Romania ranks in the last echelon of countries as far as the governmental regulations that drive innovation forward are concerned, according to the GE Global Innovation Barometer 2013.
Thus, as far as the protection of intellectual property is concerned, Romania came after countries like Argentina, Colombia, Egypt, Mexico, Nigeria, Peru, and the Filipines. It is only followed in the global ranking by Russia, Thailand, Turkey and Vietnam, according to the World Economic Forum regarding global competition 2011-2012.
On the other hand, countries like Austria, Finland, France, Germany and Hong Kong are at the top of the ranking.
If adequate regulation for the protection of intellectual property is lacking, companies and scientists will go abroad to innovate. Foreign companies will prefer to make capital investment or hire personnel in the countries where intellectual property is respected.
In terms of legislation transparency, Romania ranks on the third to last place in the global ranking, after countries like Italy, Korea, the Filipines, Poland, and it is followed only by Russia and Vietnam.
This proves that companies in Romania find it hard to obtain information about the modifications in the level of governmental policies that affects their activity.
Similarly, regarding the impact of taxation on stimulents for developing an economic activity or making an investment, Romania is still on the third to last position, followed by Russia and Turkey.
Read more in the next issue of Business Review magazine