British Romanian Chamber of Commerce

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British Romanian Chamber of Commerce
DOING BUSINESS IN ROMANIA ANNE-MARIE MARTIN,
CHIEF EXECUTIVE OFFICER, BRITISH ROMANIAN
CHAMBER OF COMMERCE DOING BUSINESS WITH THE NEW
EUROPEANS BULGARIA ROMANIA EMITA SEMINAR
WEDNESDAY 31ST MAY 2006 GRANTHAM MARRIOTT HOTEL
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BUSINESS CLIMATE

• PREPARATION FOR EU ACCESSION
• POLITICAL ECONOMIC STABILITY
• PREDICTABILITY
• STIMULATION
• STANDARDISATION
• QUALITY ASSURANCE
• TRANSPARENCY
• FINANCIAL ASSISTANCE
• IMAGE

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MARKET OPPORTUNITIES

• SIGNIFICANT INTERNAL MARKET
• SIGNIFICANT NEIGHBOURING MARKETS
• CENTRAL EXPORT BASE
• ALL SECTORS
• FINANCIAL LEGAL SERVICES CONSTRUCTION
• AGRICULTURE HEALTHCARE
• POWERGEN, OIL GAS FOOD DRINK
• ENVIRONMENT CREATIVE INDUSTRIES
• FILM CULTURAL HERITAGE AIRPORTS
• ENGINEERING EDUCATION TRAINING
• SECURITY (INTERNAL BORDER)

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FACTS FIGURESBilateral Trade 2005

• EXCEEDED 2.6 BN USD
• 2000 UK COS REGISTERED IN ROMANIA
• APPROX 5000 BRITISH NATIONALS
• RESIDENT IN ROMANIA

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FACTS FIGURESExport-Import 2005

• UK EXPORT TO ROMANIA SOLID GROWTH
• 644M UP 6 FROM 2004 TEXTILES,
  PHARMACEUTICALS, ROAD VEHICLES, TELECOMS
• RO EXPORT TO UK STEADY GROWTH
• 775M DOWN 2 FROM 2004 TEXTILES/ CLOTHING,
  ELECTRICAL MACHINERY, POWER GENERATION EQT

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FACTS FIGURESUK FDI 2005

• OVER 3.5BN EUROS, INCREASED INTEREST
• ELECTRONICS
• IT
• AGRICULTURE
• INFRASTRUCTURE
• AEROSPACE
• FINANCIAL SERVICES
• TEXTILES
• TELECOMS
• PROPERTY

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FINANCE

• Real GDP Growth 5.7 pa 2001-2005
• Unemployment 5.9
• Inflation 8.6 forecast 6.5 2006 to 3 by end
  2007
• Relatively low taxation
• Flat corporate personal tax 16
• VAT 19
• Dividend tax 10
• Social security 49.5 39.5 by end 2008
• 0 import duties for most EU origin goods
  (associate at present)

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EU FUNDING

• POST ACCESSION 2007-2013 - 30 BN EUROS
• SECTORS
• INFRASTRUCTURE
• ECONOMIC COMPETITIVENESS
• HUMAN RESOURCE DEVELOPMENT
• ADMINISTRATIVE CAPABILITY OF ROMANIAN AUTHORITY
• RURAL DEVELOPMENT/ AGRICULTURE

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RIGHTS FOR INVESTORS

• ALL SECTORS
• FREEDOM OF MANAGEMENT WITH FULL OWNERSHIP RIGHTS
• FULL REPATRIATION OF CAPITAL PROFITS
• PROTECTION AGAINST EXPROPRIATION
  NATIONALISATION
• NATIONAL TREATMENT FOR ALL

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INCENTIVES FOR FDI

• GENERAL REDUCTION LEADING TO ACCESSION LIMITED
  THEREAFTER
• FREE TRADE ZONES
• DISADVANTAGED AREA INCENTIVES
• ACCELERATED TAX DEPRECIATION FOR CERTAIN
  INVESTMENT AREAS
• SUPPORT FOR SMES
• EU PRE-ACCESSION FUNDING
• RESPONSIBLE SOCIAL RESPONSIBILITY

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SET UP

• LIMITED LIABILITY COMPANY IS RECOMMENDED
• 100 FOREIGN SHAREHOLDING PERMITTED
• FORMALITIES 4-6 WEEKS
• AGENTS DISTRIBUTORS
• ALWAYS SEEK PROFESSIONAL ADVICE

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ROMANIAS BIGGEST ASSET

• HER PEOPLE
• HIGH LEVEL OF EDUCATION
• TECHNICAL ABILITY
• IT SPECIALISM
• STRONG LANGUAGE SKILLS
• ATTITUDE POSITIVE PROUD, ENTREPRENEURIAL
  SPIRIT, ENTHUSIASTIC HARD WORKING

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HELP SUPPORT

• BRCC OTHER BILATERAL TRADE ORGANISATIONS
• ARIS
• FIC
• RCCI REGIONAL CHAMBERS
• EMPLOYERS FEDERATION
• AGENCY FOR SMES
• BRITISH EMBASSY ROMANIAN EMBASSY
• PROFESSIONAL SERVICE PROVIDERS CONSULTANTS

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BRCC CONTACT POINTS
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