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PROFILE: Romania

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A Few Practical Tips for Doing Business in Romania

  • Business meetings should be made at least a few weeks in advance and confirmed a day before the meeting.

  • Come well prepared with all relevant information and documentation to substantiate your interest in doing business.

  • Business culture is reserved, formal and hierarchical.

  • Titles and handshakes are important so address people using their titles. Greet women first. Explain if you have health concerns about shaking hands.

  • Negotiations can be tough.

  • Meetings are formal so suits are expected.

  • Punctuality is not common, but you should still arrive on time for meetings.

  • Even though Romanians are direct and frank still be courteous and not offended.

  • Be flexible.

  • English, German and French are used in business circles.

  • Personal relationships are important.

 

Brief History

  • 1862 - The principalities of Wallachia and Moldavia, formerly part of the Turkish Ottoman Empire, united to form Romania.

  • 1878 - Romania's independence was recognized by the world.

  • 1914-1918 - Romania fought with allied powers and acquired new territories for example, Transylvania after the war.

  • 1941 - In World War II, they allied with Germany in the invasion of Russia.

  • 1944 - Romania was overrun by Russia and signed an armistice treaty.

  • 1947 - Romania became a communist state.

  • 1965 - The dictator, Nicolae Ceaucescu, took power.   

  • 1989 - Ceaucescu was overthrown and executed.

  • 1996 - Communist government was overthrown.

  • 2004 - Romania joined NATO.

  • 2007 - Romania joined the European Union.

Location

Southeastern Europe, bordering the Black Sea between Bulgaria and Ukraine

 

General Information

  • Capital City: Bucharest

  • Literacy Rate: 98.8%

  • Size: Slightly smaller than Oregon

  • Population: 18.5M (2022 est.)

  • Population Growth: - 1.09% (2022 est.)

  • Population Distribution: Urbanization is not high. Fairly even distribution

  • Government Type: Semi-presidential republic

 

Economy

Overview: Romania has a diverse economy both in the industrial and agriculture sectors. Its agricultural base is wide.  Major crops are corn, wheat, sunflower seeds, sugar beets, grapes, plums, rapeseeds, barley and potatoes.  Industries include vehicles and parts, electrical equipment and machinery, chemicals, food processing, petroleum, mining, timber, textiles, mining and construction materials.

  • Unemployment Rate: 4.8% (2020)

  • Currency Exchange Rate: 1 US Dollar = 4.69 Romanian Leu (June 21)

  • GDP: $556B (2020)

  • GDP Growth Rate: 4.2% (2019)

  • Labor Force: 4.9M (2020 est.) 

  • Labor Force Breakdown: Agricultural - 4.2%, Industry - 33.2%, Services - 62.6% (2017)

 

International Trade

Total Product Exports:

$73B (2020)

Major Product Exports: 

  • Vehicle Parts                    $6.07B

  • Automobiles                     $5.75B

  • Insulated Wire                 $3.67B

  • Electrical Control Boards $2.33B

  • Rubber Tires:                   $1.60B 

 

Major Product Export Partners:

  • Germany  $15.90B

  • Italy          $   7.45B

  • France     $    4.65B 

  • Hungary   $   3.24B

  • Bulgaria   $   2.59B    

 

Total Product Imports (2020)

$90.2B

 

Major Product Imports (2020)

  • Vehicle Parts:               $3.85B

  • Packaged Medicines:  $3.17B

  • Cars:                              $2.49B

  • Crude Petroleum:       $2.18B

  • Insulated Wire:           $1.76B

Major Import Partners (2020)

  • Germany   $17.8B

  • Italy           $ 7.81B

  • Hungary    $ 6.28B

  • China        $ 5.76B

  • Poland      $ 5.58B

English Language Online News Sites

 

Sampling of Companies

 

National Holidays

  • January 1 - New Year`s Day

  • January 2 - New Years

  • January 24 - Unification Day

  • April 22 - Orthodox Good Friday

  • April 24 - Orthodox Easter Day

  • April 25 - Orthodox Easter Monday

  • May 1 - Labor Day

  • June 1 - International Children`s Day

  • June 12 - Orthodox Pentecost

  • June 13 - Descent of the Holy Spirit

  • August 15 - St. Mary`s Day

  • November 30 - Feast of St. Andrew

  • December 1 - National Day

  • December 25 - Christmas Day

  • December 26 - Second Day of Christmas

 

By: Paul Mastilak

InterMark3, Inc.