Foreign Investor’s Guide for those interested in opening a business in Romania, just launched

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InvestRomania, the government organization dedicated to providing foreign investors with professional support and consultancy, launched The Foreign Investor’s Guide 2016 during Wednesday’s Government meeting, as an important tool in the strategy for promoting Romania as a foreign investment destination, a press release informs.

“(…) First of all the project is a part of a governmental measures plan which will send a normality ‘signal’ and a message about our proactive public institutions that want to support the private initiative, also through reducing the information costs,” Costin Borc, Vice Prime Minister and Minister of Economy, Commerce and Relations with the Business Environment said.

The Foreign Investor’s Guide can be downloaded from InvestRomania’s website by any person interested in opening a business in Romania. It was created to facilitate the research and encourage more transparency, the information being concentrated in 70 pages. The guide represents an important element that contributes to the Government’s efforts of reducing bureaucracy.

The material is written entirely in English and is divided into seven sections as follows: “Investment Climate”, “Economy”, “Business Ecosystem”, “Financing Availability”, “Employment and Labor Law”, “Fiscal Policy” and “Living in Romania”, each being split into sub-sections. All of them are meant to guide the potential foreign investor towards information on FDI evolution, macroeconomic indicators, education, regional data, steps in opening a business, state aid schemes, labor law, expats communities etc.

“In the past years, Romania’s GDP has increased significantly and its output has grown in both sophistication and quality. This success story was written by the highly qualified Romanian workforce, women and men who contributed to NASA’s research projects – the design of the Mars Rover, created one of the leading cybersecurity firms worldwide, manufactured critical components for a leading aircraft brand to be found in every newly produced jet, employed their creativity to win film festivals or to develop innovative software solutions, just to name a few. This guide will help foreign investors understand Romania’s competitive advantages and how to best leverage them. We know that every investor’s story is different and we are committed to providing our full support for making their journey a success,” said Manuel Costescu, Secretary of State, InvestRomania.

Romanian authorities aim to complete another tool in the following months, namely, an integrated platform that will connect potential foreign investors with local providers, meaning to support local companies from key industries such as automotive, IT&C, bio-economy, aerospace, agriculture, creative industries etc. which aim to integrate their operations in the foreign companies’ value chain. This project will be named Made in Romania.

All these tools, along with the ‘Industry of the Month’  project, were developed by InvestRomania and aim to promote investment opportunities in Romania. Therefore, September will be dedicated to the automotive industry and its key role in the Romanian economy.

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