutions to ﬁt a client’s needs. “We pride ourselves on the diversity of our clients and our ability to serve everyone. Whether it’s one man or a huge corporation, everyone needs electricity, and we stand ready to help deliver that electricity in the

most efﬁcient manner possible,” Guta Bradut emphasises. While many of Romania’s regions and cities seek to attract investors, Brasov’s unique combination of cultural and industrial heritage, skilled human resources and vast touristic appeal make it an ideal place for potential investors. George Scripcaru, Mayor of Brasov City, sums it up nicely. “The people are nice, the city is very clean, and we are doing a lot to reinvest in the future of the city. We aim to be not only a tourist destination, but a destination for business.” Sponsored by

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Brasov: Thriving Crossroads with Investment Appeal ment. Brasov will be a strong commercial crossroads and an example to the rest of the country. European Times: In addition to transport infrastructure, what are some other sectors with growth potential? Mihai Mohaci: Brasov has already developed a successful tourism industry with higher-quality services than in some western European countries. Brasov has around 100 hotels as well as a ski resort, agro-tourism services, bed-and-breakfast establishments and rental villas with a very high services quality. Brasov offers attractions for cultural, sports, religious, rural and eco tourism. We have many historic landmarks as well as protected natural areas and parks. Brasov’s agriculture sector is also thriving and has excellent prospects. European Times: Where do you see most investment going in the future? Mihai Mohaci: I anticipate more investment in rural areas around Brasov city, because most investment up to now has focused on our cities. Around 75% of the region’s population lives in urban areas, and many rural areas are virtually untouched. Fagaras, for example, would be an excellent location for a ski resort. Mihai Mohaci, Underprefect of Brasov, discusses the regionʼs importance to Romaniaʼs economy. European Times: What are some recent projects in Brasov? Mihai Mohaci: Brasov has a strategic location and we are improving our infrastructure to position the city as a business and trade hub. This year we will begin construction on a new highway between Brasov and Bucharest and we are also building highways to Sibiu and the Moldavia region. We will also complete a new bypass around the city later this year. We are developing an intermodal logistics centre on a 15-hectare site to handle containers from Constanta harbour to be transported to Western Europe. Construction of an international airport is in progress, for which we are seeking investors and which will be a key factor for further develop-

European Times: What are you doing to improve the business climate for investors? Mihai Mohaci: The institution that I represent can supervise compliance with current legislation in order to implement various projects of investors. We can intervene if we hear that an investor has had bureaucratic problems here, but only according to the law. Brasov has attracted signiﬁcant investment which created 3,000 new jobs last year alone. We have seen a lot of investment in training programmes by foreign companies here, which tells us that these companies are making a long-term commitment to Brasov. Over 3,450 new companies were established here in 2013, a growth of 5.26% over 2012. We have many foreign investors in Brasov, most of them are from Germany and have invested more than €400 million. Brasov offers skilled labour at low costs and great potential in many areas.

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MASTER REGIO

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Brasov County

RAMB Sistem: 20 Years of Leadership in Heritage Preservation RAMB Sistem, founded by the Bagiu family, is the oldest enterprise in the dynamic Bagiu group,

which is involved in construction, infrastructure and technology projects. Specialising in the

restoration of historic buildings, RAMB Sistem is proud to have participated actively in the rehabilitation of heritage properties in Brasov

country, currently ranked one of the most attractive and well-preserved regions in Romania.

Combining traditional restoration methods with state-ofthe-art technologies, RAMB Sistem employs such cuttingedge techniques as carbonfibre strengthening in its restoration projects in order to stay as true as possible to the original intentions of architects and builders of the past while also bringing the benefits of new technologies to these ancient constructions. RAMB Sistem’s projects in the Brasov area from 2008 to 2014 include Razvan Gabriel Bagiu, owner rebuilding Brasov’s medieval fortress and all the fortifications of the old city, refurbishing Rupea citadel and creating new paths and landscaping for the monument, and rebuilding Rasnov citadel and Fagaras citadel.

at New York City’s Guggenheim Museum, where it was praised as an example of a revolutionary restoration of an historic property. Gabriel Bagiu, owner, says, “It is a man’s duty towards the place where he lives to be involved in its growth and fulﬁlment. We are celebrating our twentieth anniversary at RAMB Sistem and in all these years there have been many times when I have agreed to go beyond the responsibilities of a builder to carry out important work even if this involved a loss of proﬁts.”

