Romania is a vibrant cultural and economic hub which has seen significant economic growth since the early 2000s, marking it out as an undeniably ideal country to invest in.
As we look to invest in new markets here at Vesta Software Group, it’s the perfect time to explore why Romania stands out as an attractive destination for investment in the software industry.
Economy
Romania’s economy has been going from strength to strength, and it is now the largest economy in Southeastern Europe.
In 2022, the country’s robust economy grew by 4.8%, with this growth only expected to continue. The World Bank and private investment firms forecast the country’s annual growth rate for the next five years to be between 2.5% and 4.5%.
The success of the economy has been driven by a pick-up in investment and as Romania’s strengths become more widely known, this is definitely set to continue long into the future.
Skilled IT workforce
Romania has a highly educated and skilled workforce with a strong focus on technology. In fact, it’s the leader in Europe, and 6th in the world, in terms of the number of certified IT specialists, with density rates per 1000 inhabitants – that’s greater than in the US or Russia!
The country’s universities offer cutting-edge technology programmes to help nurture the next generation of tech-savvy innovators, including software developers, engineers and IT specialists.
Business environment
Businesses operating in Romania would find that costs are very competitive, with relatively low investment required for operations compared to many other European countries.
What makes the prospect even better, is the country excels in delivering service and products produced of the highest standards.
The combination of affordability with uncompromised quality makes Romania an attractive location for software companies looking to grow their business and thrive.
Strong IT infrastructure
Romania has a modern IT infrastructure, including high-speed internet connections and a well-established telecommunications network. Currently, it ranks at 6th in the world of the fastest growing countries for fixed broadband. Plus, with the introduction of 5G services, Romania has secured high download and upload speeds, making it simpler for software companies to develop and enhance the quality of their products and services.
Free trade
With several free trade zones that offer tax and customs incentives to businesses, there is a lot of support for exports that attracts wider investment in Romania. It’s position close to the Eastern border of the EU also offers the advantage of quick access to consumer markets further afield.
Goods placed within the free trade zones are free of import duties, VAT and other import charges.
Our view on Romania
For us, Romania stands out as an environment where businesses can thrive and is a country we definitely consider well worth investing in.
With strong economic growth, a skilled workforce, good infrastructure and competitive costs, we are excited to see the growth opportunities that Romania will bring, both in the short and long term future.
As we look to supercharge our expansion strategy in the area, we would love to speak with more software companies who are looking to pursue the next step in their journey. Get in touch with our team today to start a conversation.
