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The Business Environment Perception - FIC Business Index Spring 2023

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The Foreign Investors Council (FIC) has released the results of the latest edition of the Business Sentiment Index (BSI) conducted in March 2023.

In recent years, the business environment has faced various crises and has been in a constant state of adaptability and solution-finding for challenges related to COVID, inflation, the energy market crisis, utility prices, geopolitical context, supply chain blockages, etc.

Although some of the effects of these crises still linger in the economy (high inflation being the main challenge currently faced by the business environment according to 58% of respondents), the spring 2023 edition of the BSI reveals a more optimistic perception of investors regarding the economic environment in Romania.

The long-term commitment of FIC members to Romania is reflected in the appetite for new investments, with 43% of companies increasing their capital for future investments, while 40% plan to maintain their investment level compared to the past 12 months.

This positive trend is also evident in terms of workforce expansion plans (49%) and the perception of expectations for business growth (both in the domestic market and in exports). 62% of respondents anticipate a positive development for the next year, and 70% foresee revenue growth over the next 12 months.

Romania continues to receive low scores in infrastructure (64%), bureaucracy (81%), and transparency and consistency in policy implementation (72%), remaining uncompetitive in these areas from the investors' perspective.

The legislative framework is considered less predictable by the majority of respondents (53%). However, the attractiveness of the Romanian market has increased in investors' perception, registering a score almost double compared to the previous edition (46.8% compared to 29.9% in September 2023).

Investors once again emphasize key elements for Romania's economic development, including the need for a stable and predictable legislative framework, medium- to long-term strategies with reasonable implementation timelines, impact studies and analyses, and consultation with the private sector.

The investment environment is part of the pillars for economic growth, and our country has the potential to become the tenth largest economy in the European Union (EU) if it implements an appropriate model for long-term economic growth.

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