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Feb 16th - 29th 2020 : Romania Trade News Highlights. Compiled by Pakistan-Romania Business Council (PRBC)

Please read attached Romania Trade News Highlights compiled by Pakistan-Romania Business Council (PRBC) regarding economy, business, social and cultural activities in Romania for its valuable members and interested stakeholders.

Mar 29th 2017 : Over 17,200 new firms set up in Romania in the first two months of 2017.

Some 17,251 new companies were set up in Romania in the first two months of this year, down 11.3% over the same period of 2016, according to the Trade Registry‟s Office (ONRC). The number of new limited liability companies, called SRL in Romania, went down by 18% year-on-year to over 11,650. They represented two-thirds (67.6%) of the new firms established in the first two months of the year.

Mar 27th 2017 : Romania Plans to Introduce Electronic ID Cards.

Romania may replace the current identity cards with electronic ID cards that would also allow holders to login to public administration platforms for various electronic services. The Romanian Ministry of Interior announced that it has put up for public debate a draft law on the introduction of electronic ID cards

Mar 24th 2017 : Bucharest has the second largest central heating system in the world.

Bucharest‟s thermal energy distributor RADET is the second largest central heating system in the world after the one in Moscow, said yesterday Gheorghe Piperea, founding partner of Piperea si Asociații, the judicial administrator of RADET, reports local Agerpres.

Mar 22nd 2017 : Romania’s Tourism Ministry launches ‘Explore RO’ app in English.

The Tourism Ministry launched the app Explore RO at the International Tourism Fair in Berlin, on Wednesday, March 8. The app, which is in English, targets both Romanian and foreign tourists.

Mar 20th 2017 : New national holiday in Romania: The union with Bessarabia celebrated on March 27.

The Chamber of Deputies adopted on Tuesday, March 14, a bill that declares March 27 – the day of the Union of Bessarabia with Romania a national holiday. Bessarabia, currently part of Moldova Republic, was part of Greater Romania between 1918 and 1940. The bill was adopted with 260 votes in favor and only one vote against. According to the draft bill, the Romanian Government and the local authorities will take the necessary measures so that the Romanian flag is hoisted on March 27 according to the law, the national anthem is played, and the public authorities and institutions use the seals with the Romanian emblem, reports local Mediafax.

Mar 16th 2017 : Ship Built in Romania Wins International Award.

Maersk Connector, a vessel built at the Damen Shipyard in Galati, in Eastern Romania, received last month the Offshore Support Ship 2017 award for “setting an industry benchmark through its innovative design and efficiency in operation.” The vessel is owned by Maersk Supply Service and is the second of Damen Shipyards Group‟s Offshore Carrier 8500 series. The award was given at the Offshore Support Journal Annual Awards in London.

Mar 13th 2017 : Number of tourists in Romania’s Hotels, up 13.4%.

The number of Romanian and foreign tourists who checked into local hotels increased by 13.4% in January this year compared to January 2016, reaching 659,000, according to data from the National Statistics Institute (INS) published yesterday. The number of overnight stays, a key indicator in the tourism sector, went up by 8.5% in January to 1.24 million.

Mar 6th 2017 : Over 150 American companies to join economic mission to Romania in October.

More than 150 American companies are expected to join an economic mission to Romania in October this year. This is one of the biggest events of this kind Romania has seen in recent years and it is expected to strengthen the economic component of the strategic partnership between Romania and the U.S., according to the Romanian Embassy in the U.S.

Mar 3rd 2017 : Romanian writer wins grand prize of Guadalajara International Book Fair

Romanian writer Norman Manea, who was one of Romania‟s proposals for the Nobel prize for literature in 2014, won the 2016 Literary Award of the Guadalajara International Book Fair (FIL) in Romance Languages.

Feb 28th 2017 : Dacia and Renault leave top Romanian automotive association.

Romanian car producer Automobile Dacia and its affiliated company Renault Commercial Roumanie, both part of French group Renault, will withdraw from the Romanian Automotive Manufacturers and Importers Association (APIA).

Feb 24th 2017 : EC improves Romania’s economic growth estimate for 2017 to 4.4%.

The European Commission has improved Romania’s economic growth estimate for 2017 to 4.4%, according to the winter prognosis published yesterday. The new forecast is 0.5 percentage points higher than the previous one released in autumn, and is by far the highest of all the EU member states. However, the estimated growth pace is well below the one foreseen by the Romanian Government in its 2017 budget projection, namely 5.2%. The European Commission estimates that the Romanian economy’s advance will be supported by the internal consumption, which is expected to go up by 6.7% compared to 2016, and investments (up 6.2%).

Feb 20th 2017 : Number of incoming foreign tourists to Romania up to 2.47 million in 2016.

