Focus On Romania
The ninth largest country in the European Union by area and seventh biggest in terms of population with 19.5 million people, Romania has a developing, upper-middle income market economy. With around 37 million acres of arable land, a well educated workforce, access to Asia, and stunning landscapes, the southeastern European country offers an inviting environment for UK businesses.
Despite a number of governmental and institutional changes across 2014 and 2015, the country has continued to enjoy impressive economic growth and in the second quarter of 2016 their economy grew by 6% - an eight-year high - according to the National Statistics Institute’s data, which was released in October.
The World Bank’s ECA Economic Update shows the nation will end 2016 by posting a 5.1% growth, following on from 2015’s 3.8% increase. However, due to a slowdown in domestic demand, 2017’s growth will not be repeated. The World Bank predicts a 3.8% growth in 2017 and a 3.4% growth in 2018.
As part of the Central and Eastern European Region, UK companies can benefit from a number of advantages. Development of business relationships are easy due the close geographical proximity, with capable access through a number of budget airlines, meaning business here is especially ideal for SMEs on tight budgets.
EU funded infrastructure, human development, and regional development funds, of which Romania was allocated €23 billion through the 2014 to 2020 European Structural and Investment Fund, has resulted in projects that offer attractive prospects for UK businesses, particularly in products and services that can contribute to their development work. The Department for International Trade lists machinery, chemical products, vehicles, aircraft, and transport equipment, and base metals amongst the UK’s top export areas to Romania.