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ROMANIAN INVESTMENT CLIMATE Stimulative for New Business and Expansions Ph. D. Iustina Lutan - ROMANIAN INVESTMENT CLIMATE Stimulative for New Business and Expansions Ph. D. Iustina Lutan - Councelor Romanian Agency for Foreign Investment Antalya, March 2007

Eye on Romania You are looking at your next location in Eastern Europe… ROMANIA Eye on Romania You are looking at your next location in Eastern Europe… ROMANIA … access to high competencies and a growing market, where the costs are low and the quality is high…

Macroeconomic Data Total population (million) Country GDP growth rate 2006 Romania 7. 5% Slovakia Macroeconomic Data Total population (million) Country GDP growth rate 2006 Romania 7. 5% Slovakia 7. 5% Bulgaria 6. 2% GDP per capita (EUR, 2006) Czech Rep. 5. 9% Poland 5. 8% Slovenia Hungary Vienna Institute of International Economic Studies 5% 4. 0%

Great potential for growth Solid economic fundamentals GDP Growth rate § Rapid real GDP Great potential for growth Solid economic fundamentals GDP Growth rate § Rapid real GDP growth § Declining inflation § Declining unemployment, currently at 5. 4% (average in 2006) Steady credit rating improvement § Moody’s increased its rating from B 3 in 2000 to Ba 1 (positive) currently § S&P and Fitch ratings increased from B- in 2000 to BBB(positive) currently National Bank of Romania, National Commission for Prognosis Inflation rate

EU financial assistance to Romania, 2007 -2013 Financial support provided by E. U. to EU financial assistance to Romania, 2007 -2013 Financial support provided by E. U. to Romania during 20072013 is up to Euro 30 billion through structural and cohesion funds; Romanian coordinating authority – Ministry of Public Finances

Competitive Taxation § Central and Eastern European countries are trying to follow the successful Competitive Taxation § Central and Eastern European countries are trying to follow the successful Irish example – to have faster economic growth through low taxes Corporate Tax VAT Bulgaria 10% Romania Social Contributions Employee Employer 20% 12. 43% 24 -24. 7% 16% 19% 17% 30. 75 -44. 75% Hungary 16% 20% 13. 5% 33. 5% Poland 19% 22% 18. 71% 17. 23 -20. 12% Slovakia 19% 13. 4% 34. 4% Croatia 20% 22% N/A 17. 2% Czech Rep. 24% 19% 12. 5% 35% Slovenia 25% 20% 22. 1% 16. 10% CEE-CIS Tax Notes - Price. Waterhouse. Coopers

Competitive Labor Cost § The average gross monthly wage in Romania is the second Competitive Labor Cost § The average gross monthly wage in Romania is the second lowest after Bulgaria § It is expected to grow by 12% yearly Regional Comparison 1213 2006 - EUR 713 Slovenia Czech Rep 648 Hungary 637 Poland 504 326 Slovakia Romania 181 Bulgaria Vienna Institute of International Economic Studies, Romanian Central Gross monthly wages EUR

Valuable Human Potential City Faculties Students enrolled BUCHAREST 191 210. 139 IASI 66 60. Valuable Human Potential City Faculties Students enrolled BUCHAREST 191 210. 139 IASI 66 60. 272 CLUJ 56 61. 134 TIMISOARA 52 43. 511 CRAIOVA 27 29. 418 BRASOV 31 26. 372 § high performances in international competitions § high percentage of technically competent professionals § highest growth rate of IT specialists in the region § strong language skills: English, French, German, Italian, Spanish, Russian, etc. § large skilled labor force at comparatively low wage rates Source: National Institute of Statistics

Telecommunication infrastructure – coverage area - Telecommunication infrastructure – coverage area -

Inward FDI Performance § Record values in 2004 -2006 § FDI Stock EUR 31 Inward FDI Performance § Record values in 2004 -2006 § FDI Stock EUR 31 bill. (1990 –December 2006) § EUR 9. 1 bill. in 2006 Regional Comparison 2006, EUR million Vienna Institute of International Economic Studies Inward FDI EUR billion