Water, sewerage and road infrastructure The group has also successfully diversiﬁed into infrastructure projects, and today Bagiu companies are involved in building modern water and sewerage systems as well as roads all over Romania. Welcoming new international connections, Gabriel Bagiu points out, “We have established international partnerships and, most importantly, a culture of international collaboration. We are constantly improving our skills by adopting new methods which allows us to remain competitive and to carry out local and national objects in a modern manner.”

Romania’s first digital museum presented in New York In 2012, RAMB Sistem was responsible for building Romania’s first digital museum, which is housed in four floors of a tower made of Cor-ten steel and glass set within the ancient fortress of Brasov. The project harmoniously combines innovative architecture, construction, technology and digital content in a unique way. This distinctive new architectural landmark was showcased

RAMB Sistem Iuliu Maniu Str. 43, 6th Floor, Brasov Tel.: +40 268 478 686 oﬃce@ramb-sistem.ro, www.rambsistem.ro

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MASTER ROMANIA REGIO

Brasov City: Strategic Business and Investment Hub George Scripcaru, Mayor of Brasov

Brasov City was once a major industrial hub in the communist period. Today, the city and its surrounding region are driving

the Romanian economy in tourism, industry, education, research,

and services. The city is investing extensively in its infrastructure and has devised a plan to promote sustainable development

up to 2030. Mayor George Scripcaru, discusses recent projects in Brasov City and his plans for making the city even more competitive in the future.

The European Times: What makes Brasov City unique? George Scripcaru: Brasov is a great city! The people are nice, the city is very clean, and we are doing a lot to invest in the future. During the communist period, Brasov was primarily industrial, but we have turned it into a tourist destination through promoting the city’s ancient history, proximity to castles and other historic landmarks, and great natural beauty. Brasov is not only a tourist destination but also a destination for business. The region boasts over 20,000 companies, many of which are international and very successful in niche areas. The European Times: What is Brasov doing to attract business and investment to the city and region? George Scripcaru: In order to attract business, the proper infrastructure has to be available, and we are currently investing in further improvements to our infrastructure. Brasov’s location and

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highly developed transport infrastructure have positioned it as a logistics hub for international shipments. In addition to an extensive road network, Brasov is served by a railway line that passes right through the city, and we are currently working on building an airport to make it easier for executives and investors to reach Brasov. Our taxes also are quite attractive for companies which make the move here. The European Times: What are other advantages for investors in Brasov? Mayor Scripcaru: Brasov is on an upward trend concerning investment into the region, business growth, community growth and education. Many companies operating here are now investing in educating our local human resources to make them specialists in their specific fields of interest. Reinvesting in the city makes our people happier and the businesses of course are happier because this helps to boost their overall profitability. Brasov City has also formed productive partnerships with

other cities to help support our growth and competitive advantages. The European Times: Where do you see Brasov in ﬁve to ten years? George Scripcaru: We have a very aggressive plan in place to which we have been adhering rigorously to ensure that the city grows at a sustainable rate. Our tax rate, quality of enterprises, the city’s ability to provide assistance to industry will ultimately help companies not only ﬂourish but also attract more business. But it does not just stop there; we have to invest in our future and our past. By continuing to improve the infrastructure and the airport, Brasov will no doubt become the central hub for logistics and industry in central Romania. And last but not least, maintaining our historic sites in and around the city – from Bran Castle known as the castle of Dracula, the Black Church, to the White and Black Towers – and especially the scenic views are important for providing a valuable memory of where we come from and where we are headed.

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Brasov County

Highly Rated Restaurant in the Heart of Brasov Pilvax, ranked by Trip Advisor as one of the top six restaurants in Brasov oﬀers a true taste of Hungarian cuisine. Ideally located in the historic city centre of Brasov, Pilvax opened two years ago as a restaurant complete with a bar, coﬀee shop, and a wine cellar. Four

modern, comfortable guestrooms were added last year. Although this small, cosy restaurant is a young establishment, it has already

won a loyal following and welcomes many repeat visitors. Pilvax is named after a famous Budapest coﬀeehouse that was a popular gathering place in the middle of the 19th century. Owner Imre Gábor explains, “Opening a true Hungarian restaurant was my childhood dream. We cater to both business and leisure tourists, many of whom are from Germany and other western European countries. With such a high frequency of occupancy in both the hotel and restaurant, I am looking to expand quite extensively, ﬁrst by opening three apartments.” He adds that he wants Pilvax to be known as a place where both locals and visitors alike can enjoy an intimate evening with friends and family.

savoury beefsteak. Main courses include wild game such as goose and boar among a plethora of options. For after the main course, the desserts offered include such succulent dishes as madártej (ﬂoating island) and plum noodles. Additionally, the restaurant also serves breakfast. Visitors may enjoy their meal in the restaurant’s cosy dining room, in the wine cellar ﬁlled with rare bottles, or may choose to sit outside on the sidewalk terrace. Imre Gábor plans to open a covered terrace for the winter season.

