Business Environment in Romania
Strengthening the business environment, ensuring its stability and predictability, as well as increasing competitiveness through innovation represent the main guidelines of the Romanian Government’s economic policy.
The primary approach to boosting competitiveness is aimed at increasing productivity based on diversification and innovation of the domestic industrial base. The Government’s priorities focus on improving the competitive environment and business climate, mainly by reinforcing state aid policy and implementing better regulation measures to reduce the administrative burden on companies, as well as increasing decision-making transparency and public consultation. At the same time, support for private entrepreneurs, stimulation of free initiative, and combating unemployment are key objectives.
Institutions and Useful Addresses
Foreign Trade
The main institution responsible for developing and implementing trade policy is the Foreign Trade Department – Department of Foreign Trade and International Relations (DCERI) – within the Ministry of Economy (http://www.dce.gov.ro).
DCERI also provides information to business representatives regarding import and export opportunities on third markets, as well as Romania’s participation programs in international fairs and exhibitions.
Other entities with responsibilities in trade:
Export Council – a national organizational structure with a public-private character (led by co-chairs from both private and public sectors), without legal personality, operating in close cooperation with the Ministry of Economy. Its objective is to harmonize sectoral, intersectoral, and regional strategies with the National Export Strategy and to set priorities in the export field.
Eximbank Romania (http://www.eximbank.ro) – an institution established to support Romanian exporters with financial-banking instruments, facilitating their access and maintaining their presence on foreign markets, including high-risk ones.
Foreign Investments
The Department for Infrastructure Projects and Foreign Investments operates as a specialized body of the central public administration, with legal personality, within the Government’s working apparatus. It coordinates national infrastructure projects, prepares, executes, and implements projects designated by Government decision, and ensures uniform application of Government policy at central and local levels in stimulating, promoting, and implementing foreign investments and public-private partnerships (http://www.dpiis.ro).
Economic Policy
The Ministry of Economy (http://www.minind.ro) – with legal personality – is the specialized body of the central public administration that implements Government policy in areas such as economic growth, industry, energy, mineral resources, defense production, European integration, and external trade and economic relations.
Taxation
Fiscal policy focuses on ensuring a stimulating character of taxes and duties to foster economic growth and development, as well as fiscal consolidation.
The Ministry of Public Finance (http://www.mfinante.gov.ro) is the institution responsible for coordinating the financial and fiscal structures of the Romanian state.
Monetary Policy
The design and implementation of monetary policy, including exchange rate policy, is carried out by the central bank – the National Bank of Romania (BNR) (http://www.bnr.ro), an independent public institution, the sole authority authorized to issue currency as legal tender in Romania.
The fundamental objective of BNR is to ensure and maintain price stability.
In addition to monetary policy responsibilities, BNR authorizes, regulates, and prudently supervises credit institutions, promotes and monitors the proper functioning of payment systems to ensure financial stability, sets the foreign exchange regime, oversees compliance, and manages Romania’s international reserves.
BNR also supports the general economic policy of the state without compromising its fundamental objective of price stability.
SME Policy
The coordination, monitoring, and support for implementing government programs aimed at the small and medium-sized enterprise (SME) sector are ensured by the Directorate for Implementing Projects and Programs for SMEs within the Ministry of Economy.
The creation in 2013 of the Department for SMEs, Business Environment, and Tourism (DIMMAT, http://www.aippimm.ro) provided the operational institutional framework necessary for developing and applying national programs in relevant economic sectors.
SMEs currently represent the most important factor in developing the private sector and the free market in Romania, being the most dynamic sector in terms of workforce absorption (about 45% of total jobs in the national economy). SMEs demonstrate flexibility, mobility, and competitiveness in adapting to market requirements and legal framework evolution. Their relevance is confirmed by their share in the total number of Romanian enterprises (97%).
In June 2014, DIMMAT submitted for public consultation the proposal for the “Government Strategy for Developing the SME Sector and Improving the Business Environment in Romania – Horizon 2020.”
Customs Policy
Customs policy aligns with that of the European Union. The national authority with specific responsibilities in this field is the General Directorate of Customs (DGV) within the National Agency for Fiscal Administration (ANAF) (http://www.customs.ro), under the Ministry of Public Finance.
Company Registration
The institution responsible for registering companies in Romania, both with domestic and foreign capital, is the National Trade Register Office (http://www.onrc.ro), under the Ministry of Justice.
Chambers of Commerce
The Chamber of Commerce and Industry of Romania (http://www.ccir.ro) – brings together the network of territorial/county chambers of commerce and industry, bilateral chambers, and professional associations.
CCIR acts to create a stable, coherent, and favorable business environment for the development of the private sector and a real, sustainable, and outward-oriented market economy.
Statistical Information
Official statistics in Romania are organized and coordinated by the National Institute of Statistics (http://www.insse.ro), a specialized body of the central public administration, with legal personality, under the Government and financed from the state budget.
INS provides operational statistical information necessary for decision-makers in economic and social strategy, assimilates market economy-specific statistical indicators, implements research and calculation methodologies in line with European and international standards and practices, and cooperates with other national statistical institutes.