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AmCham Romania News AmCham Romania Business Barometer | Annual Survey on the Quality of the Investment Climate in Romania, 6th Edition

AmCham Romania Business Barometer | Annual Survey on the Quality of the Investment Climate in Romania, 6th Edition

  • The overall investment climate is rated positive by 46% of respondents; plans to expand operations and investment in 2024 reflect confidence in Romania's potential.
  • Companies report revenue growth in 2023, and a majority (58%) anticipate further growth in 2024.
  • For the first time in recent years, labor market tension has eased slightly. 88% of respondents, compared to 94% last year, indicated difficulty finding specialists in their sectors.
  • Fiscal policy and taxation are once again among the top concerns for companies.

AmCham Romania presented the results of the annual survey on the quality of the investment and business climate. The 6th edition highlights the optimism of AmCham members and their confidence in Romania's economic potential, confirmed by consistent investment intentions over the next 12 months and expansion plans for the next three years.

Regarding the overall investment climate, 46% of participating companies rated it as good or very good, similar to the optimistic post-pandemic level of 2021 and significantly higher than 2019 (36%), although slightly down from 51% in 2023.

This positive outlook is supported by business results that match the estimated levels for revenues (63%) and investments (51%). For 2024, companies anticipate similar performances, with slight decreases in growth across all three areas, including the number of employees.

Romania is the best investment destination in the region. This is the message AmCham consistently conveys to potential investors, relying on the optimism of our members, their positive business results, and their ongoing investment plans. Romania's EU and NATO membership and the prospect of OECD accession remain key confidence anchors,  while the most compelling business and investment advantages are human capital, market size, digital infrastructure quality, and, very importantly, the fiscal framework. This is significant because taxation levels and the fiscal framework not only attract investments but are essential for growth and for generating prosperity. Given last year's fiscal measures, which at the end of the day did not reduce the budget deficit, the fiscal system is once again a major concern for the private sector. In this context, we reiterate AmCham Romania's support for maintaining the flat tax, system which remains most adequate for Romania's economy current development and complexity,” stated Cristian Sporiș, President of AmCham Romania.

Regarding the most appreciated market conditions, digital infrastructure quality holds the top position for the sixth consecutive year, with 60%, followed by the quality of human capital, which has increased in importance and percentage compared to previous editions. The quality of cybersecurity infrastructure and digital competencies of the active population are also highly valued, close to the top two conditions.

In contrast, the least appreciated market conditions, ranked “poor & bad” by participating companies, are consistent. With 78%, transport infrastructure quality continues to surpass debureaucratization, which remains second least appreciated, with 72%, followed by healthcare infrastructure quality (70%). Over half of respondents rate the predictability of the investment framework and economic and industrial policy as poor & bad.

We emphasize that the list of economic measures and priority public policies resulting from this survey, reflects the need for interventions to improve those market conditions that still hinder the development of businesses and of the economy at large.  Along with investments in critical infrastructures, maintaining a competitive fiscal system, reducing labor taxation, and digitizing public services, AmCham members consider the high absorption and use of European funding crucial for 2024. These funds are still available at record levels, but Romania will not benefit from them much longer once it reaches a certain convergence threshold with the European Union. For the first time included as an option in this year's edition, more than half of respondents indicated a significant need to improve the quality of the education system. For years, the business environment has called for  the reform of the education system and its alignment with the needs and evolution of the economy, while actively contributing to this change, including through substantial CSR investments. The quantity and quality of graduates at all educational levels have a direct socio-economic impact. Education is one of the structural causes of the current labor force deficit, but there are several solutions for education to become a real growth vector and add value at individual, community, and societal levels,” stated Daniela Nemoianu, Vice-President of AmCham Romania.

For the first time in recent years, the AmCham survey reflects a slight easing of labor market tension. The percentage of those who consider the labor market tense, meaning they face difficulties finding qualified employees and rising costs, decreased from 94% to 88%.

This relaxation is mainly due to industry restructuring and automation investments rather than measures addressing structural causes. Companies still face difficulties finding qualified employees while experiencing increasing budget pressures. Our call for interventions to address the deficit remains strong to prevent labor market tension from becoming a macroeconomic risk. Companies are already allocating significant resources to overcome challenges related to the local economy, such as rising tax burdens, inflation, increasing fixed costs, deepening budget deficits, and high debt levels, as well as challenges arsing from global trends impacting businesses, like AI, military conflicts, or complying  with ambitious sustainability goals,” stated Dinu Bumbăcea, Vice-President of AmCham Romania.

As for the mix of business financing source, 91% of companies, up from  86% last year, rely on own funds, followed by shareholder loans mentioned by  69% of respondents,  also slightly more than in 2023. European funds are an option for 28% of respondents, a significantly lower percentage than in the previous edition. Other financing sources, such as capital markets and private equity, are used by less than 10% of respondents, while state aid, included in the survey for the first time, was indicated by 11% of companies. Only 17% anticipate a decrease in financing costs, 38% expect increases, and 45% believe they will incur financing costs at the same level as in 2023.

Companies' investment intentions in Romania remain positive: 72% of companies have planned investments in 2024.

The consolidation of companies in Romania also enables them to expand to other markets through external investments and exports. Nearly half of the companies participating in the survey have taken this step - 9% of all participants have both exports and investments, 9% have only investments, and another 26% have both.

Regarding the fiscal-budgetary measures adopted last year, the AmCham survey included an assessment of the impact of the 1% turnover tax. Thus, 39% of the over 100 companies potentially affected by the measure, given that it applies only to companies with a turnover exceeding EUR 50 million, indicated a significant or very significant impact.

The minimum turnover tax, which we initially considered unjust and competition distorting, both in terms of its adoption and impact, affects Romania's fiscal competitiveness and creates an unfriendly business environment. To mitigate some of the effects, especially among large taxpayers, AmCham requests the correction of the calculation formula to exclude research and development expenses, the cost of any taxes, contributions, excise duties, or sectoral taxes, exchange rate differences, and foreign tax credits, among others. These adjustments are essential to avoid double taxation and ensure a fair assessment of companies' economic performance, thus protecting the competitiveness and coherence of Romania's fiscal framework,” stated Vlad Boeriu, Member of the Board of Directors of AmCham Romania.

“Overall, AmCham members are sending a positive signal, choosing to invest and grow in Romania, and it is a legitimate expectation on our side  that the  government also responds to this confidence with stable and transparent fiscal policies,” concluded Cristian Sporiș, AmCham Romania President.

In the context of an election year, with new measures expected to impact the economy, AmCham will seek to bring the vision, priorities, and concerns of our business community into dialogue with decision-makers, providing recommendations aimed at strengthening Romania's investment profile in the region.

About the 2024 AmCham Business Barometer Survey


  • 235 out of 570 AmCham Romania member companies, at the CEO or CFO level.
  • 46% - large taxpayers
  • 32% - medium taxpayers
  • 22% - small taxpayers

Survey period:

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