The 2024 U.S. – Romania Economic Forum AmCham Romania organized on June 20 in Washington D.C. was dedicated to promoting Romania as an investment destination for U.S. investors.
Members of the Government, Ambassadors, and business leaders shared why Romania is the best destination for U.S. investment in the CEE region and acknowledged the strategic bilateral partnership as a solid foundation for enhanced business and investment ties.
The first U.S. edition of the Forum welcomed over 170 in the audience, including members of the U.S. business community, and a delegation of Romanian Government reps led by the Minister of Foreign Affairs.
The Forum benefited from the strategic support of the U.S. Embassy in Romania and the Romanian Embassy in the U.S. and consolidated AmCham Romania’s role and contribution to advancing bilateral economic cooperation. Participants’ feedback on the Forum content and networking opportunities confirmed the relevance of the initiative and the need to continue building this B2G and B2B platform for high-level bilateral dialogue focused on the economic agenda.
AMCHAM ROMANIA PRESIDENT CRISTIAN SPORIȘ: Our message today is “Choose Romania!”
“We’ve designed a Forum agenda that offers many of the reasons for why Romania is the best choice for investment in the CEE region. Romania is a steadfast partner for the United States and a safe country to do business. Romania is uniquely positioned for sustained economic growth. As the 6th largest EU member by population and the 8th largest market by size, Romania has achieved one of the highest GDP growth rates in Europe in 2023.
Our strategic location providing access to both EU and non-EU markets, a skilled workforce, rich natural resources, and a favorable business climate makes Romania an optimal choice for U.S. investments. The U.S. – Romania relations are stronger than ever and make our country the perfect “friend-shoring” destination for U.S. corporate and institutional investors, on one side, and more and more Romanian companies confident in accessing the U.S. market.”
ROMANIAN AMBASSADOR TO THE U.S. ANDREI MURARU: “Our renewed Romanian-American prosperity agenda: more trade, more investment, more projects.”
Ambassador Muraru acknowledged the essential role of businesses in advancing the overall Romanian–U.S. cooperation and pointed out that the peak bilateral relations and the growing economies of both countries make the present time the best time for increasing trade and investment.
“Congratulations business owners, business executives, entrepreneurs, and partners, serving and running important industries that power our today and our tomorrow. You are making a powerful statement of interest in being part of our renewed Romanian-American prosperity agenda: more trade, more investment, more projects. We will be sparing no effort in our mission to unlock every door towards greater cooperation between Romania and the U.S.”
U.S. AMBASSADOR TO ROMANIA KATHLEEN KAVALEC: “Expanding the U.S. presence and American investment in Romania is a major priority for the U.S. Government”.
Ambassador Kavalec underscored the enduring U.S. Embassy and AmCham partnership, focused on a strong commitment to the rule of law, good governance, a favorable investment and business climate, and the core industries that have become pillars of economic cooperation.
“AmCham Romania has been a valuable partner of the U.S. Embassy in promoting bilateral trade and investment and fostering innovation and entrepreneurship. Your engagement this week demonstrates AmCham businesses’ sincere commitment to strengthening our countries’ economic ties. Our economic partnership spans critical sectors from energy, information communication technology, and transportation to health care, education, and defense. We have supported each other in developing critical infrastructure, diversifying energy sources and sources, enhancing cybersecurity, modernizing military capabilities, and advancing scientific research and education. Expanding the U.S. presence and American investment in Romania is a major priority for the U.S. Government.”
LUMINIȚA ODOBESCU, Minister of Foreign Affairs of Romania: “All challenges come with opportunities. Romania is on its way to becoming a regional energy supplier.”
The head of Romanian diplomacy highlighted the evolution of economic relations between Romania and the United States, the country’s main advantages as a destination for U.S. investments, focusing on Romania’s efforts to be the regional pillar for energy security and on opportunities related to Ukraine’s reconstruction.
“Romania’s partnership with the U.S. will remain a cornerstone of our foreign policy. Both our countries recognize the need to stand for the rule-based international order, advocating for international law and respect for independence, sovereignty, and freedom. We are the stable, predictable market for U.S. companies.”
Minister Odobescu concluded her remarks by thanking AmCham for organizing the U.S. - Romania Economic Forum: “Thank you once again AmCham Romania for organizing this event and for all the efforts put into promoting and deepening the economic ties between Romania and the United States.”
U.S. DEPUTY SPECIAL REPRESENTATIVE FOR UKRAINE'S ECONOMIC RECOVERY TYSON BARKER: Romania is a gateway in many ways. Ukraine is open for business and Romania should take advantage of this.
Deputy Special Rep. Barker thanked AmCham Romania for bringing Ukraine into the conversation on attracting U.S. FDI in Romania and in the region and shared with the audience the U.S. financial commitment to support Ukraine, at present and beyond the war, as well as support schemes developed together with international partners. He made a strong point that recovery is not only something for the future, it started, and many U.S. companies have already joined this effort.