Authentic local cuisine, fresh ingredients

Pilvax specialises in authentic Hungarian and Transylvanian cuisine served with a choice of around 100 ﬁne Hungarian wines. “We will continue to focus on high quality and authenticity. The key to our menu is that all of the food we

Chef Náday Egon’s extensive menu features the famous Hungarian gulyás (goulash), exceptional chicken soup, and

serve is fresh from local distributors, completely natural, and homemade right in our kitchen. With a seasonal menu, the quality is second to none as it is dependent on wich ingredients are available in the region at that time,” states Imre Gábor. Imre Gábor urges European travellers to visit Romania and Brasov. He says, “For investors, Brasov has many interesting opportunities, for example in industry the skilled workforce is abundant because in the Soviet years, it was a top industrial centre where technical skills were a must for most citizens. Now, the workforce is multilingual, technical, and ambitious. For tourists, this is a beautiful area surrounded with mountains and lush forests. Brasov is a charming and historic city ﬁlled with passionate people. When you arrive in our quaint city, come meet us and try our cuisine. We are happy to welcome you.” Pilvax Restaurant Michael Weiss Street 16 500031 Brasov Tel.: +40 268 475 829, www.pilvax.ro

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ROMANIA

Five-Star Hotel Brings Luxury to Brasov Aro Palace, ideally located in the centre of historic Brasov,

demonstrates the potential of Romaniaʼs tourism sector. The iconic hotel in a listed landmark building opened its original wing

in 1939 and a new wing in 1965.

For the past ten years, the hotelʼs owners have been modernising and updating the hotel to meet ﬁve-star standards, and today Aro Palace oﬀers truly palatial facilities and services.

Daniela Tibeica, General Manager, explains, “Our modernisation project included the refurbishment of existing facilities and the construction of a new facility, for a total of 22,000 sq m.” New services include a new restaurant, a business club on the top ﬂoor with panoramic views, a state-of-the-art new conference centre which can accommodate up to 700 people, and a luxurious 2,500 sq m underground spa.

As Brasov’s most prominent hotel, Aro Palace plays a key role in developing the city’s high-potential tourism industry. The hotel is well known for its outstanding food and beverage options, and it participated in the international Culinary Art Olympics and the Internazionali d’Italia, winning bronze and gold medals at both events. Aro Palace chef Cornelia Ghişoi was named one of the world’s top ten lady chefs by the World Association of Chefs Societies.

State-of-the-art conference centre

Aro Palace is committed to maintaining the highest international standards in all its operations and adheres to ISO 22000 standards for food safety. The hotel is also a benchmark in Romania’s private sector and has been awarded a certiﬁcate of excellence for 19 years in a row from the local Chamber of Commerce and Industry.

Aro Palace pampers its guests with an array of amenities, including room service, WiFi Internet connections, a pay-TV system, air-conditioning, and much more. The Aro Palace Conference Centre is truly ﬁve-star, featuring the latest audio-visual equipment and simultaneous translation services. The hotel also has its own business centre.

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Aro Palace – the only hotel in Brasov which had the honour to host all the Presidents of Romania in the last 25 years

– attracts visitors from all over the world, and guarantees the highest-quality personalised service for every guest. To reach new markets, Aro Palace has formed partnerships with tourism professionals in many countries, including several important travel agencies in Europe, the Near East, Australia, and the US. It is also seeing more and more visitors from Asia. Daniela Tibeica points out, “Brasov is a destination for European cultural tourism. The city offers historic landmarks, great beauty, a charming lifestyle and friendly people.” She welcomes international travellers to Brasov and to Aro Palace, a luxurious choice in the heart of the city. Aro Palace Bdl. Eroilor 27, Brasov Tel.: +40 268 478 800 +40 268 476 699 oﬃce@aro-palace.ro www.aro-palace.ro

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Brasov County

Sector

Convivial Bistro in the Heart of Brasov

Spectacular Views, Great Service, Upscale Amenities

Festival ʼ39 Bistro in the heart of Brasovʼs historic

The Pensiunea Warthe hotel in Brasov, which

1930s decor, live jazz music and an extensive

of the highest points in the city, and every guest

city centre celebrates bygone years with an opulent

choice of excellent Romanian, Hungarian, Italian and international cuisine.

opened in 2004, enjoys an ideal location on one

room and suite have their own balcony where guests can enjoy the spectacular views.

