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25 May, 2015 - 08:19 By Kate Sweeney

Romania open for business with East of England

Bucharest at night

East of England businesses are being encouraged to look to Eastern Europe’s ‘tiger’ economy on a trade mission to Romania.

The Bucharest trip is being organised by Enterprise Europe Network and the British Romanian Chamber of Commerce from June 29 to July 1 to enable local businesses to tap into the high growth opportunities just over two hours from home.

Romania is one of Europe’s fastest growing economies, with growth recorded at three per cent last year and a forecast 2.7 per cent expansion this year (DG ECFIN). Wages are continuing to rise and Europe’s seventh largest consumer market will receive €42 billion in EU funds up to 2020.

Mark Hofman, an international trade adviser at Enterprise Europe Network said: “Romania is big tiger economy, open, close to home and highly accessible with regular connections available from the East of England to Bucharest and beyond. 

“We hope our trade mission will enable a number of regional companies to discover a new export market for 2015, joining over 4,000 UK companies already active in-market and taking the opportunity to establish that all-important first contact with potential partners in Romania.” 

Marks and Spencer, Mothercare, GlaxoSmithKline, RBS, JCB, G4S, The Body Shop, Betfair and Vodafone are just some of the UK companies already active in a country twice the size of England.

With a population of over 21 million, Romania is the second biggest Central Eastern European (CEE) market. During the 2000s growth peaked at 8.4 per cent as entry into the European Union fuelled confidence and rapid development in the Romanian economy. Over the last 10 years Romania has achieved massive trade growth with the UK. UK exports increased by 50 per cent to nearly £1 billion with British products and expertise widely associated with reliability, quality and durability.

Trade mission delegates will receive bespoke advice and support in-market from Enterprise Europe Network and the BRCC, with pre-arranged business-to-business meetings with potential Romanian partners scheduled during the three day visit.

A seminar and business networking reception organised by the British Embassy in Bucharest will offer UK businesses the opportunity to meet key local partners and hear from Brits already successfully trading with Romania. 

As a member of the United Nations, World Trade Organisation, OSCE, IMF and World Bank, and bordering Ukraine, Hungary, Serbia, Bulgaria, Moldova and offering access to Black Sea ports, the democratic republic offers significant catch-up potential within the European Union.

Enterprise Europe Network is a key instrument in the EU’s strategy to boost growth and jobs. Bringing together close to 600 business support organisations from more than 50 countries, the network helps European companies seize the unparalleled business opportunities in the EU Single Market and beyond.

• Businesses interested in joining the Romania mission should contact Mark Hofman on 01707 398069 or email m.hofman [at] eeneast.org.uk

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