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Romania is a fascinating country with a unique culture and great traditional music. Situated at a cultural, geographical, political, and musical crossroads in south-eastern Europe, Romania is still an unknown place to many persons who are otherwise knowledgeable about world culture.
In December 1989 Romania resolutely embarked on the path to a market economy. The implementation of this strategy has called for encouragement of foreign investment, as a complementary source of capital, the infusion of new managerial solutions and job-creating activities. Romania has systematically set out to encourage a hospitable business environment and to establish a stimulating legislative framework. In this respect, the legislation enshrines the basic principles of equality of treatment for foreign investors, noninterference by the Government and unrestricted access to all sectors of the Romanian economy. Guarantees are provided for up to 100% foreign ownership, full repatriation of the profit and capital, full retention and free use of export earnings. At the same time, major investment incentives include tax holiday for investment projects worth over 50 million dollars and tariff exemption for imported equipment. Given the importance of foreign investment for the reform process, in 1991 the Romanian Government established the Romanian Development Agency (ARD) with the main objective to encourage and facilitate foreign investors' activities. With its head office in Bucharest and a network of regional staff all over Romania, ARD is the first port of call for investors seeking to establish operations in the country or wishing to make contact with Romanian businessmen. On 31 March 1995, foreign investments in Romania totaled 1.329 thousand million dollars and the number of foreign capital companies stood at 44,847. The number of investing countries was 139, and 72% of the invested capital came from OECD Member, States (47% from European Union Member States). The principal investors came from South Korea, USA, Germany, Italy, France, The Netherlands, Luxembourg, Canada, UK. In 1992 Romania joined the Multilateral Investment Guarantee Agency (MIGA) and the Bank for International Settlements (BIS). Romania's advantages as a location for investment generally include: a large domestic market (23 million consumers), the largest in SE Europe and the second largest in Central Europe; excellent location at the crossroads of traditional trade routes, which allows access to over 200 million customers within a 1,000 km radius; extensive sea and river navigation facilities - Constanta is the largest Black Sea port and the Rhine-Main-Danube Canal provides a direct water link between the Black Sea and the North Sea; a skilled labor force, with training in technology and engineering, at relatively low wages; a wide range of natural resources, including fertile farmland and a significant tourism potentiality; a diversified industrial structure allowing the local purchase of intermediate inputs; attractive foreign investment legislation. As of 1 January 1994, Romania has applied a new system of Generally Accepted Accounting Principles (GAAP) which is closer to the French GAAP system. Romania has signed agreements on the avoidance of double taxation with 29 states (Germany, USA, France, United Kingdom, Japan, China, Russia a/o.) and accords on mutual investment guarantees with 33 states (Austria, China, France, Germany, United Kingdom, The Netherlands, South Korea, USA, a/o.).
There is more information available about the business possibilities, trade and commerce on the vast Internet resources :
· Chamber of Commerce & Industry of Romania :
Internet address :
http://www.g77tin.org/romccihp.html
· Different newspapers and publications from Romania :
Internet address :
https://www.angelfire.com/tx/RO/