Each of the 17 spacious, immaculate guestrooms is equipped with a new ﬂatscreen LCD TV, a modern bathroom with new ﬁxtures, WiFi Internet connections and much more. Laurente Ovesea, owner, explains, “We are a family-run hotel in Brasov that provides personalised service for all of our guests. Our staff is available 24 hours a day for anything a guest needs.”

High percentage of repeat visitors Co-owner and Manager Tibor Denes says, “We can accommodate up to 140 people at a time and we sometimes rent the restaurant for special events. Our guests can come here to have a good time with their friends for anything from a full meal to just enjoying a glass of wine or beer. We have the best atmosphere of any restaurant in the city along with the best food and drinks.”

Praised on Trip Advisor Many international visitors to Romania have already discovered Festival ʼ39, which won the coveted TripAdvisor Certiﬁcate of Excellence in 2013. The restaurant often serves business travellers and Tibor Denes expects to welcome more tourism visitors as Brasov’s attractions become better known. He is also considering franchising the restaurant and opening new locations in other historic cities in Romania, including Sibiu, Cluj and Sighisoara. To international travellers, he says, “When you come to Brasov, visit Festival ʼ39. We will be happy to welcome you.” Festival ʼ39 Str. Republicii 62, 500030 Brasov Tel.: +40 74 333 99 09, www.festival39.com

Thanks to the focus on service along with the hotel’s upscale amenities, a high percentage of its guests are repeat customers. They praise the hotel’s service, facilities, sumptuous breakfast and very convenient location. The Pensiunea Warthe is set in a quiet area yet is only a tenminute stroll from the centre of Brasov with all its restaurants, cultural venues and entertainment options. Urging international travellers to discover everything that Brasov has to offer, Laurente Ovesea concludes, “Here at the Pensiunea Warthe, we try to create the perfect home-awayfrom-home atmosphere with elegance.” Pensiunea Warthe Hotel Str. Cibinului 45 (Drumul Poienii) Tel.: +40 268 511 180 +40 74 501 00 70 laau2002ro@yahoo.com, www.warthe.ro

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ROMANIA

• Romanian Hub for Industry and FDI • Prahova Centre of Romania’s Oil and Gas Sector • Dynamic, Business-Friendly and Beautiful Prahova County

Prahova County

“I predict a great future for Romania thanks to our signiﬁcant water, food and energy resources, and Prahova is a dynamic base for business.” Mircea Cosma, President Prahova County Council

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Prahova County

Prahova County: Dynamic Business Base Mircea Cosma, President of Prahova County Council with Jelena Baric, representative of the European Times

12 cities and 90 townships. The first refinery in the world was built here, and Prahova is the capital of Romania’s “black gold”. We have been creating new industries to replace what we lost during the 1989 revolution, and Prahova was the first Romanian county to promote industrial parks. We now have 11 and are developing two more. European Times: Why investors choose Prahova?

Prahova County has positioned itself as one of Romaniaʼs top targets for international investors. Mircea Cosma, an energetic leader

who has served as President of the Prahova County

Council

since

2004,

discusses

Prahovaʼs current projects and investment attractions.

European Times: What are your top priorities for Prahova? Mircea Cosma: Our main priority is to reach and surpass average European development parameters. Prahova County is one of Romania’s top ten regions in GDP and second in population, with 800,000 inhabitants in two municipalities,

should

international

Mircea Cosma: Prahova has three main advantages for international investors. It is close to Romania’s main airport; it has highly developed education facilities to ensure skilled human resources, including Romania’s famed Oil and Gas University; and its infrastructure has been significantly upgraded in recent years. Important recent projects include five new private industrial parks, water and gas connections in almost all of our townships, and upgrades for all but 65 km of our 1,300 km of roads. In addition, Prahova is Romania’s third-biggest source of methane gas and offers around 135 MW of hydropower capacity as well as almost 200 MW of solar power. We are building new sewerage and waste-water systems and have opened a new highway from Prahova’s capital, Ploiesti, to Bucharest as well as high-speed railway connections to Bucharest and Brasov. Prahova also has Romania’s only transhipment container terminal, and we will soon build a new highway from Comarnic to Brasov. Leading investors in Prahova include Procter & Gamble, Yazaki, Lufkin, GE, Kansei and many others. Prahova is also known for red wine and is the capital of mountain tourism. European Times: How can investors find out more about Prahova? Mircea Cosma: Our excellent Chamber of Commerce organises events for investors every month. We also participate in national, regional and international conferences. We regularly host EuroPrahova in a different European country, this year in Bulgaria. We hope to hold it in the UK in 2016. I predict a great future for Romania thanks to our significant water, food and energy resources, and Prahova is a dynamic base for business.