“Romania is a gateway in many ways. A gateway for Moldova and Ukraine’s membership with the EU and NATO, a gateway to the Black Sea and will be a gateway for economic reconstruction.
We have a window of opportunity, together, the United States and Romania, to be part of that economic recovery. The U.S. are focused on five areas. First is security. Security enables prosperity and prosperity harnesses security. The second is the new project cooperation framework that G7 has established, and which will allow us to bring more projects to bankability and present possible opportunities for companies working out of Romania to engage in infrastructure projects in energy, transportation, and ICT. The third is reform. Ukraine has made changes, and it has to keep the momentum, and Romania has a lot to mentor Ukrainians. The fourth is risk management. (…) The final is private sector engagement. (…) We can do more, and we want to you to be part of this. Romania has the opportunity to be a launchpad for reconstruction. (…) We’ll need proximity, logistics, and supply chains, all of which Romania is well positioned to support.”
The first Forum panel welcomed Government representatives for a discussion on "Romania's Case to Attract U.S. Investment", moderated by AmCham Romania Vice President Daniela Nemoianu.
“We all want the U.S. to become the number one investor in Romania and the region. The Government Panel shows a strong alignment between the Government and the private sector and how this can work toward the common goal to attract more investment and strengthening the U.S. – Romania Partnership” the AmCham VP stated on introducing the panel's opening remarks on behalf of the Prime Minister.
Alexandru-Mihai Ghigiu, Head of Chancellery of the Prime MinisAlexandru-Mihai Ghigiu, Head of Chancellery of the Prime Minister of Romania
"The main word today is partnership, and Romania and the U.S. already have an excellent partnership, and the Romanian Government is willing to have an economic partnership as solid as the one on the defense side. Romania has the potential to become a regional hub for U.S. investments.”
MARJORIE CHORLINS, SENIOR VICE PRESIDENT, EUROPE, U.S. CHAMBER OF COMMERCE: Romania has a story to tell!
“What attracts investment is stability, predictability, transparency, a framework that nurtures innovation. Romania is among the countries in the EU that is doing well and has a story to tell! We are looking at Romania not only as a destination for investment but also as a strong voice in the EU decision-making on policies impacting business.”
LUCIAN-IOAN RUS, STATE SECRETARY - MINISTRY OF ECONOMY OF ROMANIA: The partnership and the supply chains are two components that make the strategic collaboration positive.
“Romania has a high potential not only due to its geostrategic position, also due to the robust economic growth that Romania had during the past 10 years, and the development of strategic industries. Romania is a gateway to the entire EU, with major investments in the port of Constanța. Romania has the potential to develop partnerships in sectors such as agriculture, in ICT, in defense. The know-how of American companies and Romanian companies can make the partnership effective for both countries and to all the Eastern European countries.”
ALEXANDRU ROGOBETE, STATE SECRETARY - MINISTRY OF HEALTH OF ROMANIA: Unprecedented investments in healthcare and strategic projects approved. The one link to a success story in public healthcare is to trust the process.
“Romania’s leading priorities in healthcare are reflected in the large financing allocation for health projects via PNRR. We have committed to setting up a functional e-health agency and a national innovation hub in healthcare. When discussing healthcare, we discuss technology, digital solutions, the pharma industry, and new technologies in the field.”
DAN-DRAGOS DRAGAN, STATE SECRETARY - MINISTRY OF ENERGY OF ROMANIA: Energy is the basis for the entire economic development. By 2027 Romania is expected to be an island of stability and energy security in the region.
“Romania has committed to net zero carbon emissions by 2050 and this drives the national energy strategy. The green transformation is ongoing and has three pillars: increasing the capacity to generate renewable energy, increasing the resiliency of the energetic system, and natural gas – Romania is the first largest producer at the EU level, which increases Romania’s role in ensuring energy security in the region. All these developments in generation will need reinforcement of the grid and almost EUR 2 billion has been allocated to reinforce the transmission grid. For the last component of the chain, the end customer, a lot of instruments were offered both to industrial customers and households. These will help all industries to have access to good energy prices which is very important in investment decisions.
GEORGE-SERGIU NICULESCU, PRESIDENT OF THE ENERGY REGULATORY AUTHORITY OF ROMANIA. We are trying to make the regulation as friendly as possible for the investors.
“We have a strong regulatory framework to help Romania make the most of its Black Sea positioning. The first thing a company needs when investing is rules. We have a new law that outlines all the steps a company needs to make to invest in the Black Sea region and for this law, we had support from the United States Government, it was ahead of us, and we had a lot to learn. We are a NATO country, and we provide a healthy and stable environment for companies. The Government also provides state aid for companies investing in offshore and there are a lot of opportunities for U.S. companies wanting to invest.”
Dinu Bumbacea, Vicepresident of AmCham Romania | Country Managing Partner, PwC Romania
Vlad Boeriu, Chair of AmCham Romania's Taxation Committee | Tax & Legal Partner-in-Charge, Deloitte Romania
The highlight of the private sector panel was the quality of the people that attracted investors in Romania and had a major contribution to thriving businesses in the country.
