Located in South East Europe this populous EU member state presents many possibilities for business start-ups and international expansion. The capital city, Bucharest, is one of the largest in Europe, with the other major urban centres being Iasi, Timisoara, Cluj-Napoca and Constanta. Historically Romanians identify themselves with the Roman Empire both ethnically and culturally, with the language largely derived from Latin.
Although the Romanian Economy was affected by the global economic crisis, its recovery was rapid and is now performing well as an upper middle-income mixed economy. As an EU member state Romania has access to the single market with a steadily increasing percentage of both imports and exports. The main industries in Romania are clothing and shoe manufacturing, metal, extracting and processing raw materials, food processing and oil refining. Other prominent commercial activities include pharmaceuticals, heavy machinery and electronics. With Romania consistently ranking in the top 50 on the World Bank’s ‘Ease of Doing Business’ index, and with relative macroeconomic stability, there are many business opportunities for companies looking to expand into new territories through doing business in Romania.
Corporate culture in this part of Europe remains formal and hierarchical, with companies placing great emphasis on top-down decision making. Though Romanian’s may initially appear somewhat reserved, they are considered one of the friendliest and most hospitable of nationalities.
Some of the challenges of doing business in Romania include an increasing bureaucracy, inconsistency within the justice system, and reduced public spending resulting in less public procurement. Businesses should also be aware of a lack of transparency and the risk of corruption. The World Business Culture website is home to all the knowledge needed for successfully overcoming the obstacles of doing business in Romania, ensuring the greatest level of success.