Foto: ADVANTAGE AUSTRIA

The economic relations between Romania and Austria represent an impressive success story, which was only briefly interrupted during the pandemic in 2020. In 2021, the bilateral trade volume of EUR 5.1 billion exceeded the five-billion-Euro-mark for the first time, 27.2 % above the previous record set in 2019.

In 2021, exports rose by 26.1% to just under EUR 3 billion, which is an absolute record and more than compensated for the relatively small decline of 6.2% in 2020. This clearly shows Romania‘s long-term development potential.

Exports of Romanian companies to Austria also increased by an impressive +36.7%, which illustrates an increasing interweaving of the two economies.

Romania is thus Austria‘s 14th most important export market and 19th most important import partner.

On the other hand, Austria is Romania‘s 12th most important export and 11th most important import partner.

Austria is No. 2 foreign investor in Romania

According to figures from the National Bank of Romania, the investments by Austrian companies amount to EUR 10.15 billion, or 11.2% of all Foreign Direct Investment in Romania. Austrian investors create over 100,000 direct jobs in around 1,500 active companies and are a driving force for economic development and progress in Romania.

Austrian companies have implemented state-of-the-art technologies, which increase productivity, transfer know-how and set high social and ecological standards. They are an important and reliable support in key sectors of the Romanian economy such as energy, banking and insurance, construction and real estate development, agriculture, building materials, wood processing, packaging, logistics, and others.

Compared to the boom years, Romania is now developing more sustainably and therefore remains an interesting investment location. We are currently experiencing a lively interest by Austrian companies in the Romanian market and potential new investments. Austrian companies identified the sectors of renewable energy, sustainable waste management, tourism, urban technologies, IT, and others as those with great future potential.

Given all the positive factors, Romania also has room for improvement in making its business location even more attractive. Important factors are the reduction of bureaucratic hurdles, the implementation of effective training of skilled workers, and the creation of an entrepreneur-friendly environment through stable economic framework conditions that enable investors to plan for the long term. Confidence in political stability, as well as reliability and predictability of political decisions, are also of paramount importance to attract and retain investors.

Team ADVANTAGE AUSTRIA Bucharest

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