The number of foreign tourists coming to Romania last year went up by 10.6% compared to 2015 to reach 2.47 million, according to data from the National Statistics Institute (INS). Romania attracted 1.71 million foreign tourists in 2013, 1.91 million in 2014, and 2.23 million in 2015. Most foreign tourists came from Europe, Asia, and North America. Some 1.84 million tourists came to Romania in 2016 from Europe, 354,500 from Asia, and 161,400 from the United States, INS data show. European tourists arriving to Romania came in higher numbers from Germany (281,704), Israel (251,908), Italy (233,787), and France (145,584).

Feb 14th 2017 : Bucharest Stock Exchange CEO: Romania, very close to Emerging Market status.

Romania is on the last mile to be upgraded to Emerging Market, a status which will make the economy benefit from massive capital inflows, according to Bucharest Stock Exchange CEO Ludwik Sobolewski. “The Romanian capital market has now a chance, maybe for the first time, to have a big quick win because the upgrade of the whole environment into the family of Emerging Markets is now very close. We have this paramount objective which we need to tackle: to upgrade Romania to Emerging Market status,” Sobolewski said at a conference organized by the Bucharest Stock Exchange (BVB).

Feb 10th 2017 : Collection inspired from Romanian traditional costumes, on display at Venice Carnival.

An exhibition of contemporary Romanian fashion inspired from traditional costumes will be open for visitors during this year’s Venice Carnival. The Zestrea costume exhibition, including pieces signed by Romanian fashion designer Liliana Turoiu, will be inaugurated on Saturday, 15:00, in Venice’s Aula Magna a Ateneo Veneto, as part of the official program of the 2017 Venice Carnival.

Feb 6th 2017 : Flowers painting by Adrian Ghenie to be auctioned in Bucharest this Week.

The Flori (Flowers) painting by famous Romanian artist Adrian Ghenie will be on sale at the first auction organized by local auction house Goldart this year, called The value in art – passion, records and collections. The auction will take place at the Goldart auction house in Bucharest on Wednesday, January 25, starting 19:30. Ghenie’s Flori has a starting price of EUR 20,000-40,000. “Refined chromatically, built with free and expressive brushstrokes, almost monochromatic, with accents of black in the shadows and white, surreal lights, the Flori artwork announces a theme that will be repeated over the years, inspired by Van Gogh’s sunflowers,” reads the painting’s description on Goldart’s website. Another Ghenie painting, called The Sunflowers in 1937, sold for over EUR 4 million at an international auction at the beginning of 2016.

Jan 16th 2017 : Famous Brancusi sculpture Wisdom of the Earth may be sold at auction in Romania.

The owners of the famous sculpture Wisdom of the Earth (Cumintenia Pamantului) by Constantin Brancusi may decide to sell it at an auction in Romania, after the Government failed to buy it..

Jan 12th 2017 : Financial analysts have slightly better expectations for Romania’s Economy.

CFA Romania’s macroeconomic confidence indicator recorded a value of 65.6 points in November, up 0.3 points compared to the previous month. The growth was exclusively related to the anticipation of better conditions for the next year, although the perception of the current economic situation has worsened.

Jan 9th 2017 : Romanians pay fewer taxes starting January 1.

Romanians will pay fewer taxes this year after a series of measures for loosening the tax policy became effective starting January 1. These include the VAT reduction, removal of the tax on special constructions, and removal of the extra excise duty on fuel. The general VAT rate was reduced from 20% to 19%, one year after the VAT had seen a more significant cut from 24% to 20%. The lower VAT rate applies to non-food goods and services, as the VAT rate on food was lowered from 24% to 9% in June 2015.

Jan 6th 2017 : World Bank: Romania’s economy to grow by 3.7% this year.

Romania’s gross domestic product is forecast to grow at a 3.7% pace this year after a 4.7% estimated growth rate last year, according to the World Bank January 2017 Global Economic Prospects report.

Jan 3rd 2017 : Chinese investors build EUR 50 mln industrial park near Ploiesti

Chinese investors will build an industrial park in Baicoi, Prahova county, with a EUR 50 million investment. The project was launched a few years ago and it seems that it “will finally come true” and is “impressive”, said Aurelian Gogulescu, president of the Prahova Chamber of Trade and Industry, reports local Mediafax. The location of the future industrial park is “not very far from Ploiesti”, according to Gogulescu, namely 18 kilometers. Four halls have already been built. The park will be developed in three stages, said Gogulescu. In the first stage, the Chinese businessmen will invest EUR 50 million in building the industrial park. In the second phase, the park will be connected to utilities and, in the third stage, the developers will attract other companies with a Chinese capital that will start operating in the industrial park. The president of the Prahova Chamber of Trade and Industry explained that this is a unique project in Romania.

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