Romania is changing, powering through the most dramatic economic expansion in its history.Reforms that were required to win EU accession are attracting billions of euros of foreign investment every year.And a determination to keep these investors piling in, combined with an earnest desire among younger Romanians to be more “European”, will continue to drive reforms.
Excerpt from Financial Times Rewards of a Romanian Reformation October, 14, 2006
Downtown Oradea, Romania
A Great Opportunity:
Romania is the second largest market in east-central Europe after Poland, with a population of 21.7 million emerging consumers and one of the fastest growing economies in Europe.Since 2000, Romania has attracted increasing amounts of foreign investment, becoming the single largest investment destination in Southeastern and Central Europe.
A Troubled Past:
For centuries Romania was under the control of the Turkish Ottoman Empire, until securing their autonomy in 1856 and recognition of its independence in 1878. It joined the Allied Powers in World War I and acquired new territories - most notably Transylvania - following the conflict. In 1940, Romania allied with the Axis powers and participated in the 1941 German invasion of the USSR. Three years later, overrun by the Soviets, Romania signed an armistice. The post-war Soviet occupation led to the formation of a Communist "people's republic" in 1947 and the abdication of the king. The decades-long rule of dictator Nicolae CEAUSESCU, who took power in 1965, and his police state became increasingly oppressive and draconian through the 1980s. CEAUSESCU was overthrown and executed in late 1989. Former Communists dominated the government until 1996 when they were swept from power. Romania joined NATO in March of 2004 and completed accession talks with the European Union (EU) in December 2004. It is scheduled to accede to the EU in 2007.
