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Britain and Romania consolidate their partnership
What is the total volume of British investment in Romania and which sectors of the economy have attracted the largest British investments so far?
More than 4,000 UK companies have a presence here, with total investments of 4.5 billion Euro. British companies, of all sizes, have created new jobs in Romania despite the recession, notably in the software, pharmaceuticals and telecommunications sectors. A few examples: Provident Financial has increased its workforce from 300 to 600 over the last three years. Endava intends to employ a thousand specialist IT workers in Romania by next June. And Petrofac, operating in }icleni, Dolj county, are investing in new oil wells and employing almost a thousand people. Some other industry sectors well represented are power generators - by Cummins in Craiova, as well as pharmaceuticals – by GSK and Astra Zeneca.
Are there new sectors of interest for British investors? Please elaborate.
The energy sector is especially attractive, as both our countries recognise the need to diversify energy supply sources and transit routes. The Romanian government has just approved a new investment by a British company, Melrose plc, in oil and gas exploration of some 130 million USD. As Romania plans to liberalise its energy sector, and realise its significant renewable resources, UK companies are ready to help with their expertise and are looking for inward investment opportunities here. They can offer specialist engineering skills, environmental consultancy, project management and advanced finance techniques to assist Romania transform its energy sector.
The upgrade of Romania’s road, ports, railway and airport infrastructure, a key element of its future development, is a big opportunity for British companies and one where we have a lot of experience.
Romanian agriculture also has enormous potential for British investment.
What are the main elements that make Romania an attractive investment target for British investors?
Romania, alongside every other European nation, has had to deal with the effects of the global economic turbulence. It is a very good sign that Romania’s credit rating was restored to investment grade by Fitch in July. This has definitely boosted the confidence of the investors.
Romania will be able to attract further foreign investment by capitalising on its assets, notably its young, well trained and educated work force. I have seen British firms make remarkable gains in productivity in Romania - because of the readiness of Romanian workers to adapt to new practices and their ability to innovate on the shop floor to find new efficiencies in operating procedures.
Other advantages are the country’s strategic location offering access to countries of the former Soviet Union, the Balkans, the Middle East and North Africa and the size of its market: 22 million consumers will always be very attractive to investors! Last but not least there is access to EU funding, provided Romania can improve its capabilities for absorbing these funds.
More than 4,000 UK companies have a presence here, with total investments of 4.5 billion Euro. British companies, of all sizes, have created new jobs in Romania despite the recession, notably in the software, pharmaceuticals and telecommunications sectors. A few examples: Provident Financial has increased its workforce from 300 to 600 over the last three years. Endava intends to employ a thousand specialist IT workers in Romania by next June. And Petrofac, operating in }icleni, Dolj county, are investing in new oil wells and employing almost a thousand people. Some other industry sectors well represented are power generators - by Cummins in Craiova, as well as pharmaceuticals – by GSK and Astra Zeneca.
Are there new sectors of interest for British investors? Please elaborate.
The energy sector is especially attractive, as both our countries recognise the need to diversify energy supply sources and transit routes. The Romanian government has just approved a new investment by a British company, Melrose plc, in oil and gas exploration of some 130 million USD. As Romania plans to liberalise its energy sector, and realise its significant renewable resources, UK companies are ready to help with their expertise and are looking for inward investment opportunities here. They can offer specialist engineering skills, environmental consultancy, project management and advanced finance techniques to assist Romania transform its energy sector.
The upgrade of Romania’s road, ports, railway and airport infrastructure, a key element of its future development, is a big opportunity for British companies and one where we have a lot of experience.
Romanian agriculture also has enormous potential for British investment.
What are the main elements that make Romania an attractive investment target for British investors?
Romania, alongside every other European nation, has had to deal with the effects of the global economic turbulence. It is a very good sign that Romania’s credit rating was restored to investment grade by Fitch in July. This has definitely boosted the confidence of the investors.
Romania will be able to attract further foreign investment by capitalising on its assets, notably its young, well trained and educated work force. I have seen British firms make remarkable gains in productivity in Romania - because of the readiness of Romanian workers to adapt to new practices and their ability to innovate on the shop floor to find new efficiencies in operating procedures.
Other advantages are the country’s strategic location offering access to countries of the former Soviet Union, the Balkans, the Middle East and North Africa and the size of its market: 22 million consumers will always be very attractive to investors! Last but not least there is access to EU funding, provided Romania can improve its capabilities for absorbing these funds.
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