Joint survey by Italian Embassy, Babes-Bolyai University highlights impact of Italian investments on Romanian economy

A survey conducted by the Italian Embassy in Bucharest and the Babes-Bolyai University (UBB) in Cluj-Napoca looked at the impact of Italian investments and trade with Italy on the Romanian economy over the period 2013 - 2023."Based on official data and its own resources, the survey highlights a positive image of the Italian presence in Romania, with investments and trade exchanges growing continuously throughout the decade. Despite the typical fragmentation of the Italian entrepreneurial milieu, which is also specific for Romanian companies, Italian businesses had a significant impact on the Romanian economy: suffice to consider that approximately 1.5 percent of the local workforce is directly employed by the major Italian companies (237 companies with a turnover in excess of 5 million euros, a small part of the total number of companies active in the country). The survey confirms the existence of a deep and varied economic, industrial and commercial partnership. Italian investments in Romania have grown steadily, accounting for 7.55 percent of the total inbound FDI of 2022, despite a recent decrease in the growth rate due to higher labor costs. Investments come mainly from northern Italian regions, such as Lombardy and Veneto. Italy thus consolidates its position as the fourth-largest investor in Romania, due to the presence in the country of more than 50,000 companies with a share of Italian capital," the Italian Embassy in Bucharest said in a release on Monday.According to the cited source, bilateral trade has witnessed significant growth, especially as far as the exchange of goods is concerned (which amounts to 83 percent of commercial exchanges), but there is ample potential for growth in the services sector. Italy is the second most important commercial partner of Romania, both in terms of imports and exports, with trade exchanges standing at approximately 20 billion euros."The key sectors where Italian companies have made a major contribution to Romania's economic development include energy, construction and infrastructure, the manufacturing industry, while agri-food, and banking and financial services represent areas of future growth," the document notes.The survey available on the Embassy's website was presented on June 28 at the Babes-Bolyai University in Cluj-Napoca, with the participation of Italian ambassador Alfredo Durante Mangoni, UBB Rector Daniel David, and the coordinator of the Romanian Economic Monitor research group Professor Levente Szasz, in the presence of local authorities. A presentation event is also planned in the coming weeks in Bucharest."In the opinion of ambassador Durante Mangoni, besides contributing to the growth and modernization of the Romanian economy, "Italian companies and banks also contribute to the spread of 'Made in Italy' entrepreneurial values: creativity, flexibility, integrity and compliance with legislation, inclusion and solidarity. To the key business principles add the attention to social responsibility and the inherent tendency for innovation. The strive for the improvement of products, processes and the entire economic environment contributes to the quality of the business climate and the standard of living in the localities where Italian companies have chosen to establish themselves. These values and business models, which derive from the common Latin and European cultural matrix, make it easier for Romania to do business with Italy," the release of the Italian Embassy states.