Greek tragedy drives investors to Romania

Despite the crisis affecting both the Greek and Romanian economies, Greek investors are keeping the local market on their map, said company representatives, speaking at the third edition of the Greek Business Forum organized by Business Review last week.

∫ Simona Bazavan

At the end of 2009 the total amount of Greek foreign direct investments (FDI) to Romania amounted to EUR 3.281 billion, according to the National Bank of Romania.

In the first 11 months of 2010 another EUR 405.75 million was invested, according to statistics from the National Trade Register Office (ONRC).

How much of this represents capital increases made by Greek banks – a strong presence in Romania – as well as other Greek companies active locally, is debatable, argued company representatives present at the event. While in 2010 there were fewer big-scale Greek investment projects in Romania, the situation is expected to change over the next couple of years.

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In part, this pick-up could be driven by the domestic business environment, which shows clear signs of recovery, albeit a slow and cautious one, said Greek businesspeople. Positive signs are coming from real estate, healthcare and retail to mention but a few.

The 1.5 percent GDP increase estimated for this year is also bringing the promise of better times. At the same time, the difficulties that the Greek economy is currently facing itself could turn out to be a strong incentive for Greek companies to search for better business opportunities outside the country.

Romania has the potential to attract a good share of these investments, suggested Greek businesspeople present at the event. The third edition of the Greek Business Forum gathered around 70 attendees and was organized at Capital Plaza Bucharest. Baker Tilly Klitou and Eurobank EFG were sponsors of the event.

editorial@business-review.ro