Romania represents an opportunity for Spanish companies if they wish to make up for lost time in the former Eastern European countries, which will become new members of the European Union in May 2004. At a recent business meeting, a representative of a major Spanish employers' association remarked that now, with the accession process complete, it was time for Spanish businesses to make decisions about establishing themselves in these markets. This somewhat passive stance perfectly explains the apathetic attitude toward this region shown by a significant number of Spanish investors.
The departure time for the train of opportunities is not now, but it started in the early nineties, when after the fall of the Berlin Wall, entrepreneurs from all over the world, and especially those from most countries of the European Union, turned towards these countries with the intention of positioning themselves strategically and taking full advantage of the wave of development that, for some years now, has been experienced in the candidate countries.
In many of these countries, especially those scheduled to join from 2004 onwards, business opportunities are currently very limited. However, it is still a good time for a country like Romania, which, along with Bulgaria, is slated to join in the second round, planned for 2007.
Despite the economic difficulties in meeting the obligations imposed by Brussels, Prime Minister Adrian Nastase's government plans to complete its obligations to the European Union by October 2004, ahead of the deadline set by the European Commission. In 2001, its economy grew by 5,3%, last year by 4,5%, and this year it is projected to grow again by 5,3%. Foreign investment this year is expected to increase by 44%, rising from €1.100 billion last year to €1.600 billion. This investment activity will be concentrated primarily on the acquisition of the last companies being privatized in the infrastructure construction, energy distribution, banking, construction, agricultural restructuring, tourism, and agri-food sectors—sectors where Spanish companies can contribute a high level of competitiveness.
Today, more than ever, Romania is attracting attention. Proof of this is that countries like the United States are seriously considering establishing a major military-industrial complex there, as well as relocating several military bases currently located within the EU. But it's not only the United States; Italy, which assumes the presidency of the European Union on July 1st, plans to capitalize on this situation to consolidate its investment activity of recent years and create the necessary synergies to maximize benefits for its businesses that have been placing their trust in and investing in Romanian industry for years.
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