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British Romanian Chamber of Commerce

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 31 ST MAY 2006 GRANTHAM MARRIOTT HOTEL. BUSINESS CLIMATE.

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British Romanian Chamber of Commerce

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  1. 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

  2. BUSINESS CLIMATE PREPARATION FOR EU ACCESSION • POLITICAL & ECONOMIC STABILITY • PREDICTABILITY • STIMULATION • STANDARDISATION • QUALITY ASSURANCE • TRANSPARENCY • FINANCIAL ASSISTANCE • IMAGE

  3. 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)

  4. FACTS & FIGURESBilateral Trade 2005 • EXCEEDED 2.6 BN USD • 2000 UK CO’S REGISTERED IN ROMANIA • APPROX 5000 BRITISH NATIONALS RESIDENT IN ROMANIA

  5. 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

  6. FACTS & FIGURESUK FDI 2005 OVER 3.5BN EUROS, INCREASED INTEREST • ELECTRONICS • IT • AGRICULTURE • INFRASTRUCTURE • AEROSPACE • FINANCIAL SERVICES • TEXTILES • TELECOMS • PROPERTY

  7. 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)

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

  9. 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

  10. 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 SME’S • EU PRE-ACCESSION FUNDING • RESPONSIBLE & SOCIAL RESPONSIBILITY

  11. SET UP • LIMITED LIABILITY COMPANY IS RECOMMENDED • 100% FOREIGN SHAREHOLDING PERMITTED • FORMALITIES – 4-6 WEEKS • AGENTS & DISTRIBUTORS • ALWAYS SEEK PROFESSIONAL ADVICE

  12. ROMANIA’S BIGGEST ASSET HER PEOPLE • HIGH LEVEL OF EDUCATION • TECHNICAL ABILITY • IT SPECIALISM • STRONG LANGUAGE SKILLS • ATTITUDE – POSITIVE & PROUD, ENTREPRENEURIAL SPIRIT, ENTHUSIASTIC & HARD WORKING

  13. HELP & SUPPORT • BRCC & OTHER BILATERAL TRADE ORGANISATIONS • ARIS • FIC • RCCI & REGIONAL CHAMBERS • EMPLOYERS’ FEDERATION • AGENCY FOR SME’S • BRITISH EMBASSY ROMANIAN EMBASSY • PROFESSIONAL SERVICE PROVIDERS & CONSULTANTS

  14. BRCC CONTACT POINTS

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