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ROMANIA

Award-Winning Pest-Control

Coral Impex, founded 20 years ago, has steadily grown over the

past two decades to become a leader in pest control in Romania and

the second-biggest company in its ﬁeld in Europe. Now with over 200 employees, Coral Impex handles pest control, disinfection, phytosanitary treatments, rat removal and more. Coral Impex now

has ten branches all over Romania, including in Cluj-Napoca where Coral Impex coordinates its projects throughout Transylvania.

Prestigious international awards General Manager Alexandru Badea points out, “Since 2007, the company has been a member of the British Pest Control Association, which brings together the most important companies in this ﬁeld in Europe.” Coral Impex has won a number of local and international awards, including the “Best

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Enterprise” certiﬁcate from EBA (Oxford, UK), a “World Business Leader” award from the World Confederation of Businesses (US), the ESQR “European Award for Best Practices”, and the Century International “Gold Quality ERA Award”, among many others. Alexandru Badea was awarded the “World Leader Business Person, Excellence in Business Management” award in 2013.

Strong commitment to environment, health and safety Coral Impex has demonstrated a strong commitment to environmental protection as well as to health and safety in the workplace. The company has established an integrated environment, occupational health and security-management system based on SR EN ISO 14001:2005 and SR OHSAS 18001:2008 standards. The last years brought major changes in the business environment of Romania, but also concerning quality, environment and occupational safety and health assurance standards. With such context, Coral Impex achieved successful adaptation to such changes by getting and maintaining authorisation certiﬁcates for the Quality Management System according to standards: SR EN ISO 9001:2008, certiﬁcate issued by Lloyd’s

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Prahova Sector County

Leader Expanding Abroad

Register Quality Assurance, which is extremely difﬁcult to obtain. The company has grown rapidly thanks to its high standards and emphasis on customer service. It has also benefited from winning several tenders for pest-control services which have allowed it to make major investments in its equipment, staff training and services. “Coral Impex has developed exceptional expertise in fighting pests of all kinds, from rodents to mosquitoes, pests which are common in Romania’s lake and waterway areas. We have the collaboration with town halls of over 30 towns in the Romania,” Alexandru Badea points out.

Outstanding references from top global companies Having established itself as a leader in Romania, Coral Impex is now planning to expand abroad. Alexandru Badea says, “We have never before promoted our company and its image abroad, but we plan to do so because we want to take our business outside Romania. We not only have good references from local authorities, but also good references from the foreign investors who are our clients here in Romania. These include global leaders Coca-Cola, British-American

Alexandru Badea, General Manager

Tobacco, Philip Morris, Carrefour, Kaufland and others. It is important to point out that we have had very good recommendations from every company we have ever worked with. We want our company’s expertise to be better known in Romania and worldwide. We believe this will also promote Romania’s image” Explaining the reasons behind Coral Impex’s success story, Alexandru Badea cites the company’s focus on high-quality service, customer protection through warranties, willingness to tackle any kind of pest-control project, 24/7 availability, certified standards of quality, and in-depth knowledge of international standards and trends in pest control. “We have many young people working in our company and we are very connected to what is happening in our industry worldwide. We have also invested hundreds of thousands of euros in our equipment,” Alexandru Badea says. Coral Impex puts the emphasis on supporting its employees, who benefit from flexible work schedules. “All my colleagues are hard workers. Most of our people work longer than required. We also have a real family spirit in this company. My mission is to achieve

customer satisfaction as well as employee satisfaction,” Alexandru Badea says. His approach is clearly working well. In all these years, Coral Impex did not remain insensitive to the social needs of the communities it serves. The company often involves itself actively and significantly in supporting homeless families, patients who need expensive treatments, pupils or students willing to study but coming from families with difficult financial situations, and constructing playgrounds for children or beautiful green spaces for recreation. Coral Impex also always participates in various community events, thus also supporting the local councils. Coral Impex will continue to be a major driver in Romania’s economic development and a successful story at both the national and international level. Alexandru Badea concludes, “Romania is a beautiful country and we know every part of it very well because we have established ten branches all over Romania in order to be as close as possible to our customers.” S.C. Coral Impex S.R.L. Str. Penes Curcanul 8 Bl. 151 C, Sc. A, Ap. 10 100511 Ploiesti, Prahova Tel.: + 40 244 517 610 coralimpex@coralimpex.ro www.coralimpex.ro

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MASTER REGIO ROMANIA

Romanian Hub for Industry and FDI Iulian Badescu, Mayor of Ploiesti, in Romaniaʼs Prahova county, is an economist and journalist who held a number of important posts before becoming

mayor.

discusses

signiﬁcant investment appeal.

