Facts about Romanian IT market
As an entrepreneur we want to shape decisive and are sustainably committed. We want to provide emotional binding, identification and security to employees. Also, we want a positive development of enterprise value.
Romania - Location and Importance
Romania is the most important South-Eastern European country in terms of size and population. With approximately 22 million inhabitants, Romania isn’t just an interesting market, but also an important location of production. Many European and US companies choose this Balkan country to expand their production facilities. Wages are lower compared to those in Western Europe. All large cities such as Bucharest, Cluj, Craiova, Constanta, Iasi, Timisoara and Sibiu have direct flights to important European airports.
Romania as an Emerging Market
An outstanding enthusiasm characterizes the last years. In the years preceding the international economic crisis, Romania reported an economic growth at a scale to be found only in China. The gross national product increased by 6-8% each year. Even though the financial crisis has not bypassed Romania completely, the country’s potential has not changed. This growth requires “a large quantity of IT”. This is why IT investments are expected to rise above average in the future.
Entry into the European Union
After joining the European Union in 2007, Romania’s legal framework became more stable, cross-border traffic was simplified and customs restrictions were eliminated. European funds became available in 2007 and are available until 2013. The target date for the adoption of the EURO is 2014.
Low Tax Rates
With a 16% flat income tax for wages as well as company incomes, Romania has one of the lowest tax rates in the EU and is one of the most liberal markets.
Well Trained and Multilingual Work Force
Romania has 5 exceptional technical universities, 59 faculties and 174 private colleges that provide technical education. The most important are located in the big university centers all over the country – Bucharest, Cluj, Iasi, Timisoara, Craiova and Sibiu. The education system is linear, market-oriented and cultivates strong ties with industry. 30,000 engineers and 8,000 ITC specialists graduate in Romania every year which, based on its population, ranks Romania first in Europe and 6th in the world. Romanian’s multilingualism is famous. More than 85% of Romanian IT professionals speak English, followed by French, German, Italian, Spanish and Russian.