Andreea Voinea, BCR: Foreign companies grant access to top technology, enhancing competitiveness

On the first day of Foreign Investors Summit 2023, Andreea Voinea, HR Executive Director at BCR, discussed the significant role of vertical integration by foreign investors in Romania, focusing on its impact beyond the employability of large companies.

“I believe it’s crucial to consider the effect of integration, particularly the vertical integration of foreign investors in Romania. This extends beyond the employability of large companies, encompassing their impact on local companies through taxes paid to local administrations, infrastructure development, and improvement of access to essential services, as well as enhancing working conditions for local community members.

When discussing the effect of vertical integration, I’m referring to the entire supply chain and ecosystem influenced by large multinational companies. These companies, as a result, must be more competitive, provide more efficient equipment, and offer better working conditions to the community.

Turning our attention to BCR, let’s examine our role in banking and how we influence the economy. BCR has transformed into a banking school in Romania, renowned for its history. We achieve this transformation by recruiting numerous young graduates annually, with a retention rate of 40 to 60%. Thus, we significantly influence the younger generations and their integration into the company. In the first half of this year, we supported 3,700 companies, creating over 230,000 jobs in local communities. This illustrates our indirect impact. Additionally, our involvement in CSR activities and local community engagement is notable.

One of our key initiatives is the Money School, aimed at enhancing the financial literacy of Romanians. With 1,100 colleagues volunteering as financial education instructors, we have educated over 600,000 Romanians, aiming to reach one million. These are tangible ways in which multinational companies, including BCR, can influence beyond mere employability numbers.

Most of you are familiar with our digital platform, George. Developed eight years ago in a Vienna-based innovation incubator, it was introduced to Romania five years ago. The knowledge transfer is bilateral; the Romanian version of George now boasts the most features and products. This has positioned us as a hub for transferring know-how to other countries, a multi-level occurrence.

Currently, 300 Romanians, primarily in the digital sector, are working in Vienna. This technological sphere could be a significant growth engine for Romania’s future. Romanians are known for their creativity and innovation, which we must capitalize on.

In terms of technology, foreign companies grant access to top technology, enhancing competitiveness and global distribution channels. This positions us differently, facilitating not just technology and know-how transfer but also the adoption of good productivity measurement practices from parent companies. Earlier, I mentioned a culture of giving back to local communities. Romanians are naturally hospitable and eager to help, but foreign companies excel in involving their employees and fostering a sense of responsibility towards the communities they live and work in.

We must encourage this mindset as a country. The partnership between the public and private sectors is vital. We cannot solely rely on the state; as major employers, we have the capacity and responsibility to actively engage in local communities.”

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