Ploiestiʼs

European Times: What are your main goals for Ploiesti? Iulian Badescu: Ploiesti is a Romanian hub for attracting EU funds since it has been ranked an official “growth pole”, and we have many projects underway. One is to open a new paediatric hospital in the city. We have acquired a post-1989 building and we are going to award a tender for the building’s complete rehabilitation and transformation into the region’s most up-to-date paediatric hospital. This is a €25 million project 100% overseen by Ploiesti’s city council. Another huge project is to upgrade our tramway infrastructure. This is budgeted at around €30 million or more. We are also planning to build a road passage over the main railway connecting this region with Transylvania; this is a €20 million project. All these projects are necessities for the municipality. Additional projects we are planning include rehabilitating the city’s historic horseracing track, developing a 20-hectare municipal park, and completing a number of smaller projects. European Times: What are Ploiesti’s strong points and why is it attracting so much investment? Iulian Badescu: Ploiesti is one of the best cities in Romania in terms of skilled workers, which is why some of Romania’s biggest foreign investors are here, including British American Tobacco and Coca-Cola. Ploiesti also has a very strong industrial base. It was a hub for industry before the revolution and now its industrial infrastructure has been restored and improved. Ploiesti is Romania’s

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Iulian Badescu, Mayor of Ploiesti

main centre for oil and gas and is the home of Lukoil, Rompetrol Downstream and OMV-Petrom as well as Romania’s Oil and Gas University. Another advantage Ploiesti offers is its transport infrastructure. The city is a railway hub, is closer to the international airport than Bucharest is and has a well-developed road system. This is why many companies have established logistics centres here, including Kauﬂand, Mega Image and Proﬁ. In addition, Prahova has well-developed power, water and waste-management systems and we are improving our waste management in a €300 million project. The municipal government is very pro-business and Ploiesti offers excellent quality of life, with many cultural and sports activities. European Times: What is your personal message to potential investors? Iulian Badescu: Romania is and always will be a safe place for people and investment, and Ploiesti is a dynamic base for business.

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MASTER REGIO

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Prahova County

Prahova Centre of Romania’s Oil and Gas Sector Romania ranks third in EU shale gas reserves, after Poland and

France. According to the US Energy Information Administration,

the domestic shale gas reserves equal 1,444 billion cubic meters

– this quantity could potentially cover national gas consumption for 100 years.

Dynamic Prahova County, home of Romania’s Oil and Gas University, has long been the hub of Romania’s oil and gas industry. The world’s first oil refinery began production in Ploiesti, the capital of Prahova County, in 1856, and today four refineries are operating in the county: Petrobrazi (OMV-Petrom), Vega (Rompetrol), Steaua Romana and Petrotel-Lukoil. The Petrotel-Lukoil plant processes Romanian oil as well as Russian oil transported from the Port of Constanta by rail or an underground pipeline. OMV-Petrom announced in July 2014 that it had completed a four-year, €600-million modernisation of its Petrobrazi refinery, which opened in 1934. The facility can now produce 1.5 million tonnes of diesel fuel per year compared to 900,000 in 2009. “The increase in diesel production will help us better respond to Romanian market demands,” explains Neil Anthony Morgan, a member of OMV Petrom’s Board of Directors.

Oil and Gas University attracting investors One foreign investor targeting Prahova County’s oil and gas sector is US-based

Lufkin Industries, which in 2013 opened a 330,000-sq-m manufacturing facility to produce oil-drilling components and systems in Ploiesti West Park. Duane Butcher, Chargé d’Affaires at the US Embassy in Romania, explains, “This plant will become Lufkin’s regional strategic hub to serve the European market as well as Central Asia, North Africa and the Middle East. Lufkin’s operations here represent a happy marriage of US cutting-edge technology and Romania’s heritage and expertise in the oil industry. Together they offer the promise of transforming Romania into a regional hub in the energy ﬁeld. The presence of the University of Petroleum - Gas in Ploiesti, and of a technically capable and highly

