Doing business in Romania

On Wednesday, September 25, the seminar “Doing Business in Romania” was held in Olsztyn. Our Chamber together with The Marshal’s Office of the Warmian-Masurian Voivodeship and Warmia and Mazury Regional Development Agency (WMARR) was the organizer of the event intended for companies from the Warmian-Masurian Voivodeship.

During the seminar, participants learned about the business opportunities that the Romanian market offers for Polish companies. Speakers, who were Agnieszka Olsen from the Polish Investment and Trade Agency, Marcin Pondo from Consulting Hungary, Jan Majewski from PKO Bank Polski, Anita Bogusch from Security Business brought up the specifics of the Romanian market, the e-commerce segment in Romania, financing of foreign trade activities, transport from/to Romania, the offer of EU funds available to Polish companies in Romania.

Our Chamber was represented by Adam Sobieszkoda, who talked about the benefits of Chamber membership. The special guest of the seminar was Stefan Porojan, Minister counselor, Head of the Economic and Commercial Promotion Office of the Embassy of Romania in the Republic of Poland. In his presentation, he emphasized Romania’s investment attractiveness and access to an educated and skilled workforce.

The seminar in Olsztyn was another seminar that our Chamber co-organized to promote economic cooperation between Poland and Romania.

Doing Business in Romania

Doing Business in Romania

Romania

As part of the European Union, Romania stands for an incredible market opportunity in terms of size (the 8th in EU27) and population (the 6th in EU27), the 12th place regarding the economy in the European Union, as the 2nd largest country in Central and Eastern Europe and the largest in SEE. Besides its belonging to the great European family, Romania enjoys yet another significant international affiliation – NATO membership – standing as a pillar of strength in maintaining stability and security in the region.

Currently, Romania is developing very dynamically thanks to high internal demand, investments and construction. Romania is a country with diverse land, 30% flat, 30% highland, 30% mountainous. Romania, thanks to its location and climate, is an important agricultural producer. It is the 4th largest producer of wheat and the 5th largest producer of corn in the European Union. The Romanian economy also includes advanced technologies, the petrochemical industry and the automotive industry.

A significant network of 96 industrial parks spread across the country with both private and public ownership, brings to investor’s fingertips suitable locations with access to utilities & benefit packages according to their focus, for successful project implementation. One of the largest Romanian enterprises is the passenger car manufacturer Dacia, which employs approximately 12,000 employees and count 10% in Romanian annual exports . In 2023, Dacia becomes the 10th best-sold car brand in Europe with sales of 562,890 cars (up 17.4% y/y). The development of Romanian industry goes hand in hand with the development of infrastructure and the growth of the country significantly as a transportation and logistics hub in the Black Sea basin. The port of Constanta, which is the largest port in Romania and the Black Sea basin, is playing an increasingly important role year after year; in 2022, the port of Constanța recorded the third highest growth in the EU in terms of handled goods (15.2%).

Thanks to its well-qualified and well-educated population, Romania attracts more and more foreign investors who also locate their research and development centers in Romania, such as Porsche Engineering, which has its R&D center in Cluj-Napoca and Timisoara. Polish companies are also increasingly choosing Romania as a place to locate their foreign investments. It is worth mentioning the presence of such Polish companies as MASPEX, CIECH, CAN PACK, BARLINEK, Blachotrapez, SELENA, ASSECO, PORTA, ATLAS Group, PKN ORLEN, AmRest Holding, ALIOR Bank, LPP,  PKO Bank Polski, BLIK, Żabka, Derek Group, Polenergia, Wittchen, fintech Kontomatik, Scallier Group.

Key Figures

Capital: Bucharest
Population: 19 million
Currency: Romanian leu (RON)
Main cities: București (capital), Cluj-Napoca, Iași, Brașov, Timișoara, Constanța, Craiova, Galați, Pitești

Economic Information

Unemployment rate (2023): 2,9%
Inflation rate (2023): 7%
GDP growth (2023): 2,2%
GDP (2023): over EUR 300 bn.
GDP per capita (2022): over EUR 15 018
VAT rates: 19% (standard rate), 9% & 5%
CIT rates: 16% (standard flat rate)
Minimum wage (2024): RON 3300 gross (approx. EUR 665)

Foreign Trade

The total value of import (2022): EUR 126 bn | Import from Poland: EUR 7,4 bn
Mainly imported products from Poland:

  1. Machinery and mechanical appliances; electrical equipment; sound and image recorders and reproducers.
  2. Chemical products.
  3. Base metals and articles of base metals.
  4. Plastics, rubber and articles thereof.
  5. Food, beverages and tobacco.
  6. Textile materials and articles made thereof.

The total value of export (2022): EUR 92 bn | Export to Poland: EUR 3,5 bn
Mainly exported products to Poland:

  1. Machinery and mechanical appliances; electrical equipment; sound and image recorders and reproducers.
  2. Chemical products.
  3. Base metals and articles of base metals.
  4. Plastics, rubber and articles thereof.
  5. Food, beverages and tobacco.
  6. Textile materials and articles made thereof.