Remarks on success stories of U.S. investors in Romania were moderated by Member of the AmCham Romania Board of Director Vlad Boeriu, Tax & Legal Partner-in-Charge, Deloitte Romania.
U.S. AMBASSADOR TO ROMANIA KATHLEEN KAVALEC: Highly skilled & multilingual workforce.
“What I hear from U.S. investors are references to the high-skilled and multilingual workforce, competitive wages, diverse natural resources, and the security that being in the EU and NATO provides. U.S. investors are spread across the country and most often opportunities are related to universities and the availability of skilled workforce.”
DAVID BARNES, VICE PRESIDENT GLOBAL WORKFORCE POLICY, IBM CORPORATION: We are very positive about Romania.
“For IBM, Romania is a successful destination for high-value, highly skilled, now employing over 4,000 people, in a consulting delivery center, a software development center, and one of the marketing hubs. A critical advance for a company like IBM is the highly skilled workforce. With a very welcoming Government policy for business, Romania’s high share of PNRR financing is very important as digitalization is a key priority for the EU in that funding. This encourages investments in technology. Romania is a very good destination, is very flexible, and welcoming for American business.
BOBBY PATRICK, CHIEF MARKETING OFFICER, UIPATH: We are maintaining Romania as a main hub while building a global network.
“We are not only a Romanian success story, but we are also a successful U.S. story. One-third of our operations are still in Romania. A vast proportion of our intellectual property is created in Romania. In the U.S., we were the third largest enterprise software in IPO history from NYSE and we work with over 50 U.S. Government agencies. Nearly a third of my marketing team is in Bucharest. These are very talented people, and their work ethic is amazing. Maintained Romania as a main hub, while building a global work. We would not be where we are today without figuring out how to get the best from Romania.”
MIHAI BRANA, COMMERCIAL LEADER SEE | MANAGING DIRECTOR, HONEYWELL ROMANIA: U.S. companies already in Romania will provide the best support to U.S. investors to set up and secure their businesses.
“Being at the crossing of west European culture and Balkans and Mediterranean culture, Bucharest is a good location to drive commercial business from. People understand the local realities and can manage business in a complex cultural environment. This is important for a business that wants to grow locally. For us is also important to have business opportunities in Romania. The focus of Romania in the energy sector, on automation and artificial intelligence has played a key role in the energy transition and modernization of Romania’s infrastructure. For manufacturing, Romania’s robust energy position is a great advantage. The skilled workforce is also a strong advantage. Both the multilingual and technical skills, matched by a high emotional intelligence, help them integrate fast and well with multi-cultural teams.”
SEAN MULVANEY, SENIOR DIRECTOR, GLOBAL GOVERNMENT RELATIONS & PUBLIC POLICY, PROCTER & GAMBLE: Romania is a pipeline of talent for our regional and EU operations and a hub for our entire SEE region.
“In Romania, we’ve been for the past 30 years, and we’ve built a tremendous business. 90% of Romania households have a P&G product and we have over 35 brands in the market. Why Romania for us? Three strategic advantages are critical for our business model. One is market access. For us, Romania is a hub for all the Southeastern Europe. Second, Romania has a highly qualified workforce. We hire right out of school and then we promote people and we’re building a pipeline of talent domestically and in the region. Another critical advantage of Romania is the predictable, stable, mature, tax and regulatory landscape. All these three advantages attracted us and enabled us to produce in the country.
NICOLETA FORFOTA, CORPORATE BANK HEAD, CITI | ROMANIA. The capital market has reached a historical high and the trend continues.
“Citi has been in the country, and we’ve supported both the public and private sectors, especially American companies. Our mission is the development of the capital market. Romania is showing an aggressive growth profile, probably the most aggressive in the European Union over the past decade, anchored in very low public debt, inflation that is under control, a stable currency, strategic partnerships, and independence from Russian gas. 2023 was a turning point for the Romanian capital market, seeing the largest IPO in the last 10 years. The trend continued in 2024 and the market reached a historical high.”
Representatives of Romanian healthcare authorities and industry leaders share the investment priorities, regulatory updates, available financing, vision for easing access to innovation, and the latest developments that make Romania a destination of choice for companies in the medical sector.
The panel welcomed remarks from Diana PAUN, Presidential Advisor - Public Health Department, Presidential Administration of Romania, Alexandru Rogobete, State Secretary - Ministry of Healthcare of Romania, Vice-President, National Medicine and Medical Devices Authority of Romania, Eliot Sorel MD, Clinical Professor - School of Medicine & School of Public Health, George Washington University, Frank Loeffler, General Manager, Roche Romania and was moderated by Roxana Botea, Chair of AmCham Romania's Healthcare Committee | Country Director, Johnson & Johnson Innovative Medicine Romania .