FDI by Country and by Field of Activity - 2006 – No Country No. FDI by Country and by Field of Activity - 2006 – No Country No. of companies Subscribed capital (EURO mil. ) 1 Netherlands 2688 3223 2 Austria 4192 1980 3 France 4691 1572 4 Germany 14214 1567 5 Italy 21519 851 6 USA 4919 722 7 Great Britain 2708 678 8 Cyprus 2416 606 9 Dutch Antilles 12 559 10 Greece 3608 552 11 Turkey 9640 462 National Trade Register Office Value of Subscribed Capital by Field of Activity

Turkish Investment in Romania 1990 – 2006 Number of registered companies 9640 Share in Turkish Investment in Romania 1990 – 2006 Number of registered companies 9640 Share in the total number of companies with foreign capital 7. 40% Total value of capital in foreign currency Euro 462 mill Share by capital Ranking by the value of the subscribed capital Source: National Trade Register Office – Ministry of Justice 2. 93% 11

Top 10 Turkish Companies in Romania Companies Shareholder PROLEMN SA Reghin (Wood industry) KASTAMONU Top 10 Turkish Companies in Romania Companies Shareholder PROLEMN SA Reghin (Wood industry) KASTAMONU ENTEGRE AGAC SANAYI VE TICARET ANONIM SIRKETI AS RULMENTI SA Barlad (roller bearings) KOMBASSAN INSAAT TARIM VE SANAYII ISLETMELERI TICARET AS ROMPAK SRL Pascani (Food Industry) PINAT GIDA SANAYI VE TICARET AS UNVER SRL Harghita (central heating systems, water supplies, drain pipes) UNVER MUHARREM ERDEMIR Targoviste– ROMANIA SRL ( Ferous products) S. C. EREGLI DEMIR VE CELIK FABRICALARI TAS ROMDIL COM SRL Baia Mare ( Food Industry) ANDIC AHMET MAJESTIC TOURISM SA Bucuresti (Hotels; Tourism) SELIM SUAT ORSAN AKROM AKAL TEXTILE ROMANIA SRL Suceava (Light Industry) AK-AL TEKSTIL SANAYII AS GKY REAL ESTATE INVESTMENT SA Bucuresti GARANTY GAYRIMENKUL YATIRIM ORTAKLIGI AS PROVUS SERVICE PROVIDER SA Bucuresti SC SERVUS BILGISAYAR AS Source: National Trade Register Office – Ministry of Justice

Automotive Industry Opportunities Experience in the field of car makers § Automotive component parts Automotive Industry Opportunities Experience in the field of car makers § Automotive component parts – rapidly growing sector: currently over 175 major manufacturers § Availability of labor force § § Labor cost: monthly average salary approx. Euro 250; § Total number employed: 120. 000; § Trained work force § 7 colleges in vehicle technology – 500 graduates each year; § 25 colleges in mechanical engineering – 1. 000 graduates each year; Availability of suppliers and subcontractors § Presence of R&D centers § Success investment stories in the field §

MAJOR FOREIGN INVESTMENT in automotive industry JAPAN Sumitomo Electric Wiring Systems, Yazaki Corp, Koyo MAJOR FOREIGN INVESTMENT in automotive industry JAPAN Sumitomo Electric Wiring Systems, Yazaki Corp, Koyo Seiko Takata Corp. Baumeister & Oustler, Continental Automotive Products, Continental GERMANY Automotive System, Conti-Tech, Daimler. Chrysler, INA Scheaffer, Kromberg&Schubert, Lisa Draxlmaier, Leoni Wiring System, Pirelli/Continental, Siemens Automotive USA FRANCE OTHERS IN PROGRES Johnson Controls, Honeywell Garrett, Alcoa Fujikura Inc. , Dow Automotive, Borla Romcat, Lear Corporation, Delphi Packard Romcat Michelin, Valeo, SNR Roulements, Faurecia, Auto Chassis Intl. Coindu, Dura Automotive, Eybl International, Magnetto Group, Momo, Coindu Cortubi/Cowell, Solvay Inergi, Autoliv Inc. ACE Coficab, Hella, Pirelli, Renault Nissan, Schlemmer, TRW

