Investors see local tourism going places

Tourism, agriculture and infrastructure – these are the three industries generally acknowledged as being Romania’s most attractive investment destinations and the potential generators of considerable economic growth in the years to come. The International Investment Forum, organized by Business Review and Beyond Transylvania last week, took a closer look, bringing together representatives of the business community and the authorities to discuss both some of the issues they are facing locally and some projects that are in the pipeline this year.

Simona Bazavan

“The recession has not changed the attributes and the attraction of Romania to foreign direct investments. It is only a question of timing and lost opportunity,” said Raymond Breden, president-elect of the British Romanian Chamber of Commerce and director of taxes at KPMG, speaking at the event.

In his opinion the reasons that tourists come to Romania haven’t changed, but nor have the local impediments to tourism. Once financing picks up, and should more EU funds be accessed, the situation is expected to improve as the opportunities are still there.

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But what measures would push the local tourism industry forward? What others know about Romania and the way the country is perceived internationally are crucial when trying to attract foreign tourists. “Branding should be done in the way the customer needs to hear it,” said Christopher Owen Howard, managing director of 4 You Property Partners Ltd and an international consultant on tourism.

The last year has seen an improvement in relations between the authorities and companies active in tourism, thinks Corina Martin, president of the National Association of Tourism Agencies in Romania (ANAT).She expressed her belief that should the tourism bill be passed by Parliament, the new law could lay the foundation for better dialogue and long awaited decentralization.

Further developments on the short and medium run are gaining impetus from the 2013 European Youth Olympic Winter Festival, which will be taking place in Romania in the Prahova Valley. One example is the EUR 200 million Poiana Azuga Resort project developed by Romanian company Besta Group in Azuga. The company is currently looking for a partnership with an investor and is hoping to start the construction of the ski slopes this year and finish them in 2012.

The International Investment Forum, organized by Business Review and Beyond Transylvania last week at Howard Johnson Grand Plaza in Bucharest, attracted around 100 members of the local business community, potential international investors as well as representatives of the authorities.

The event was followed by three workshops on public private partnerships, airport development and on the local hospitality industry.

The forum was sponsored by Besta Group, The Advisers, WDP Romania and Noerr, and with the support of Trend Hospitality Consulting & Management, Stephenson Harwood and McGregor and Partners. For more information about the International Investment Forum and future Business Review events, please visit www.business-review.ro/events.

editorial@business-review.ro