S.C. Protelco S.A. Str. EcaterinaTeodoroiu 43D 105600 Campina, Prahova Tel.: +40 244 375 689 office@protelco.ro www.protelco.ro

educated workforce, is a major asset for Lufkin and for Romania.” Foreign investors active in oil-and-gas projects in Romania include Chevron, which concluded a shale-gas exploration project in Silistea-Pungesti in July 2014, and OMV, which recently discovered a new offshore oil reservoir in the Romanian Black Sea with a potential production of 1,500 to 2,000 bpd. Exxon Mobil Exploration, Production Romania and OMV Petrom are already drilling at the Domino-2 well in Romania’s Neptun Block. The government of Romania will host the Romania Oil and Gas Industry Forum in November this year to highlight investment opportunities. Romania ranks third in the EU in shale-gas reserves, with over 1.4 billion cubic meters, and has both onshore and offshore petroleum reserves which are underexplored. Romania’s oil and gas industry is set for strong growth, and Prahova County will remain its hub.

S.C. CONFIND S.R.L. 2 Progresului Street, Campina Prahova - 2150 Tel.: +40 244 374719 +40 244 373709 +40 244 333160 confind@confind.ro cene@confind.ro www.confind.ro

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MASTER ROMANIA REGIO

Dynamic, Business-Friendly and Beautiful Prahova County Dynamic

Prahova

County

oﬀers signiﬁcant advantages as

business

base

and

tourism destination. Located

in central Romania, Prahova County covers almost 5,000

sq km and has a population of 872,900, making it the second-most-populated

county

in the country. Its main city is

Ploiesti, which has a population

of 252,715 and is Romaniaʼs second-biggest

industrial

centre as well as the hub of the nationʼs oil and gas sector.

Ploiesti city

Diverse, well-established industrial sector Prahova County is set in the southern slopes of the Carpathian Mountains and features picturesque mountain landscapes along with forests and plains. Long known for its “black gold” (oil) and red wine, Prahova County is rich in many natural resources, including oil, natural gas, coal, salt, fertile farmland covering around 280,000 hectares, methane gas, limestone, around 135 MW of developed hydropower capacity, and around 200 MW of developed solar power. The county’s main industrial sectors are oil and gas, foods and beverages (including wine), tobacco,

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renewable energy, machinery and equipment, light industry, construction materials, chemicals (detergents) and furniture. The county was the site of the world’s ﬁrst oil reﬁnery, and today Prahova is building on its well-established industrial base to forge a thriving modern economy. The county’s convenient location – Ploiesti is just 60 km from Bucharest and only around 30 km from Henri Coanda International Airport – is one reason it has attracted major investors in many sectors, including Procter & Gamble, Coca-Cola, Yazaki, Lufkin, British American Tobacco, GE, Kansei and others.

Ploiesti, a popular base for business, has been ranked an ofﬁcial EU growth pole. Mayor Iulian Badescu notes that the city’s current development projects range from a new paediatric hospital to upgraded tramway and rail infrastructure. Ploiesti is the home of Lukoil, OMV-Petrom and Romania’s Oil and Gas University.

Signiﬁcant export potential Prahova County accounts for around 4.5% of Romania’s total exports. Its primary exports are products and equipment for the oil, chemicals and petrochemicals industries; chemicals;

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Prahova County Sector

industrial steel cables and belts; automotive accessories and parts; construction materials; wood and wood products, including furniture; glass and ﬁbreglass; clothing and textiles; wine and other beverages; food products; and tobacco products. Prahova enjoys cutting-edge communications and transport infrastructure as well as skilled labour, many educational institutions, world-class logistics services, and 11 state-of-the-art business and industrial parks, with two more parks in the works. The county is served by a new highway between Ploiesti and Bucharest, high-speed railway connections to Bucharest and Brasov, and Romania’s only transhipment container terminal. One new venture illustrating Prahova County’s forward-thinking approach to development is a pilot project by the Energy Efﬁciency and Renewable Energy Agency (Ae3R) in Ploiesti which is designed to accelerate the transition to sustainable energy throughout the

county. The project is strongly supported by the Prahova County Council and Ploiesti City Hall. Prahova County Council, headed by Mircea Cosma, President, is committed to ensuring innovative, sustainable development for the county and welcomes contacts with potential partners and foreign investors.