Romanian ITC Industry Trends § High density of Romanian IT specialists (five times higher Romanian ITC Industry Trends § High density of Romanian IT specialists (five times higher than in Russia, and seven times than in India). § Romanian Olympic students are usually placed in top 4 with China, US and Russia. § In Microsoft the second spoken language is Romanian; § Low brain drain phenomenon in Romania; § IT sector is in constant growing; § Major multinational IT companies such as Microsoft, HP, Oracle, Cisco, Intel and Motorola are present in Romania many of them use Romania as regional headquarters;

A Top European Location for R&D and specialized BPO 2500+ engineers developing embedded automotive A Top European Location for R&D and specialized BPO 2500+ engineers developing embedded automotive systems and network operator equipment In 2006 Microsoft decided to set up a Global Technical Support Center – 700 employees all over Romania 1200 engineers developing network operator equipment in Western Romania Employs 170 and plans to expand to 1500 for IT outsourcing, financial services and supply chain BPO Intel Capital invested $12 M in Romanian IT services and outsourcing company, Siveco, in Bucharest HP set up a BPO in Bucharest for financial and administrative services, dedicated to EMEA region - up to 1200 employees in few years 250 R&D engineers working on semiconductor design in conjunction with Bucharest Polytechnic In 2006 WIPRO decided to set up a BPO center in Bucharest for IT services covering the East European market - 700 employees 100 engineers developing compilers and development tools in Bucharest Operates five global IT & Technology Centers including

Strong outsourcing and technology players* 700 employees focusing on CRM contact center, application development Strong outsourcing and technology players* 700 employees focusing on CRM contact center, application development especially in structured content (e. Content) 350 employees primarily in application development, maintenance and integration 570 employees focused primarily on outsourced technical support and outsourced manufacturing 200 engineers focused on application development and R&D. Romsys is a Lockheed Martin Star Supplier Founded by Cap Gemini execs, 150 engineers focused on application development primarily for the German and UK markets Development subsidiary for 2400 employee US-based Tech Team provides application development for the automotive sector Provides multilingual research services for Frost & Sullivan and other complex BPO for clients like Alfa Romeo and Fiat 200 employees provide technical documentation, drawing and parts inventories for Airbus and other aviation clients *includes company with primary development locations in Romania. Multinationals like Ness and Wipro are excluded Source: Ministry of Communication and Information Technology

WHO is A. R. I. S? § Established in July 2002; § Governmental body WHO is A. R. I. S? § Established in July 2002; § Governmental body under the authority of Prime Minister § In charge with attracting and retaining foreign direct investment; § “One stop shop” foreign investors; § Interface between investors and central & local authorities; § Providing “free of charge” services for new comers and existing investors in Romania;

Long Term Visa for Commercial Activities ARIS ENDORSMENT - ARIS is granting an endorsement Long Term Visa for Commercial Activities ARIS ENDORSMENT - ARIS is granting an endorsement to the foreign citizens requesting the long term visa for developing commercial activities in Romania. NECESSARY DOCUMENTS FOR APPLICATION -availble on line at: www. arisinvest. ro VISA REQUEST – submitted to the Consulates of Romania - Documents: ARIS endorsement; criminal record certificate or other document with the same legal value; Medical insurance for the visa validity period. - 1 st application – visa granted for 6 months; - visa extended for new intervals of up to 1 year – granted by the Authority for Aliens

Review of Major Reasons to Invest Romania Healthy and Predictable Investment Climate EU member Review of Major Reasons to Invest Romania Healthy and Predictable Investment Climate EU member state from January 2007 Supportive Operational Conditions Favorable Economic Conditions European Structural Funds available Specialized authority in the field of direct investment

Thank you for your attention! Tel: +40 21 233. 91. 03 Fax: +40 21 Thank you for your attention! Tel: +40 21 233. 91. 03 Fax: +40 21 233. 91. 04 Email: [email protected] ro Website: www. arisinvest. ro