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Romania is located in South East Europe at the strategic crossroads of the European Union (EU), the Commonwealth of Independent States (CIS), Balkans and the Middle East.
Why choose Romania? It has the domestic market of 20 million consumers and in terms of consumer potential, the food and drink sector in Romania is considered as the 2nd largest in Central and Eastern Europe. The Romanian purchasing power is growing; starting with May 2016, the minimum gross salary will increase by 19 % to 270 EUR. Due to the increase interest and the VAT reduction (on food and non-alcoholic beverages from 24 % to 9 % in June 2015) the premium food segment sales has increased last year by 20 – 25 %.
The National Institute of Statistics Romania (INS) showed that the GDP in 2014 was larger than the one registered in 2013 by 2.9 per cent, with the largest contributions to the economic development coming from industry and communications.
The International Monetary Fund (IMF) expects the Romanian economy to grow 2.7% this year and 2.9% in 2016, fuelled mainly by private consumption.
Exports in Romania averaged 1762.87 EUR Million from 1991 until 2015, reaching an all-time high of 4933.60 EUR Million in October of 2014 and a record low of 143.20 EUR Million in February of 1991.
Benefits of investing/ exporting to Romania include:
- NATO member since 2004, European Union member since 2007, European Economic Area (EEA) member since 2011
- Romania has adopted the EU-wide technical and safety standards, freer trading regulations and reduced paperwork as part of the ‘single market’ that makes it attractive to importers and exporters
- implementation of Single Euro Payments Area (SEPA) standards for euro payments
- well trained young, skilled and educated workforce among whom English is widely spoken
- well established support in Romania from foreign lawyers, accountants and consultants
- plentiful natural resources
- western business practices
Establishing a company in Romania
Fact sheet for the foreign investor about how to establish a company in Romania, the purchase of an existing company, the establishment of a representation office, the establishment of a branch and the differences and similarities between S.A. and S.R.L.
Food Trade Affairs can help you gain access to prospective customers or business partners in Romania.
For Romanian companies looking to export outside Romania, we can help you taking your business to new horizons.