Statistics recently released from the Romania Central Bank show an impressive increase of foreign investment in the country during 2008. According to the Bank’s figures, foreign direct investment (FDI) totalled €9.02 billion in 2008 up from €7.25 billion in 2007, an increase of almost 25%.

Romania’s strategic position in the midst of central Europe, its skilled workforce and low labour costs remain key attractions for foreigners planning to set up in the country. In addition, corporate tax, levied at the flat rate of 16% in Romania, is one of the lowest in Europe.

2009 looks set to see continued inflows of FDI for Romania. According to the official government investment agency, ARIS, the latest investors include Procter & Gamble who have opened another factory with an initial investment of US million, an amount that is expected to double during the factory’s 2nd stage; the Greek banking entities, Piraeus Bank and Banca Romaneasca, who have already opened a further 15 branches between them in 2009; and the Chinese tractor assembly company, Hozo-SHK Modern Agricultural Equipment due to set up in Brasov with an investment of €18 million and employment prospects of 500 people.

In late 2008, Renault established an auto engineering centre in Romania, the most important industrial plant in the country. Funds for this ambitious project run to €1.5 billion and have earnt Renault the accolade of ‘Foreign Investor of 2008’.

One of the main beneficiaries of high levels of FDI has been wages. Traditionally one of Europe’s poorest countries, Romania’s salaries are increasing in leaps and bounds. According to government statistics, gross average wages in December were 9.7% higher than those in the previous month’s and year-on-year figures show a salary increase of a massive 17.6%.

“Romania’s FDI inflows for 2008 are impressive,” comments James Gonzalez, Market Analyst at Obelisk Investment Property, “and the more or less constant stream of new investment shows that this pattern is likely to continue during 2009 in spite of the global economic slowdown.”

News submitted by Alison Kane, Obelisk International

Romania took another important step towards a seamless transition of power when Prime Minister Delegate, Emil Boc, was validated through a vote of confidence by the Romanian Parliament on the 22nd December, 2008.

Romania’s parliamentary elections were held in November 2008 and the result gave Boc’s Democratic Liberal Party (PD-L) a slight lead over the second place Social Democratic Party (PSD), while the ruling National Democratic Party (PNL) finished a distant third.

Because no single party won an outright majority, President Traian Basescu was called upon to name a prime minister, as dictated by the country’s constitution. Basescu originally nominated Theodor Stolojan but Stolojan later refused the post for personal reasons and the president nominated Boc. Boc was not only president of the PD-L but until recently, was also mayor of the Transylvanian city of Cluj-Napoca.

While mayor of Cluj-Napoca, one of Romania’s fastest growing economic centres, Boc was very popular with Romanians and foreign investors alike. James Gonzalez, Market Analyst at Obelisk, has met Prime Minister Boc on numerous occasions and believes that he is an excellent choice to lead Romania during today’s economic times. “During our discussions, I found Emil Boc to be an intelligent, driven leader who not only understands the needs of Romanians but also the importance of reliable foreign investment. I couldn’t think of a better person to assume the prime ministerial role.”

Boc now heads a government comprising of the two largest parties in Romania. His validation by parliament means that the country will have a stable coalition government until the next elections, which are scheduled for 2012.

News submitted by Alison Kane, Obelisk International

“The Romanian Black Sea Coast is a blend of old and new. Many historical sites and ancient monuments, together with the traditional culture of the region – a mixture of Romanian, Greek, Macedonian and Turkish influences – merge with all the modern facilities offered by the resorts.” commented Dan Johnson, Managing Director of The Move Channel.

Travel To Romania’s Black Sea Coast

The main airport that serves the Black Sea resorts of Romania is Mihail Kogălniceanu Airport, which is situated in south-east of Romania. It is the main airport of the Romanian region of Dobrogea and under 30km north-west of the oldest existing city in the country, Constanţa.

Must See Beaches Resorts in Romania

Mamaia is the biggest and most beautiful summer resort on the Romanian Black Sea shore. Known as ‘The Pearl of the Romanian Riviera,’ it is the country’s oldest seaside resort, dating back to 1906.

Situated north-east of Constanţa, Mamaia has few full time residents, being populated mainly during the summer season, which is at its best between mid-May and late September. The sea water stays wonderfully warm until late autumn and the average daytime temperatures are 25 to 30 degrees Celsius (78 to 86 degrees Fahrenheit).

Mamaia is a strip of land between the Black Sea and Lake Siutghiol, well-known for having the finest sand and the smoothest beach along the entire Romanian sea coast, stretching 8 km (5 miles) in length and only 300m in width. The atmosphere at the resort is especially suited for families with children.

Leisure activities have developed considerably in past years and Mamaia now has sports such as sub-aqua diving and paragliding, which can be practiced both on the sea but also on Lake Siutghiol.

Eforie Nord resort is 14 km south of Constanţa and 230km from Bucharest. The beach is 3km long 20-100m wide, with a high sea front in the north. Better known for its fantastic spa facilities situated on the strip of land between the Techirghiol Lake and the Black Sea, Eforie Nord is also a pleasant seaside resort with lovely sandy beaches.

Olimp resort is the newest and most modern resort in Romania. Situated 200km from Bucharest and 30km from Constanţa, its popularity is second only to Mamaia. Its 500 m long beach is protected by 3 Y-shaped breakwaters and the resort has numerous recreational activities, including sea-motoring, hydro-cycling, diving and sailing.

Out of the Sun

The Romanian Black Sea Riviera stretches from Danube Delta in the north, down to the Black Sea Riviera in Bulgaria in the south, along 275 km of coastline.

The main cities in the region are Mangalia, Nãvodari, Sulina and Constanþa, which is the capital of the area and one of Romania’s largest cities.

The foundations of Constanţa were set some 2,600 years ago, when Greek colonists built the city of Tomis on its present site. The ancient city of Tomis has been associated with the legend of Jason and the Argonauts, who embarked on a long voyage from Greece to the Asian country of Kolchis on the Black Sea Coast in search of the Golden Fleece.

The best place for seeing the evidences of the old civilization is the National History and Archeology Museum in Ovidiu Square. It houses interesting exhibits and ancient art objects, reflecting influences from Greek, Turkish and Roman empires, some of which date back to around 6 B.C.

Also in Ovidiu Square is the statue of the Latin poet Ovidius Publius Naso who came to live in Constanţa in 8 A.D., after he was exiled from Rome by Emperor Augustus. Ovidius was so well revered in Constanţa that they named the square after him.

The Black Sea coast is also renowned for numerous spas, which have been used for cures of arthritic, rheumatic, internal and nervous disorders. Eforie Nord and Mangalia Spas specialize in mud baths – taken from the area’s salty lake waters – as well as in the world famous ‘Gerovital’ and ‘Aslavital’ original rejuvenation treatments.

Two other popular areas are Costineşti, which is a popular summer destination for young people and students and Vama Veche (situated at the border with Bulgaria), which is a fishing village well known for its artistic and hippie type atmosphere.

Romanian Beach Property On The Market

Villa Iulia, Constanta
Studios from £19,380, completion December 2008, high potential for spa tourism

Western Standard Development, Constanta
Price from £34,230 20% guaranteed rental returns, 200m from beach

News submitted by Jon Moore, The Move Channel