Romanian entrepreneurship

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Dragoș Doroș, partener KPMG
Dragoș Doroș, partener KPMG

In the Romania of the last 30 years, entrepreneurship has undergone a spectacular evolution that reflects its underlying economic environment. Let’s remember in a few words the context of this phenomenon.

The Romanian economy crumbled after 1990, for a period spanning until 2000, just like in all the ex-communist countries, in an extreme effort to adapt to the new free market conditions. This was the period when Romania had plenty of factories as well as highly qualified workers; yet no one knew what and for whom to produce any longer. Centralized management was by now gone and property was just a concept that was going to be sorted out and materialized in favor of the most entreprenorial spirits of those times. Unfortunately, but also naturaly, many factories ended up as scrap iron (which was a business in and of itself) and others were taken over by people who were able to adapt, find and exploit new markets and retechonlogize. This was a turmoiled and uncertaim period. At the end of 2000s, the economic crisis hit the Romanian businesses very hard.

The Romanian entreprenuers thus had to learn the very hard lesson of massive restructuring. As a result, some disappeared whereas some were able to adapt again. The financial crisis and the adherence to the EU matured the Romanian market and the economy. The Romanian entrepreneurs are now past the romantic years after 1990 and can rightfully claim that they have surpassed a severe crisis in 2010 and have been serious players on a common market for over 10 years. This is no small claim. What is forseeable for the future?

The world economy of the present and of the future will provide a talented entrepreur with virtually unlimited resources: worldwide distribution and suply networks, quick and cheap fundraising, open markets on all continents and artificial inteligence, to name but a few. This is an opportune time for Romanian companies to focus on crossing borders and on operating at an international level. In addition, from a fiscal perspective, Romania is a country that provides favorable legislation: it has low taxation and encourages holding structures.

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