Exceptional tourism attractions Prahova County is also an attractive tourism destination thanks to its unspoiled mountain landscapes, many historic monuments, lively cultural scene and prestigious wine region. Popular tourism sites in the county include the Great Church of Sinaia Monastery in the resort city of Sinaia, known as the “Pearl of the Carpathians” for its exceptional beauty. Cantacuzino Castle in Busteni is another popular site in Prahova County. Built between 1901 and 1911, it incorporates Brancovenesc, Byzantine and Celtic styles and features stunning

Murano stained-glass windows, a Florentine ceramic ﬂoor, elaborately carved wooden doors, a marble staircase and much more. Peles Castle, built in 1914 to be the summer residence of Romania’s King Carol I, was transformed into a national museum and artists’ residence in 1953 and is now open to the public. It features a mixture of Neo-Renaissance and Gothic Revival styles and has an interior courtyard with elaborately decorated murals and ornamentation. The castle’s interior decoration is mostly Baroque, with heavy, carved wood and exquisite fabrics. Prahova County’s natural beauty and fertile agricultural areas are other draws for visitors. To help tourists make the most of their visits, the Prahova County Council has developed three ofﬁcial itineraries: the Orchard Route, the Princes’ Route and the Wine Route. The Orchard Route is in the northern part of Prahova County, an area famous

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ROMANIA Sector

for its fruit. The route links 18 towns and villages and includes several tourist sites. The Princes’ Route includes the county’s greatest architectural monuments as well as the most important sites where archaeological discoveries have been made.

Dealu Mare: Romania’s ﬁnest wine region The Wine Route retraces ancient trade routes through the area dating from Roman times. Several mansions, monasteries and vineyards are open to visitors along the way. The itinerary criss-crosses the Dealu Mare wine area, whose name means “Big Hill”. Known as “the homeland of Romanian red wine,” Dealu Mare is ranked Romania’s top wine region. Its history of winemaking dates back to Roman times, and its soil and climatic conditions are very similar to those in France’s Bordeaux wine-growing region. Covering around 14,500 hectares, the Dealu Mare wine area is characterised by rolling hills facing south and southeast, ideal for wine-growing. The region’s sunny micro-climate is also perfect for growing red grapes. Many villages in the area are renowned for their vineyards, and travel agencies offer guided wine-tasting tours during which wine-lovers can sample a range of ﬁne red wines, including Feteasca Neagra, made from a local grape variety. In Prahova County’s Valea Calugareasca, heart of the Dealu Mare wine region, travellers can visit Crama 1777, an 18thcentury wine cellar turned into a museum which showcases local wine-growing and wine-making traditions. Local wineries include Budureasca Vineyards, known for its prestigious, award-winning wines which are often presented at international wine fairs. In the heart of Dealu Mare, in an area with rolling hills caressed by the sun, the Budureasca vineyards are an ancient place with deep roots in the history of wine culture. Sponsored by

Romanian Wines Producer www.budureasca.ro

Genuine Beers for Genuine People Bergenbier lives up to its famous slogan “Friends know why”. “We produce genuine beer for genuine

people and genuine friendships,” says Lucian Ghinea, President.

With its production site in Prahova county, Bergenbier is part of Molson Coors Central Europe, one of the region’s biggest brewers. Bergenbier offers its iconic Bergenbier brand along with Noroc, a 100% Romanian beer, and international brands: Staropramen, Stella Artois, Beck’s, Leffe and Hoegaarden. Lucian Ghinea explains, “Our mission is to delight beer drinkers worldwide, and we have been delighting beer drinkers in Romania for years now. We have the best portfolio of brands in the market.” Explaining Bergenbier’s competitive edge, Lucian Ghinea cites the company’s extensive brand portfolio, exceptional service, dedicated staff and productive partnerships. He says, “Whilst we continue to invest in current partnerships, we are open to new ones.” Prahova county is an excellent base for Bergenbier, Lucian Ghinea believes. He praises the county’s position, close to the green mountains of the famous Prahova Valley, its proximity to Bucharest, good economic environment, excellent infrastructure and high-quality labour force. He adds, “Through our brands that are brewed here we can declare Ploiesti as the capital of beer in Romania. Our brewery is environmentally friendly, following the local trends in Prahova county, being the most modern in Eastern Europe and the biggest in Romania.” Bergenbier supports the local community and the local football team of Ploiesti among other corporate-social-responsibility projects. Lucian Ghinea concludes, “Come to Romania and enjoy our genuine beers!” Bergenbier S.A Str. Dimitrie Pompei 9-9A, 020335 Bucharest Tel.: +40 372 207 109 oﬃcero@molsoncoors.com, www.bergenbier.ro

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