Romania’s GDP is forecast to grow 1.5% in 2011, making it one of the stronger prospects in the European Union. Endowed with valuable natural resources, including oil and gas, a growing renewable energy sector, and rich agricultural lands, the country stands to benefit from increased global demand for energy and food. It is also a popular tourist destination thanks to its rich history, scenic beauty, and wildlife. Tourism is set to grow 6.7% annually in Romania between 2009-2018.
Additionally, Romania holds an important geostrategic position given its proximity to the Black Sea and both Europe and the Middle East.
However, much development is still required to maximize the country’s potential and the Romanian government wants to demonstrate to foreign investors that it is a stable and safe economy in which to invest.
|ROMANIA IS IN AN EXCELLENT GEOSTRATEGIC POSITION GIVEN ITS ACCESS TO THE BLACK SEA AND PROXIMITY TO BOTH EUROPE AND THE MIDDLE EAST|
Consequently, President Basescu’s administration has recently imposed austerity and privatization measures that have strengthened the economy, resulting in positive economic projections.
Romania currently provides U.S. investors with a golden opportunity. It offers a highly skilled workforce and low labor costs, as well as the chance to take a stake in its energy, agriculture, tourism and infrastructure sectors. It is also a member of the EU, which means any company that invests in Romania can export to all countries within the EU without barriers.
U.S. Ambassador to Romania Mark Gitenstein says: “There is no higher priority for the U.S. today than for Romania to become an effective democracy sustained by a transparent and efficient free market. At the heart of that endeavor is creating a larger private sector. Romania is attracting American companies because of its stability, high potential in agriculture, energy, IT and rich natural resources.”